Looking At Your Own Bank for Loans
Posted on July 15, 2008
Filed Under Loans, Personal Loan | Leave a Comment
The idea of shopping around for a loan can sometimes be over rated. It is a good idea to see what your options are, but you shouldn’t miss the trees for the forest, so to speak.
If you are already doing business with a financial institution then it makes the most sense to go to them when you need a loan. You already have an established relationship and they know what type of person you are. You have already won half the battle when you use a financial institution you already do business with.
You will likely be able to negotiate with them better because they do not want to lose the business (of your custom) that they already have. You can also use your current good standing with them to prove you are reliable and trustworthy.
It often makes a lot of sense to go to someone you already do business with rather than strike up a whole new business relationship. Talk to your financial institution and see what kind of terms they can offer you.
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3 Things That Will Qualify You For A Loan
Posted on May 20, 2008
Filed Under Auto loan, Business Loan, Construction Loan, Home, Home Improvement, Loans, Mortgage, Personal Loan, Real Estate Loan, Refinance Loan, Saving Loan, Secured Loan, Student Loan | Leave a Comment
It can be confusing trying to figure out all the factors a lender uses to qualify you for a loan. While there may be many things a lender looks at when deciding to give you a loan, there are really only three things that are going to matter.
- collateral
- credit
- income
A lender is always thinking about getting paid.
They want to know you will pay them back. If you have good collateral to put down on the loan then the lender likes this because they know if you default they get that collateral. They like to see good credit because it shows you pay back your debts. They also like to see steady and stable income so they know you have the money to pay them back.
The bottom line in qualifying for a loan is that if a lender can not be certain you will pay them back then you will not qualify. It really is that simple.
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