Compare interest rates

Now Compare the two sample loans below. Note how the interest rate affects the total amount of interest paid.


As for the interest rate, it’s important to shop around. Some lenders may give you a lower rate than others. In general, the shorter the term, the lower the interest rate.
By getting a 5% interest rate vs. 15%, this borrower would save over $3,000 interest over five years!
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The basics of loans Compare the terms Compare interest rates The loan process Choose a lender the smart way Warning signs to watch out for You’re at risk Scenario: Choosing a lender If the lender says no… Scenario: Managing a loan