Interest Rates

The most significant cost in any finance deal is usually the interest rate. This is the cost you pay for borrowing money. It's typically expressed as an annual percentage rate (APR). The rate depends on several factors including the lender's policy, your credit score, the amount being borrowed, and the term of the loan. It's vital to understand that while a lower rate is favourable, it should not be the sole determinant in your decision as other factors like the flexibility of repayment, service, and terms of the loan are equally important.