Doing too much research or “over shopping” for the lowest interest rate, could waste a whole lot of precious time.
Don’t wait around until you find the best rate
It’s a good idea to shop around before you settle for a loan, but another mistake that people often make, is waiting or continuing to shop around until they find a loan with the lowest interest (borrowing) rate. If you carry on shopping until you find an even lower rate than what’s on offer, you could be researching forever and ever.
It is often difficult to determine which offer has the lowest rate, especially since the interest rate keeps on fluctuating. So what should you do? The best advice would be to accept the deal you have now (with the lowest rate of course). Sometimes it’s even recommended that you make a decision sooner than later. Interest rates are constantly changing.