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Tips for Lowering Your Loan Cost
Choose the shortest term you can afford
A shorter term means higher monthly payments but dramatically less total interest. A $10K loan at 20% APR costs $2,002 in interest over 24 months vs. $5,799 over 60 months.
Improve your credit score first
Even a 30-point improvement in your score can drop your APR by 5–8%. On a $10K loan, that saves $2,000+ over a 3-year term. See our guide on improving your score fast.
Always compare at least 3 offers
Rate spreads of 10–15% between lenders on the same borrower profile are common. Checking multiple lenders with a soft pull costs nothing and could save thousands.
Watch for origination fees
Some lenders charge 1–8% upfront, deducted from your loan. A $10K loan with a 5% origination fee means you only receive $9,500 but repay $10K+ interest. Always check the APR, not just the rate.
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