 |
How To Get More From Your Loan Lender |
|
|
Submitted by Erma Warner
| RSS Feed
| Add Comment
| Bookmark Me!
Tips and tricks for getting your loan lender to play your game.
In any business arrangement there are two opposing motivating forces: the buyer wants to pay as little as possible for the goods or service, and the seller wants to maximise his profits. The idea of bartering is so entrenched in many cultures that it seems almost impolite to pay the asking price. Yet someone who was asking for a hundred pounds for something will quite often accept seventy, and still make a healthy profit. The reason? Because they want to maximise their profits but know that there will always be someone round the corner who will undercut them if they keep their prices too high.
So when we’re shopping around for a loan, are we in a position to haggle? Generally speaking, no. The rates at which loans are put on the market are the result of boardroom calculations, shareholder expectations, base interest rates and many other factors. But what you can do, and what a surprisingly small number of borrowers do, is take your business elsewhere. Nowadays, the better deals aren’t round the corner, they’re simply on a different website. Anyone with a few minutes to spare can not only examine a lender’s rates and deals, but also compare them to the competition.
You can either do it yourself by using search engines and link pages, or you can enter the details of the loan you want into a comparison site and get yourself informed of the deals you’d never have thought about looking for. What you’ll inevitably find is that some lenders are trying to maximise their profits at your expense for essentially the same article – a loan. When you’re dealing with cash, it’s difficult to claim that one loan is better quality, so it’s impossible to justify higher rates. There are no thoroughbred loans or Ming loans or aged 40 years loans, just loans with low rates and loans with high rates.
In other words, do you want to minimise your costs or maximise your lender’s profits? Whether you play the lenders’ game or play by your own rules is entirely up to you.
|
|
|
|
|
LinkedIn Recommendation:
 Carl Madden - Search Engine Marketing Consultant at Osato Tree - There are many times I have been stuck on something, but now I that I am working with Teo Graca, I know I can get unstuck quickly. He has a way of getting at the meat of the solution to any problem when it comes to business planning. I really don't know anyone with such a well rounded skill set. I think that is what makes it possible for him to do what he does. I highly recommend Teo and Net-Teams! - March 15, 2012, Carl was Teo's client |
|
Featured [Barter] Articles:
|
|
