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A loan can make or break a borrower depending on the rate of interest at which he or she got the finance. Therefore, it is important that you search for low APR loans. However, there are certain aspects of these loans that only will ensure finding a suitable deal.

First of all you must keep this basic in mind that lenders offer loans at low interest rate only to those borrowers whose credit history is perfect. Such people are having no or less risks for lenders. So you must have a history of making timely payments in the past. There should certainly be any defaults, arrears in your names. In case you do not boast of a perfect credit history then make efforts to repair your credit rating first by paying off debts.

Take a copy of your credit report from a reputed credit rating agency and ensure that it is fully error free. All positive developments about past payments made by you must be correctly mentioned in it. The lender will first see the credit report before taking any decision on determining the rate.

When looking for low APR loans, you should ask the lenders about their individual additional fees on the loan. It is these fees that add to the burden of a loan. Apply for a loan with lower possible fees.

You must take rate quotes of as many lenders as possible. Take these rate quotes as per your circumstances and the loan requirements. For instance you may be having a bad credit history. In that case interest rate will be higher but a lender with less additional cost will be of lower APR.

Online lenders charge few additional fees and so they are source of low APR loans. Do not rush to the first lender you locate on internet. Instead, compare these lenders first. Get their rate quotes online for extensive comparison. You are most likely to find out a lender who has a suitable deal for your circumstances.