Debt Consolidation Loan Interest Rate Research Basics

When shopping for a debt consolidation loan interest rate, it's important to follow some research basics:

  • Compare Rates - Shop dozens of lenders - and look for low fees as well.  The best deals may be the debt consolidation loan interest rate that's the lowest and has closing fees around $1,000 or less.
  • Track Rates Over Time - There are times when interest rates are high, and times when they are extremely low, as well as times when they're somewhere in-between the two extremes.  By tracking rates over time, you can help gauge the right time to secure your best debt consolidation loan interest rate.
  • Look Closely at the Lender - Examine the lender's reputation, financial rating, any positive or negative press, whether or not they've applied for federal funding, how much toxic loan they carry.  You want a lender that's financially strong, with a top-notch financial rating, and solid reputation.
  • Ask Questions - Once you've narrowed down your search to one or two lenders, next thoroughly examine everything you can find online at their website about their current debt consolidation loan interest rates.  Call their toll-free number and ask lots of questions, until you are satisfied.
  • Get a Lock on the Rate - When you find the rate that works best for you, insist on a lock with a guarantee that if the rate goes lower before you close that you get the lower rate.

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