Low rate loan and credit card guide

It's become almost a national obsession to want to be charged the lowest interest rate possible when borrowing money. And regardless of how much time it takes, making sure we find the lowest interest rate loan is top priority.

Being aware of the range of loan facilities available, although not the most exciting way to spend time, will serve you very well and make sure you and your customers are not needlessly paying out more than is absolutely necessary. - And you'll help them avoid falling into some of the traps set for the unwary customer by the less scrupulous, but often respected lenders.

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 Perhaps the most important and valuable piece of advice that everyone should be aware of is that it is very unwise to borrow money for longer than the asset being purchased is going to last.

Why should you or your customers even think about signing up to pay for a car for example, over say 10-15 years, when you have no intention of keeping the car for any more than say 4 years?

The right mix of short, medium and long term facilities will ensure that not only will you pay less interest each month, but will also mean that you’ll pay off your debt that much faster than you may do otherwise.

 One of the main things to bear in mind when looking to organise your borrowing, is that loans and credit cards are very similar to insurance in the way that they are sold - and in particular priced, because these days the cost (the interest rate you'll need to pay) is set according to the risk the lender is taking on.

So it will pay you to understand a bit more about how the different loan companies make money from the different types of loan product they offer, and which lending product increases or decreases their risk – thus influencing the cost to their customers.

But it goes further than that, because not only do direct lenders in particular price their different products according to the risk of the particular product type, they have also become clever at setting their interest charges according to the profile of customer they are prepared to accept for a loan.

We all understand that a young driver who wants to drive away in a Ferrari will pay significantly more for their accident insurance cover than an experienced driver with five plus years no claims bonus, who has just bought a sensible hatch-back . But we also need to understand that established homeowners, with a record of repaying their credit agreements on-time tend to qualify for lower interest rates on all credit products, not just secured loans, when it comes to borrowing money.

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