It is important that interest rates and length of payment will be considered in having a loan.

Are there any other things you would like to add that I missed?

Cancellation fees and conditions.

Actually, this is pretty important information to look at with any financial package you take out, whether it's a loan or insurance.

Also, look to see if there are any early repayment penalties - just paid off my car loan early, but I made sure when I took it out that there would be no fees or penalties for doing so.

Yes, I had no idea about the different penalties that could be involved. Thanks to this forum I have just recently learned about the early payment penalties. I knew they were the norm for auto loans, but did not even think of them being associated with home loans.

That is good reminder, brian and something that we should not forget when applying for a loan.

yup, the penalty part should be something to be wary of. 0 interest credit cards is a classic example of this. while some may find it a great deal, some credit card issuers get even with the penalties. some issuers would charge you a very high interest rate if you make a late payment. others would give you this long period of 0 interest, but if you make a late payment, you won't just be charged with a late fee, but also a a penalty interest rate.

Yes, always read the small print I've caught out before!

Always shop around when looking for a loan, and don't think your bank is the best place you can get a loan from. You Could find that high street banks have higher interest rates then loan companies. I recently read that research carried out by moneysupermarket.com showed that the loan company Northern rock could save you up to £2200, when borrowing £6800 pounds compared to major high street banks, with a minimum saving of over £200.

I would also investigate the reputation of the lender. Granted, your loan can be resold, but I would want a company with a strong reputation that I wouldn't have to worry as much about.

i think you check properly Cancellation fees and conditions.Actually, this is most important information to look at with any financial package you take out, whether it's a loan or insurance.

The most imporant thing when you get a loan - read terms and conditions as there're a lot of hidden fees and fines.

Is there a financial jargon name for being able to pay the loan back before the term of the loan, so you don't have to pay so much interest?

Early settlement figure. There are usually 3 examples of this on the Pre Contract Agreement.

It's really very important to consider additional fees and charges, especially for delayed payments as they are usually very high. Besides, find out about the terms and conditions provided by particular lender in order not to get into trouble with financial services and just be attentive and careful and calculate the fees and interest rates before applying for a loan.

Just want to add, read the terms and conditions carefully and clear-up bad credit score. It will help you to approve you application loan.

Charges, if you want at any stage the transfer of your loan to other bank?

I just wanted to add that if you are thinking of taking out a loan always check the small print for payment protection insurance.

I know someone recently who got caught out, and it's quite common at the moment, with many having to reclaim mis-sold payment protection insurance.

I'm not saying don't get it, just make sure that what you are paying for covers you for what you need.

I think most banks and loan providers use tricks to try and tempt people into taking it out too, so be VERY wary.

This article I found at Gladstone Brookes shows in more detail what to look out for (I would recommend reading it if you are applying for a loan!) good luck otherwise though.