How do you find the best rates for secured loans? The answer is to shop around, of course, but exactly how do you compare one loan with another to come up with the ones offering the best rates for secured loans? Here are five ways to compare loan rates to make your task of finding the best rates for secured loans easier.
1. Compare the best rates for secured loans by APR
The annual percentage rate is a calculation that takes into account all the up front fees and the full amount of the loan to give you a single number for comparison purposes. APRs aren't completely accurate, but they do give you a quick, easy way to compare one loan with another.
2. Compare the best rates for secured loans by total cost
Lenders are now required by law to tell you the total cost of your loan when you apply for one. You can use that total cost as a comparison instead of or in addition to the APR.
3. Find the best rates for secured loans online.
Comparing loans side by side at a site like advancestart.com makes it easy for you to see all the costs at once and compare how they stack up against each other.
4. Ask for multiple loan quotes to find the best rates for secured loans.
You'll find your best deals by checking with multiple lenders rather than just one. A loan site like moneverything.com gives you all the information that you need to request a loan quote from several different lenders at once.
5. Let lenders compete with each other to get the best rates for secured loans.
Don't be afraid to do a little bargaining. Most loan officers have the leeway to drop the interest rate in order to get your business. If one loan is attractive because of its features but another offers a lower interest rate, ask the first company if they can match the lower rate you've been offered by company X. The worst they can say is not.
As you can see, shopping for the best rates for secured loans is no different than any other kind of comparison shopping. Use all the tools at your disposal to find what you need, and don't be afraid to bargain, and you'll come out ahead on the deal.
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