What affects loan rates?
Good credit rating can help you negotiate strongly for lowering loan rates than if you have bad credit.
Fixed interest rate loan:-
* Ideal for customers who are looking for structured and set payments, and who know exactly when their loan will be paid off
* Great for customers who prefer to budget around regular payments
* Protects you from changes in interest rates
Variable interest rate loans
* Ideal for customers who are not concerned with changing interest rates, and who want to benefit from times when interest rates may be low
* If interest rates go down, more of your payment goes toward your principal, so you can pay off your loan faster
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