A Guide On Finding Guarantor Loans with a Low APR

People need loans for different reasons – home improvement, tuition fees, vehicle financing, and others; and Guarantor loans provide the opportunity of a loan to those with a less than perfect credit history.

Rather than taking pot luck and typing in “guarantor loans low apr” into Google, this article looks at 4 steps to help find the best value loan.

 

Interest does not represent the total cost of the loan that you will have to pay off – the term Representative APR does. Interest rate simply just states the rate of interest being charges, but does not take into account any other fees or charges over the course of the loan. However Representative APR takes these other charges into account.

 

So let’s say you borrow $20,000. The first lender that you approached offers Representative APR of 39% and the second lender is 41%. This means that you will save 2% of $20,000 with the second lender. That’s a lot of savings, right? But how should you find the lender that offers lower APR? Below are steps that you can follow:

 

Step #1: Know your credit score

This is the first step that you should take before you look for lenders. Your credit rating is a way to assess your creditworthiness. Lenders will check your credit history and base their decision on your loan application. If your credit score is low, this does not always mean rejection. But this may compel them to charge you with higher interest rates and fees thus increasing the usual APR being charged.

 

To check your credit score, you can go to ClearScore.com and get free credit report from three major reporting bureaus. If your credit score is low, you may consider delaying your plan to borrow money (if possible) until you are able to pay off some of your debts thereby improving your credit score and subsequently helping you get better interest rate and APR for your loan.

 

Step #2: Look for lending companies online

Search for a number of lenders online. Check their websites and see if these are designed professionally – this is your first step toward checking its trustworthiness. See if they have contact number so you can call and address so you can visit the office. Begin your inquiry. Contact them one by one. List the companies that you find attractive in terms of interest rate, payment terms, eligibility requirements, customer service, and most important APR.

 

Step #3: Ask for referrals

Ask some friends, relatives, and co-workers if they have had applied for guaranteed loans before and which lending companies were these. Inquire about the APR. If they can’t give you any idea about this, ask about the amount of money they borrowed and they paid each month. Multiply the monthly payment by 12 and you will somehow get an idea of how much had been added on top of the amount loaned. Choose which lenders interest you. Call them and inquire.

 

Step #4: Compare APRs

With all the details that you get from your inquiries, you can start comparing APRs. Choose the lender that offers you the lowest APR for your guarantor loan.

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A Guide On Finding Guarantor Loans with a Low APR

People need loans for different reasons – home improvement, tuition fees, vehicle financing, and others; and Guarantor loans provide the opportunity of a loan to those with a less than perfect credit history.

Rather than taking pot luck and typing in “guarantor loans low apr” into Google, this article looks at 4 steps to help find the best value loan.

 

Interest does not represent the total cost of the loan that you will have to pay off – the term Representative APR does. Interest rate simply just states the rate of interest being charges, but does not take into account any other fees or charges over the course of the loan. However Representative APR takes these other charges into account.

 

So let’s say you borrow $20,000. The first lender that you approached offers Representative APR of 39% and the second lender is 41%. This means that you will save 2% of $20,000 with the second lender. That’s a lot of savings, right? But how should you find the lender that offers lower APR? Below are steps that you can follow:

 

Step #1: Know your credit score

This is the first step that you should take before you look for lenders. Your credit rating is a way to assess your creditworthiness. Lenders will check your credit history and base their decision on your loan application. If your credit score is low, this does not always mean rejection. But this may compel them to charge you with higher interest rates and fees thus increasing the usual APR being charged.

 

To check your credit score, you can go to ClearScore.com and get free credit report from three major reporting bureaus. If your credit score is low, you may consider delaying your plan to borrow money (if possible) until you are able to pay off some of your debts thereby improving your credit score and subsequently helping you get better interest rate and APR for your loan.

 

Step #2: Look for lending companies online

Search for a number of lenders online. Check their websites and see if these are designed professionally – this is your first step toward checking its trustworthiness. See if they have contact number so you can call and address so you can visit the office. Begin your inquiry. Contact them one by one. List the companies that you find attractive in terms of interest rate, payment terms, eligibility requirements, customer service, and most important APR.

 

Step #3: Ask for referrals

Ask some friends, relatives, and co-workers if they have had applied for guaranteed loans before and which lending companies were these. Inquire about the APR. If they can’t give you any idea about this, ask about the amount of money they borrowed and they paid each month. Multiply the monthly payment by 12 and you will somehow get an idea of how much had been added on top of the amount loaned. Choose which lenders interest you. Call them and inquire.

 

Step #4: Compare APRs

With all the details that you get from your inquiries, you can start comparing APRs. Choose the lender that offers you the lowest APR for your guarantor loan.

5,111 Responses to A Guide On Finding Guarantor Loans with a Low APR
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    September 18, 2018 | 6:08 am

    Say, you got a nice blog article.Really thank you! Will read on

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  3. majalengkanow.net business tips and trick
    September 18, 2018 | 6:24 am

    I am extremely impressed with your writing skills and also with the layout on your blog.
    Is this a paid theme or did you customize it yourself? Anyway keep up the nice quality writing,
    it is rare to see a nice blog like this one these days.

  4. Personal Injury Attorney
    September 18, 2018 | 6:26 am

    Remarkable! Its really remarkable article, I have got much
    clear idea concerning from this post.

  5. Personal Injury Lawyer in St Pete
    September 18, 2018 | 7:07 am

    Magnificent website. Lots of helpful information here. I’m sending
    it to several friends ans additionally sharing in delicious.
    And naturally, thanks to your sweat!

  6. Kejadian Unik Terlengkap
    September 18, 2018 | 7:16 am

    This is very attention-grabbing, You are an excessively professional blogger.
    I’ve joined your rss feed and look ahead to looking for more
    of your wonderful post. Also, I’ve shared your
    website in my social networks

  7. v1059977.11199.28la.com.cn
    September 18, 2018 | 7:45 am

    Hi there, You have done an excellent job.
    I’ll definitely digg it and personally recommend to my friends.
    I am confident they’ll be benefited from this site.

  8. Permainan BandarQ
    September 18, 2018 | 9:27 am

    Greetings from Carolina! I’m bored to death at work so I decided to check
    out your website on my iphone during lunch break.

    I love the knowledge you present here and can’t wait to take a look when I get home.
    I’m shocked at how quick your blog loaded on my phone ..
    I’m not even using WIFI, just 3G .. Anyhow, fantastic site!

  9. Delpha Lanigan
    September 18, 2018 | 10:39 am

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    I’ll definitely comeback.

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