Get an Auto Loan the Smart Way

• Make a list of different auto loan lenders and their interest rates and terms, before you go to dealer (the web is usually easiest way to do that). Did you know dealers get a commission on loans they refer? If you’re not careful, that extra bit of money for lender could mean you pay a higher rate than you would if you got loan yourself.
• Get a credit report and figure out your FICO scores. Removing any incorrect negative information from your report will help you get a better deal. Knowing exactly what your score is will help you figure out what interest rate you can realistically get.

Mortgages - Which Loan is Right For You

When buying a home, you need to take a home mortgage loan, either because as a debtor, you end up paying less tax, or because in a market where property prices rise faster than salary levels, money you have saved falls short of amount required. When searching for a home mortgage loan, you can select from a wide variety. Study types of mortgage loans available in market and note interest rates for each before you sign any documents. You can select from following:

Fixed rate mortgage loans charge you same rate of interest over a period of 15 to 30 years. You pay a high rate of interest over tenure of loan, because neither you nor lender can take advantage of interest rate fluctuations, but you pay same sum each month. This is an excellent option if you are on a fixed income or a salary. You begin by paying off interest first and principal later—as most of loan is paid off, your equity in house increases as compared to lenders. When selecting a fixed rate mortgage, check interest rates offered for fixed rate mortgages, select loan tenure based on your repayment capacity, and ensure that you are not penalized for prepaying your loan.

Adjustable or variable rate mortgage loans (ARMs) are mortgage loans for same period of time as fixed rate mortgages, where interest rate changes based on market trends either annually, or every three, five, seven, or ten years. Although ARMs are considered risky due to floating interest rate, amount you pay as interest on mortgage loan is lower as compared to that paid for a fixed rate mortgage loan. If you select an ARM when interest rates are high, you will pay off your loan with a slightly lower interest rate. Ensure that a periodic rate cap and a loan lifetime rate cap is included as part of loan agreement—these will ensure that your rate does not rise or fall more than two percentage points in a period and does not rise or fall more than six percentage points during mortgage loan tenure.