Question

When getting a loan, how can you avoid paying too much interest?

Answer 1

When we are taking a loan, it always good to have some past credit payment track record. It is wise to take a credit card and pay timely which helps in increasing your credit score. Banks fixes interest rate based on your credit score and monthly income. If your credit score is high and getting fixed income, there will be pretty good chances that your interest rate is low.

One more thing is that if you can submit high value colleteral that also helps in reducing the interest rate