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  1. 1. Most people exercise traditional method of
  2. 2. shopping: going to a local bank and talking to a loan officer Most do notrealize that a different approach may save hundreds or thousands ofdollars over the life of the loan What happens if you need a set offurniture for your living room, another outfit for work or leisure, or a newcar? You go shopping! You do not just buy the first thing you see,whether it is a polo shirt on sale or an expensive appliance; instead, yougo store to store, looking for items on sale, negotiating discounts withsalespeople, and choosing what is best for you It all sounds very logical,yet most people do not exercise the same approach when they pickInterest charges that you pay over years add up to hefty amounts andprice-conscious shoppers are often able to save on interest and chargeshundreds or, sometimes, thousands of dollars
  3. 3. You could use those savings to spoil yourself with many nice things orjust put them aside for emergencies Shopping for Unsecured Loans IsLike Shopping for Everything Else Loans are products, like cars, clothes,and groceries and lenders are retailers, offering these products Whilelenders follow similar pricing strategies, i e interest charges and fees,competition forces them to operate in the same way like stores do – toattract consumers with better offerings
  4. 4. Many people do not think of loans in such way, and their loan-shoppingexperience is commonly limited to a trip to the bank where they have theirchecking and savings accounts While your bank may value you as acustomer, they may not offer you the best rates available in the lendingmarketplace, often making you overpay for using borrowed money Toavail from better terms and to save some money on interest, you shouldshop for loans as you shop for everything else Interest Rates and LoanTerms Depend on Many Factors The major difference between regularshopping and shopping for loans is that the cost of latter is comprised ofmany individual factors When you go grocery shopping on Sunday, youget the same price for a can of beans or for a bottle of soda, no matterhow much money you make, how long you stayed with the sameemployer, and how good your credit score
  5. 5. With loans, it works differently If you see a supermarket advertisingchicken on sale for 69 cents a pound, you can walk in and get it;however, if you see a 6 9% APR on a bank flyer, it does not meaneverybody walking into a bank branch would get the same rate, as loanterms are always a subject to many conditions Lenders consider manyfactors before presenting you with a loan quote, as they assess yourfinancial stability, credit quality, and repaymentability
  6. 6. Therefore, your individual loan quote is usually different from what bankadvertises, unless you have a stellar credit record Getting Best Rates IsNot Complicated Many people would like to know how to find out if theyreceived the best possible terms, if loan rates are calculated usingcomplicated formulas The answer is very simple: get the loan quotesfrom multiple lenders and pick the one that has the lowest borrowing costand the most comfortable repayment plan Online presence of lendersenables you to apply with few clicks of a mouse and get loan offersalmost instantaneously
  7. 7. Moreover, applying at different places does not obligate you to anythingUntil you sign the loan agreement, you do not have to accept the termsproposed by a specific lender So, go online, apply for loans, andcompare loan quotes side by side to make an educated decision thatwould save you a good deal of money for years to come
  8. 8.