What to prepare to get low-interest rates
For bank loans, the interest rate will depend on your credit score and the terms payment selected. Start your preparation by checking your current credit score. If it is poor, find a way to at least make it average. Pay old debts if you can. Consolidate your credits. Once you have a better credit score, you can enjoy a more flexible bank loan interest rate.
Terms of payment
Most banks offer easy installment payment when offering loans. Depending on your current financial status, choose the term that will work for you.
6-month payment term
A 6-month wedding loan is highly advisable because it has the lowest interest rate. Remember, the longer the terms of payment are, the higher the interest rate will be.
12-month payment term
If you cannot pay it immediately, go for a yearlong installment plan.
24-month payment term
Most banks offer two-year bank loans, and this is good if you are not seeing any potential financial setback in the future.
48-month payment term
You can go for a longer wedding loan term if it will positively affect your financial status. You might not want to start your first one-to-two-years of marriage life paying the debt. Still, if it helps in managing your finances, you can go for two years. There are banks that offer 3 to 5 years payment terms as well, just choose which one will work best for you.
What is the best payment term?
The best payment term is the one that will work with your current and possible future financial status. Don’t get a short-payment term if you won’t be able to pay it. It can be stressful to your marriage life if you will be faced with financial problems in your first months.