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Compare Loan Rates - Best Websites to Compare Loan Rates Online - Kinds of Loan Rates, Compare Loan Interest Rates

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Applying for any kind of loan can be a confusing and frightening process. Not only may your future education, home or business plans ride on receiving the loan, you may also spend a great deal of the rest of your life paying for it. Everyone wants to get the best loan rate, but it can be difficult to compare the rates offered by institutions, especially since they all claim theirs is the best.

To complicate matters further is the fact that all loans do not have the same kind of interest rates. Terms like fixed rates, floating rates, variable interest, adjustable and APR may seem obvious to those with experience but frustrating to others. Fixed rate loans are those whose rates will not change over a certain period of time. If it is 19% in 2010, it will stay 19% for the length of the loan. Variable rates, also known as floating loan rates or adjustable rates, can change. An ARM is specifically an adjustable-rate mortgage, a home loan in which the rate can be changed according to a number of criteria. APRs are annual percentage rates, the interest rates for an entire year as opposed to the rate per month.

Compare Loan Interest Rates

When you first begin investigating loans and loan rates, it is very easy to become confused as to what each offers and their benefits and drawbacks. Banks, of course, will act as if their plans are the best, without mentioning important details like penalties. It is also quite hard to go form bank to bank, talking to officers and gathering information. There are, however, many websites online which allow you to compare different kinds of loans and rates all at once, although you will have to finalize the deal at the bank itself.

Bankrate.Com lets you compare the rates for a number of different bank services, including CDs, checking and savings accounts, insurance and auto loans. The page also has a way to compare prime lending rates, a CD rate trend index, the interest rates of treasury securities, the LIBOR benchmark interest rates. With just a little information, such as the type of loan you like and length of loan, you can get a comparison and details for your local banks. E-Loan offers comparisons for savings accounts and CDs, mortgages (both initial and refinance), home equity loans and auto loans. Mortgage Loan.Com specializes in mortgage and home equity loans, and has a simple, four-part form which sends loan information to your email address. Loan.Com offers information on all kinds of loans, from student loans to business, home, car and personal loans. MSN Money’s Mortgage Loan Center lets you sort loan information by type, fees, base rate, state and city.

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