Get consumer loan interest rates to estimate how much a loan for your business will cost you. Your credit and the risk involved with the loan determine how much the loan will cost you. Most commercial loans are based on the prime rate which is a rate established for preferred borrowers. For less qualified customers, the prime rate increases by a set percentage.
Look at three major types of lenders - credit unions, banks and finance companies. A credit union loan rate is usually lowest because it is a not for profit, however, most do not lend to businesses. Banks borrow their money from the government, but need to turn a profit for their investors. Consumer finance company rates tend to be higher because they get their funding from private investors at a higher rate than if they received funding from federal government, however, they may be able take a bigger risk on you. Look for a commercial loan online by:
1. Searching for consumer finance quotes online
2. Applying online for credit with multiple lenders
3. Finding a commercial loan with a bank
Get consumer finance rates for your commercial needsYou can look up current consumer interest rates from different commercial lenders. Check the following sites online to compare rates.
Use consumer finance rates and quotes to get the best rate when you apply for a loanYour business can find a great deal by allowing banks, credit unions and finance companies to compete for your business. Most will send you preapprovals in just minutes, which includes interest rate information. You can apply on line right now.
Look for the best consumer interest rate with a bank loanYou can apply directly with large lenders. They offer peace of mind of thousands of local branches as well as the online tools for your convenience.
- In addition to the consumer finance rates and quotes, watch for fees and costs such as origination fees which make the cost of your loan even higher.