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Low Interest Personal Loan Tricks

Personal Loans
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Finding a low interest personal loan is the goal of most borrowers, but few know how to accomplish this task. Although much of your final rate depends on the state of the economy and the lender you choose, there are tricks you can use to get lower interest rate. Even when you can’t lower the rate by much, you can find other ways to lower the overall cost of personal loans.

Getting a Low Interest Personal Loan

Getting the low interest personal loan you want starts months, if not years, before you apply for a loan. Your credit history and income can be the difference between a good rate and the lowest rate available for personal loans. In order to get your credit rating in loan application form, make sure you:

  • Pay all your bills on time
  • Don’t apply for store charge cards just to get a purchase discount
  • Avoid applying for multiple credit accounts at the same time
  • Always pay the full amount due on fixed personal loans
  • Send in more than the minimum payment due on credit cards
  • Try not to close credit accounts just before you apply for a loan
  • Never use your credit for frivolous purchases when you can afford to pay cash instead.

Negotiating a Low Interest Personal Loan

Once you’re in need of a loan, it may be too late to work on repairing damaged credit. Instead, use your negotiation skills to get a low interest personal loan. You can often get an interest rate discount by considering the following:

  • Opening an a checking account with the lending institution
  • Setting up automatic payments for your loan
  • Paying points to buy down the interest rate
  • Using a lender who already has your checking account or mortgage
  • Using a lender with a relationship to your employer.

Creating the Benefits of a Low Interest Personal Loan

Times will exist when you are unable to obtain or negotiate a low interest rate personal loan. When this occurs, it’s important to maintain a positive attitude and look for ways to simulate the benefits of low interest loans: low monthly payments and low overall interest cost.

If your lender is agreeable, you can extend the term of your loan to achieve the same payment you’d get on a low interest personal loan. Keep in mind that this option will raise the overall interest you pay for the loan. The best way to limit your interest cost over the life of any personal loan is to pay it off early. You can accomplish this by either sending in more each month with your regular payment or making an extra payment each year. Even a single extra payment each year can equal substantial interest savings.

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