Don’t be distracted by a headline rate; ask about origination fees (the cost of opening the loan), prepayment penalties (charges if you pay off your loan early), and any hidden or service charges. Sometimes, a loan with a slightly higher rate but lower fees can prove more affordable overall.
- Request a full loan disclosure and read every condition carefully.
- Use online calculators to model your monthly payment and see the actual total cost over the life of the loan.
- Evaluate customer support accessibility—will you get help if challenges arise?
Taking the time to compare offers and carefully examine the entire loan package will help you avoid unnecessary expenses and future frustration.
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