Ultimately, when we decide to take out a loan, we want to try to ensure that the loan we agree to represents the best value.
Too often, many of us simply look at the APR as the determining factor and people have often been lured into the dangerous mindset of believing that if a lenders APR is the lowest around, then it must offer good value but, sadly, that isnt necessarily the case.
The APR rate can initially be a good guide to begin your research but there are many other important factors to also take into equal consideration. What about fluctuations in the Bank of Englands interest rate? If you have a loan with a variable APR and interest rates rise, then so, too, will the cost of your loan repayments over another loan which has a fixed rate of interest for the duration of the loan term, even if the latter had a lower APR when you were considering your choices.
What about additional or hidden charges? Some loans may look very attractive and represent the best value but have you made sure you havent overlooked any additional costs you might incur? These can include payment protection insurance, arrangement fees and other charges such as an early...
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