Finding the Best Interest Rates
Curious as to what interest rates you can find in Dallas? Whether you’re applying for an auto loan or looking to open a savings account, it can be challenging knowing where to find the best local rates in Dallas. You might be inclined to open an account at a large national bank, but that might not always yield the best interest rates.
For savings accounts, rates vary bank to bank. Local banks might be able to offer better interest rates, fewer fees and provide better customer service than national banks. By banking with a local financial institution, you are also supporting local business.
Finding Competitive Loans in Dallas
With loans, you want to find a bank that will offer you the lowest interest rates possible. Interest rates vary state to state but are generally affected by four major factors:
- The current economy: When the economy is strong, interest rates tend to be higher. When the economy is poor, interest rates normally decrease.
- The terms of the loan: Longer loans typically yield lower interest rates. Shorter loans, like that of a personal loan, normally come with higher interest rates.
- Your history with the lender: When applying for a loan, it’s usually better to apply with your current bank first. Banks might offer discounted rates to loyal customers who choose to do repeat business with them.
- Your credit score: If you have a high credit score, lenders view you as a low-risk borrower. This will normally grant you a lower interest rate. Those with low credit scores however, are viewed as a risky investment. They will typically receive higher interest rates.
To make the most of your personal finances, read GOBankingRates’ articles and use the website’s rate table search tool to explore local rates.