In a time when everything seems expensive, it might seem impossible to find a cheap secured loan. Interest rates continue to climb, and prices everywhere continue to go up, but with a little patience and decent collateral (which is the property that you offer to guarantee repayment of the loan), it's relatively easy to find the loan that you need.
Shop around
If you're looking for a cheap secured loan, don't take the first offer that you get. Check with at least three or four lenders, comparing their interest rates and their requirements for repayment and collateral.
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What you're going to be looking for is the lender with the lowest interest rate and the most lenient policies on collateral and repayment... this means that you'll get the most value for your collateral, and you'll have the flexibility that you need to make sure that you pay off your loan quickly.
Aim for less than your collateral is worth
When shopping for a loan, ask for less than the value of your collateral. A lender isn't going to give you the total value of your collateral anyway, but if you're offering collateral that is worth quite a bit more than the amount that you're requesting then they're much more likely to give you lower interest rates.
A high collateral value in comparison to the requested secured loan amount all but guarantees that the lender is going to get their money back... and they're likely to pass this on to you in the form of low interest rates and lower monthly payments.
Develop a relationship
Using the same bank or lender repeatedly helps to establish a relationship between you and them, and increases your likelihood of getting a loan. If you have bank accounts or write cheques with a certain bank, check with their loan department and make sure that they know you're already a customer.
If you've obtained loans from a certain finance company in the past, remind them of your good experiences when you apply for your most recent loan. If a lender has had positive dealings with you in the past, then they're more likely to trust you now... which means that they'll offer you lower rates and a loan.
Plan for the future
Should you not get the best loan rates, don't despair. Make sure that you make all of your payments on time and pay off your loan quickly... this will give the lender a good impression of you that you can help them to recall in the future.
The next time that you're on the market for a cheap secured loan, come back to the lender that you've had the best experiences with first... and make sure that they remember you as a good customer from the past.
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