Four Ways to Lower Your Borrowing Costs
I t’s widely acknowledged that bank credit standards vary among banks and that, even with one bank, its credit policy will vary depending upon changing economic conditions. Coupled with the cost of borrowing, tougher credit standards mean you should make every effort to keep your borrowing requirements down. But when you do have to borrow, here are four tips to help you keep the cost of borrowing to a minimum.
1. Negotiate interest rates.
Not all banks will immediately quote their lowest rate. If you can’t get a somewhat better rate by asking a few questions, it might pay you to shop around – preferably with your bank’s biggest competitor.
2. Don’t borrow more than you need.
In most cases, the best strategy is to establish a line of credit for a given period of time. However, be sure to keep a close watch on …
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