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The lowest interest rate is not always right

Published 07/08/2018 00:00:00

We often ask clients what they are looking for in terms of finance. Quite often the answer is the lowest interest rate. And, we can understand why. The lower the rate the less they will pay per month.

However, it is not the only factor which comes into consideration. Lenders can sometimes charge an arrangement fee or an exit fee, depending on the type of finance and the deal in question. What about the length of the loan term? If cash flow is an issue, a loan spread over a longer term could result in lower monthly payments than a lower interest rate, over a shorter term.

Some clients also aim to repay loans early. In that case, a loan which allows for early repayment without penalty is probably more attractive than one which doesn’t.

Hence our goal at ASC is to get the right finance for our clients, right in every respect.

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