When a low interest loan costs you more
29 May 2008
A low interest loan can only cost you less when compared to other loans with identical term lengths. If you can repay your loan in a short period of time and are trying to minimise interest payments, then a low interest loan will also need to have term lengths that suit your optimum payment reschedule in order to provide the best deal. A low interest loan with an interest rate of 9.99% p.a. for minimum term length of three years could cost you more in interest than a higher interest rate loan that allowed for shorter term lengths.
Please visit our personal loans and car loans page if you are interested in taking out a low interest loan.
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