Price alerts, news and exclusive offers direct to your inbox
Thinking about getting a loan? To get the best deal it's crucial that you understand a few key terms, and we're here to help... (Updated 22/7/09)
Understand your loan deal before you commit to anything, and you could save yourself a lot of hassle in the long run.
In this guide we explain the key loan terms that you need to know, as well as showing you what to look out for when choosing a loan.
| Company | % Typical APR |
|---|
Looking at the APR is the best way to start comparing different loans – it’s a good measure of how competitive a loan is, and there’s no reason to pay more interest than you need to.
You’ll typically get a lower rate with a secured loan as you’ll present less of a risk to the lender this way. Also, online lenders will usually charge less than high street banks and building societies.
Although the APR is the perfect place to start, you’ll need to look at some other factors before you sign up for a loan. For instance, some lenders won’t allow you to borrow for less than a year and some will charge a penalty if you pay off the loan early.
As well as the APR, there are several other costs you need watch out for when choosing the right loan for you circumstances, including the following:
Get a free loan quote with no obligation.
| Bookmark with: |
|
|
|
|
|
|
|
|
|
|
|
|
![]() |
What's this? |
Does this affect you? Want to add a comment?
Tell us about it.