How do you find the best interest rates if youre planning to apply for a loan? Until relatively recently, it was simple. There were plenty of lists of comparative rates published in table form on various websites. You could take your pick and investigate the terms of the cheapest lenders. This approach is not so easy any more.
Many banks are choosing to use a new system where the rate offered is dependent on your personal credit profile. At first glance, this appears to be a very fair system, but in fact would-be borrowers will have no idea of what interest rate theyll be offered and so will be unable to make comparisons.
The Halifax, HSBC and Bank of Scotland have all switched to personal pricing and no longer advertise typical rates. In fact, most of the twenty leading lenders have adopted this method. The result of this is that customers applying for a loan will have very little idea of what rate theyll be offered, or whether theyll be accepted. This is a ridiculous situation as no should have to go blind into a credit application without a good idea of the interest rate.
Its difficult to find out the rates by multiple loan applications, as each credit...
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