4.2.8 Tips to keep borrowing costs down

From: Financial Consumer Agency of Canada

  • Don't borrow more than you need to.
  • Research the complete costs of the loan, including all fees and interest charges.
  • Make your payments in full and on time.
  • Find out whether the loan can be repaid at any time.
  • Pay down your debt quickly. But find out if there is a penalty to increase your repayments.
  • When you are buying something on credit, find out if there is any discount on the price if you pay cash instead.

Tip

Shop around! You don't have to accept the first financing deal you are offered on a loan. Do your homework before applying, and find out what other institutions or lenders are offering. Ask if the lender will waive or reduce one or more of the fees associated with the loan, agree to a lower interest rate, or give you better terms than the original ones that were quoted or that you have found elsewhere.
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