Know This Before You Compare Financial Products
By: Nigel Thomas | Posted: 03rd December 2008
Why don’t you benefit from these pointers before you get reeled in by some fictitious financial product that some company are offering.
The APR for Financial Product Comparisons
The appropriate thing to do when a company claims that the APR on a product is inclusive of all costs, is harrumph until you cough up yet another deceitful, anaplastic banker. More than ever financial institutions find it impossible to apply the truth to anything that they sell, therefore ambivalence is the key. Don’t be one of the fiscal fools that they are targeting with such flagrant bowdlerisation.
They are like; ‘Yes if you compare our APR to other companies then you will find we are the most competitive.’ In a world that is not run on mendacity, they would be saying; ‘Yes well if you compare our APR to what it actually equates to once we have billed you for the likes of specialist insurance and administration fees then you will find that we are the most underhanded.’
The Credit Score Issue
What the banks do is they have a premium rate APR that is applicable to the few people that have a perfect credit rating. This APR is not just slightly better than the one that they offer to people with a blemished credit score, but much better. Therefore the vast amount of people that apply will be far worse of by purchasing the product, than the few that will actually benefit to the applicable APR for a person with a clean credit history.
So if you have a credit history that has a couple of indiscretions then you need to be giving the APR that is applicable to a product a seriously wide birth. The bank or financial institution or what ever just want to get you so far down the proverbial fiscal garden path that you cannot be bothered to turn back, once it becomes apparent that the product you are being sold, barely resembles the one that you were offered.
The only way that you can get the deal on a financial product that you want, is by asking question after question, every step of the way. Be aware that you are always going to pay more than what the APR states that you will. If this is the case then you need to see an offer and think a couple of decimals higher, and consider whether or not you would be happy to pay this. If so then you can absorb the extra cost of whatever gets added at the end.
The APR and Credit Score factors are huge when it is time for you to Compare Financial Products online, make sure you are fully aware of this, or you could sign up to a deal which is far from the best!
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Tags: truth, pointers, banks, credit rating, credit score, financial institution, insurance, financial institutions, credit history, ambivalence, premium rate, garden path, fools, administration fees, blemished credit