How Do You Get Lenders To Offer Their Lowest Loan Rates?
When it comes to obtaining loan quotes consumers want the answer in simple, plain English, i.e. the bottom line. However, the problem we all encounter is that trying to find out the bottom line can often be as painful as pulling teeth.
Lets take the APR, for example. On the surface, this seems like the most obvious and simplest way of determining whether or not lender A is likely to be cheaper than lender B and, therefore, that should make our decision easier, shouldnt it. Errm.well, no not really.
Lenders are becoming savvy that, as consumers, were likely to shop around for the cheapest loans deals and theyre also aware that one of the key indicators when were doing our comparisons is the APR. But therein lies the problem. If you ever see their tempting advertising, youll no doubt be familiar with that all important little word they include before the APR typical. Well, typical means that they only have to ensure that two thirds of all applicants are offered the typical APR. But, what if youre in the other third? Quite often you might contact half a dozen lenders as youve been attracted by their APR...