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Mon, Dec 17th, 2012, 01:02 AM #1Smart Canuck
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Does anyone have any suggestion as to which institution would give the lowest rates on a debt consolidation loan? Or if anyone could direct me to a website with this information it would be much appreciated!
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Mon, Dec 17th, 2012, 09:26 AM #2Smart Canuck
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The rate you'll get is based on your past credit history and current credit rating, so you don't have much choice but to go to different institution and apply for a loan. On top of that, banks change their rates daily. It's very hard to predict who has the best rate at any given time.
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Mon, Dec 17th, 2012, 10:00 AM #3Smart Canuck
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Well true, but If I can figure out who has the lowest posted rate, I can go from there. I want low rate but don't want multiple credit hits to get there.
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Mon, Dec 17th, 2012, 10:01 AM #4Mastermind
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I think it's best to start with the bank or credit union with which you are already dealing.
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Mon, Dec 17th, 2012, 11:20 AM #5Smart Canuck
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I disagree, banks don't always give you a preferred rate for being an existing customer. Pc financial's rates look pretty good and I already have a chequing account with them so I'll probably see what they can do.
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Mon, Dec 17th, 2012, 08:40 PM #6
Are you just looking for a unsecured loan or are you using your home as security?
If you are doing an unsecured loan, what you could do is order your own credit report online. . . take it wih you to the banks you are "shopping" at. I have to stress that the credit report you get and the credit report we get (as Lenders) is NOT the same. . . .however it at least can give them a general guideline.
If you don't want your credit pulled, DO NOT SIGN anything.
If you are doing a "secured" loan, then get a Broker. They'll pull your bureau only once.
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Tue, Dec 18th, 2012, 07:57 AM #7Canadian Guru
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LauraWill best of luck in your search and decision
Last edited by jasperandchar; Tue, Dec 18th, 2012 at 08:05 AM.
2019 is the year that we continue to save before we buy!!!
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Tue, Dec 18th, 2012, 08:17 AM #8Mastermind
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OP, don't know your situation.
Suggestion, only:
1. part time job that covers the interest on the loan(s).
2.Then with reduced interest payment, use part time job earnings for extra payments to attack the principal of the loan.
3. Drop part time job once loan is paid and you have emergency fund in place = 6 x living expenses.
Good luck.
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