Advice on how to get your loan lender to play your game.
In any business transaction, the buyer wants to pay as little as possible for the product or service, while the seller wants to make as much money as possible. In many cultures, the idea of bartering is so ingrained that it almost seems rude to pay the price asked. But someone who wanted to sell something for £100 will often settle for £70 and still make a good profit. What's up? Because they want to make as much money as possible, but they know that if they keep their prices too high, someone will always come along and sell for less.
So, are we able to negotiate when we're looking for a loan? Most of the time, no. The rates at which loans are sold on the market are based on calculations made in the boardroom, the expectations of shareholders, the base interest rate, and a lot of other things. But you can take your business elsewhere, which a surprisingly small number of borrowers do. Better deals aren't around the corner anymore; they're just on a different website. Anyone with a few minutes to spare can check out a lender's rates and deals and compare them to those of other lenders.
You can do it yourself by using search engines and link pages, or you can use a comparison site to enter the details of the loan you want and learn about deals you wouldn't have thought to look for. You will always find that some lenders are trying to make as much money as possible off of you for what is essentially the same thing: a loan. When you're dealing with money, it's hard to say that one loan is better than another, so you can't charge more. There are no thoroughbred loans, Ming loans, or 40-year-old loans. There are only low-interest loans and high-interest loans.
In other words, do you want to pay as little as possible or make as much money as possible for your lender? You can either play the game the lenders set up or make up your own.
