Bank Loan Calculator
If you’re thinking of taking out of loan for any reason and of whatever size one of the first things you probably want to know is how much it is going to cost you, both the total amount you will pay back as well as the size of the monthly repayments. If you have one particular lender in mind they may have a specific bank loan calculator you can use to get an estimate.
When you use a bank loan calculator you may find that it gives you a different APR than the one you are ultimately offered by a lender, this is because when calculating your APR (as well as how much they would be willing to lend you) banks will take into consideration things like your credit score and individual financial circumstances rather than just how much you want to borrow and how long you want the repayment period to be.
There is a diverse range of loans available on the market from various banks and other lenders. For this reason you should research all of the different options available to you before settling on a specific product. You can use the calculator on this website to compare over 200 different loans from over 20 different providers, to help you see what the different options for you are.
Before you take out a loan
Before you withdraw a loan it is a good idea to consider all possible alternatives before you apply as loans are generally long term commitments you want to make sure you are doing what’s best for you.
If you have any savings it might be beneficial to use these instead; as it may be any interest you are earning from your savings is less than interest you would be paying on a loan of the same size.
Also if you are thinking of taking out a loan to consolidate debt consider that extending your repayments over a longer term could mean you ultimately pay more than you would with your existing arrangements, even if the interest rate on the new loan is less than the rates you have at the moment.