The good news is that you have several loan options. The bad news is that it’s not usually easy to find the best loan. In fact, the process can be downright complex, since there is a myriad of factors to consider, including monthly payments, time limits, and loan terms. So, you’ll need to put in some work to come up with the best and least-expensive loan. Keep reading for some fundamental things to think about and examine before choosing the right type of loan — for you.
Consider the Loan Term
Your loan term is the amount of time a lender gives you to pay back your loan. So, to the extent you can, pick the shortest loan term possible. Yes, a shorter loan term will probably mean higher monthly payments, but you’ll fork over less in overall interest.
Now, if the shorter loan term carries a higher percentage rate, you may want to think about accepting the longer-term loan but making bigger payments
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