WHY and HOW of MONEY COMPARISON
When there are a wide range of differences in the features of credit cards likeCardtype, annual fees, duration of the Free days, Intro period and interest rate in theintroductory period, Standard interest rate etc.
PLUS the difference in between different banks and organizations offering credit cards
PLUS the comparison of Creditcards of ifferent type like the Frequent flyer type, Rewards type, No annual fees type,balance transfer types etc. … clearly increases the confusion of ‘what to choose?’- Exponentially!!
One is not limited to personal credit cards either, many businesses use business credit cards which are a flexible way for businesses as they make everyday frequent urchase easier. They are also a good way of simplifying the tax accounting process at the end of the day. As banks are keen to open simple credit facilities for most businesses there are many advantages for businesses and also the fact that it is a simple process to qualify.
The second most popular products after credit cards are the Personal and car loans. Car loans are also like personal loans and hence kept under the same category. Even the banks refer to them under the same category so as to make it easier for the customers to understand them. However when compared from a personal loan, a car loan is always a secured loan (as it is always secured by the car) where as a personal loan can be secured or unsecured. It is hence always very easier for the financing institutionsto lend you loan for a new car as they have something as the backup here. With the new offers introduced by the banks and financial institutions it is always advisable to keep one’s eyes and brains open to be wise enough in comparing all the prospects of a particular loan type and then choose. Interest rates can vary by as much as 5% or more.
Some websites have data like rate of interest, down payment, duration, advantages, discounts etc of various banks and loan offering institutions fed in their calculations and all thatyou’d need to do is to log on fill in the figures and get a ready analysis of different loans from different nstitutions. This will always make it easier for you to compare car loans.
It is a always a good idea to check with the lender with whom you already have a house loan unning, because this might help you get a good discount as many banks offer reduced application fees and sometimes even discount on the interest rate charged to the customers with xisting home loans.
But while hunting for the best home loans onthe market, one would need to be a little more specific in comparing the home loans. Depending on what your financing institution is offering and what others are offering you can also plan getting your home refinanced and try and get a better deal.the following options are to be looked clearly::-
– Though impossible to predict the future but there are times when the so called ‘fixed rates’ are extremely attractive because the rate of interest cannot increase despite hatever may be the state of the market.
– In thecurrent climate with a high level of uncertainty about the direction of interest rates and many people deciding to hedge their bets and split their loans into part variable and part fixed – the ‘SPLIT loans’ are receiving much more attention.
– Investment loans can be a good option for people with a usable equity in their existing property.
Choosing wisely and saving even a few points (percentage wise interest rate difference etc) can in the long run help one save a big amount of money and therefore it is always advisable to compare the home loans too.
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