by Charlotte Wood
(last updated February 21, 2009)
There are a variety of situations where you will need to deal with lenders in your life: student loans, mortgages, car loans not to mention refinances, home equity loans, and credit cards. In today's consumer world, lending is a part of your finances and it's difficult if not impossible to avoid it. When dealing with your various lenders you need to go in knowing your stuff because that way you can avoid getting hoodwinked and you can make sure you know what you want and what's a good deal. You need to be straightforward with lenders while still allowing them to help you out.
The first rule of dealing with lenders is to already know what you want. Do your homework beforehand so you won't be persuaded into a loan that may not be either in your best interests or what you want. Depending on the bank you go to, the loan officers typically will try to find the best deal for you, but do be aware that they will try and sell you on other features and products that may be nice perks. Don't let those dissuade you from your original purpose.
You also shouldn't borrow more than you actually need; a loan is a grant of money that you need but don't currently have. Don't be persuaded into taking out more than you need because then you'll just be paying more than you want and need. If you're set on that one goal, it will be much easier to deal with lenders because you can tell them exactly what you want.
It is often helpful to know what the money will be used for because sometimes lenders can offer better solutions for what you need. If you are interested in another option presented by your lender, then take the information home and mull it over for a bit; don't make unexpected decisions while at the bank. That is never a good plan.
If you're straightforward with your lender, then you are more in control of the situation and you'll be helped in the way you want to be. Be frank about your current financial state because that way your lender can be honest with you about your options; if you falsify information or give the wrong impression then you won't get the right advice or products you need. Honesty is always the best way to go when dealing with lenders. If you're straightforward then you're not allowing the lenders to walk all over you and compel you to agree to deals that may not be the best.
Also, understand that if the bank or lender isn't offering you what you thought they would, you can always just say you're not interested and go elsewhere. Just because you've settled on checking out one bank doesn't mean that the contract is binding. You can back out early on if the deal isn't what you thought it would be. Before you sign contracts and make arrangements however, make sure it's what you want because after a certain point you lose money if you back out of the deal. Be in control of the situation and your needs by being straightforward and honest. If you do that then you'll have no problem finding the right loan for you.
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