Snagging a personal loan can be a vital part to executing your financial world domination plans. There are a few steps you can take to help make that personal loan even cheaper and easier on your wallet. Here are just a few steps to help make that personal loan an even better loan.
The very first thing you need to do is get a hold of your credit report. This is the one item that all lending institutions are going to scrutinize when you come in for a personal loan. Looking over your credit report will give you a leg up as you can close accounts no longer in use, find false charges or accounts, and put you in a better bartering position. Knowledge is power, and the credit report is one of the biggest pieces of power you can hold in this battle.
When you shop around for a car, you often shop many place and pit dealers against one another. The same should hold true for your personal loans. Don’t just run down to your local bank and ask for some cash. Hit up banks and credit unions and see what everyone has to offer. Take the deals you’re working out and pit those financial institutions against one another. This can sometimes lead to cheaper interest rates, or better terms. You will never know until you put the banks on competing terms.
One other place to do your comparison-shopping is online. This is a booming place to find a good personal loan. Places like Lending Club and Lending Tree all offer pros and cons to the traditional brick and mortar banks. While this is not nearly as personal, it is yet another tool in your arsenal of shopping and creating competition.
One of the best places to start is with a lender you already have a loan with. The reason this is a fantastic place to start is because they know your history. You might even grill out and play horseshoes with them on the weekends. This lender wants to keep your business, and just might be the most competitive when it comes to your new personal loan.
You want to get the best rate you can, but you cannot falsify any information. So use that money-grubbing greediness the lender has to your advantage. When asking for a quote, ask the lender to include PPI. Just before you sign on the dotted line, ask the lender for a quote without PPI. They already approved your loan at this point and your payments will drop. It is a win for you.
While APR might make a $20 difference per payment, there is more to a loan than just APR. Look at how long the loan goes. Are there any upfront costs to getting this personal loan? These two items can nullify a lower APR.
Getting a personal loan is not too hard to do. Getting a good deal on that loan takes a bit of work. This is your food money though. With a bit of work you could be eating a filet mignon and not a cube steak.
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