How to say no to a loan with a too high Apr rate

Having a loan with lowest possible Apr rates is what loan seeker wishes for. But it is one of those wishes that don’t come true quite often. While the person seeks for a loan, he comes across with different situations. One of the most common situations is how to negotiate or how to avoid loan with a high Apr rate. No loan lender likes to provide loan on low cost. They want to earn maximum on their loans. It is an art to get loan at good rates. Some tips to have no loan at high rates are

1. Search, Search and search

Before applying for any loan, take out a time to perform research on different types of loan. No loan should be accepted without the reasonable research. Research or search tells the loan seeker about different ways to have no loan at high rates. It provides people with enough knowledge about loans and how to negotiate over them. So search for different loan providers, study their terms and conditions and study them carefully.

2. Command over art of negotiations

No loan lender works for charity. He is there to do some business and earn as much as possible. He will definitely try to provide loans on high rate and with strict conditions. But a loan seeker should know how to negotiate over it. No loan lender will like that you straight away reject his offer. Try to negotiate with him and through discussion, bring him down to your level. Remember nothing is fixed and if not everything then most of the things can be negotiated. Don’t be too soft nor be too hard while discussing the terms. Just stay composed and normal.

3. Don’t accept or reject the offer immediately

Before making any final decision, take your time. Take enough time to think about the deal and conditions. No loan decision is considered as good, if taken in a hurry. Don’t immediately accept or turn down the offer. Even if the loan is very much high and you are not willing to take it, ask for sometime. Then later on, refuse the offer in polite words. This may not be beneficial in getting a borrower good loan, but it will definitely create a goodwill. If, by chance the lender offers you the rate that you were looking for, even then don’t make any immediate decision. No loan comes without the terms and conditions. And no loan can be accepted only on the basis of low rate. May be the rates are low but conditions are strict.

4. Take some advice

Two is always better than one. Before getting a loan, it would be very good if the loan seeker takes advice from an expert. It would be good to discuss every perspective of loan with any intelligent person or financial adviser  Besides that, going to the lender with a learned person, who knows very much about the loan, always helpful a lender will not be able to exploit the situation. These are simple but very effective ways in which a high rate loan can be said no or avoided.

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