PrimeWay Blog

5 Questions to Ask When Securing a New Loan

Written by PrimeWay | Jan 15, 2015 4:00:00 PM

Whether you're buying a new car, lots of furniture, or a new home, you'll likely be financing the purchase.

Before you even begin looking, it's a great idea to educate yourself on the loan process, so you don't have any surprises.

First, get clear on what your current credit looks like and what your credit score is, as this will directly impact the cost of your loan. You can access a free credit report once a year from the three major bureaus by going to www.annualcreditreport.com. To access your scores, you'll likely need to pay a small fee by going to the bureaus' sites directly (EquifaxTransUnion and Experian) or a site such as creditkarma.com. There are typically options to purchase all three scores at once. Also, know how much you can afford, so you don't overspend and stretch yourself to the point of not being able to pay your monthly loan payments.