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How It Works The Loan Process The key thing to look for when you compare loans is the financial institution that is offering the lowest interest rate. The lower the interest rate on the loan, the lower the monthly payments will be, or the sooner you will be able to pay it off. There will be a large amount of money saved, even by just a small change in the interest rate. After that, you want to make sure that you agree with all of the different terms on the loan, and that it is a fixed rate loan. This means that the rates won't go up on you, and you can refinance later if the rates drop.
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