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Understand How to Select the Least Expensive Sources for Consumer Loans and How to Reduce the Costs of Borrowing

In order to calculate the cost of your consumer loan, you must understand the following key relationships:

  1. The total cost of the interest charged on your loan is directly related to the interest rate charged. The higher your interest rate, the more interest you will pay over the life of the loan. Keep your interest rate and fees as low as possible.
  2. The total cost of the interest charged on your loan is inversely related to how long you have had the loan. The longer you have the loan, the more interest you will pay over the life of the loan. Pay the loan off as quickly as you prudently can.
  3. The amount of each payment you must make is directly related to both your interest rate and how long you have the loan. The lower the interest rate and the longer the life of the loan, the lower your regular payments will be.


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