Mar 12, 2013

Evaluating Interest Rates

Various financial institutions want to service your loan. Whether it’s a home loan, a car loan, or a personal loan, this can be a big decision. How do you decide if an interest rate is right for you?

First, let’s take a look at where interest rates come from and whether or not there is a standard interest rate or whether they are being selected arbitrarily. Interest rates are based on a couple factors.  One …the amount of money you are looking to borrow. Two … the number of months in the loan’s term. 

Second, learn the difference between fixed and variable interest rates. A fixed interest rate will stay the same for the duration of the loan. A variable interest rate will fluctuate without warning. Also important is to make sure to understand the special terms and conditions that may apply with “special” or “introductory” rates. In other words, be skeptical about “special financing offers,” and be sure to read the fine print.

Third, calculate some numbers on your own before visiting a financial institution. Compare across the board to see which financial institution offers the lowest interest rates given your circumstances.

Determine how many months are reasonable for your loan’s term. Once you discover a suitable interest rate, determine how the lenders you are considering will apply that rate to your loan’s principal. 

It’s always best in these situations to consult with someone you trust to get the best information. Call a Bank of Luxemburg loan officer at (920) 845-2345 to see how our interest rates and service compare. You can also learn more about us by visiting our web page at


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