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36 Month Personal Loan Rates<\/p><\/div>\n
Taking out a 3-year personal loan allows you to spread out payments over time for major expenses. But loan rates and terms can vary widely between lenders. So you\u2019ll want to shop around for the most competitive 36 month loan rates possible before borrowing.<\/p>\n
Doing research upfront keeps more money in your pocket long run. Read on for tips on securing low interest rates when financing personal needs for 3 years.<\/p>\n
<\/span>Compare Multiple Loan Providers<\/span><\/h2>\nThe first rule of thumb when seeking the best rates is to gather loan quotes from several different banks, credit unions, and online lenders<\/strong>. Avoid just applying with one lender. Failing to compare offers almost always results in overpaying interest charges.<\/p>\nAllow yourself at least several weeks to thoroughly research competing loan products and apply with multiple contenders. Using online loan marketplaces like Lending Tree helps streamline applications across lenders using soft credit checks that don\u2019t impact your score.<\/p>\n
But also apply directly with specific national banks, community banks, credit unions, and alternative digital lending platforms to compare all options. Cast a wide net to find the lowest 3 year fixed rates and customized loan packages.<\/p>\n
<\/span>Understand How Rates Are Set<\/span><\/h2>\nPersonal loan rates hinge firstly on the applicant\u2019s credit scores and history<\/strong>. Borrowers with Very Good (740+) or Exceptional Credit (800+) qualify for the most favorable interest rates under 5%. Those with lower scores can still often get approved, but will pay higher single digit rates.<\/p>\nBeyond your credit profile, broader economic factors like the Prime Rate also influence lending rates<\/strong> banks offer. As the Prime Rate set by the Federal Reserve rises or falls with inflation and growth, loan rates tend to follow over time.<\/p>\nCompetition between the thousands of banks and lenders nationally also presses rates down for consumers. When more lenders vie for your business, they lower pricing. Review Bankrate\u2019s lending analysis<\/a> to understand the marketplace.<\/p>\nAnd remember, published Annual Percentage Rates (APR) factor in all finance charges and fees. So compare APRs when loan shopping, not just the base rates different lenders promote.<\/p>