It’s not exactly a surprising statement to say that interest rates are important in finance. You can have the best initial loan offering in the world, but if the interest rates aren’t right for your business, then your wallet will be hurting in due time.
When you’re broking finance, you need to know that you’re getting an interest rate that works for your clients. The question is, though, is the interest rate the most important thing to be looking for? A recent report suggests that’s more and more the case in the current financial world. The survey, undertaken by Masthaven, indicates that over 40% of brokers consider low interest rates to be the most important part of finding finance. It beat the next lowest criteria, flexibility, by more than 10%, with speed coming a distant 3rd, at 12%.
However, every client is different, and honestly, we don’t think that you could ever define a singular “most important” element of finance for every client. There are plenty of elements of a loan that all have impact on the final product. Exit fees, the terms, the security – these are just a few examples that can all have just as big an impact on whether a loan is “right” for you. Proclaiming interest rates alone as the “most important” part of the finance process risks ignoring everything else.
Interest rates will always be important, that should never be denied. But – only the future will tell if they truly are the most important part of finance.