The APR will determine the amount of interest that you will be charged on the loan, usually the lower the APR the better for you. Lenders do quote interest rates in different ways such as:
Fixed Interest Rate: Where the interest rate will stay the same throughout the term of the loan, regardless of any changes in the bank base rate.
Variable Interest Rate: Where the amount of interest will fall and rise with any changes to the bank base rate.
Typical Interest Rate: Which is an indication of the rate you will be offered, as it is the rate that over 66% of successful applicants receive. The actual rate will be dependant on your circumstances.
For more information about the types of loans available to you, please call Loan Application free on 0808 131 0036.
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