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When it comes to loans, it’s always best to apply the art of negotiation. Don’t just take no for an answer. You can politely request your prospective lender’s audience and negotiate on the best terms that appeal to both of you.

Here are some tips to help you negotiate better:

## Understand your financial situation
The first step when negotiating loan terms is to do your best to understand what kind of financial situation you are in. This helps you assess your ability to repay the loan and helps identify loan options that work best for you.

Before you enter negotiations with a lender, it’s important to know how much you can afford to borrow. You can determine your borrowing capacity by doing checks on your income, expenses, debt, and savings.

Knowing how much you can borrow will help you negotiate loan terms that are realistic and affordable for you. That way, your lender is also ready to oblige.

## Research lenders and loan options
It never hurts to find out the many options available to you. It’s ill-advised to jump on the first loan available to you.

By researching lenders and loan options, you can pick out what lender has the best or closest loan options for you, identify the types of loans available and compare the benefits of each option.

This makes it easier for you to show that you have a bit of knowledge concerning loans, which can help you negotiate better terms.

You’re also able to identify factors such as your credit score or income level that could give you an advantage in the negotiation. Remember, you need to have sufficient knowledge to be able to negotiate smartly.

## Be prepared to make a counteroffer
You know how in a final-year project, you have to show the lecturers that you have done your research and defend your study. Well, negotiating loan terms is a bit like that.

Coming to the negotiation table with a well-researched proposal gives you more credibility and makes it easier to negotiate for better terms. If you can negotiate better terms, you may be able to save money on interest rates, fees, and other costs associated with the loan.

If you don’t make a counteroffer, you may end up with loan terms that are less favourable than what you could have negotiated.

## Focus on long-term costs
You can get a greater understanding of the loan and its effects on your finances by focusing on long-term expenses when negotiating loan terms. Most borrowers tend to concentrate on the interest rate and the monthly payments while negotiating loan terms.

You can clearly appreciate the true cost of borrowing money by taking the loan’s long-term expenses into account. This involves accounting for elements like the length of the loan, the total interest paid over the course of the loan, and any associated costs.

You can make use of this information to your advantage when negotiating loan terms by requesting a lower interest rate or a longer loan term to reduce the amount of interest paid over time.

## Keep your emotions in check
Emotions are great and all but when the situation calls for a calm head, they can cloud your judgment and lead you to make decisions that may not be in your best interest.

Keeping your emotions in check helps you focus on facts and figures of the loan terms, and be more objective in evaluating the terms being offered to you. This can help you to negotiate better terms, such as a lower interest rate, longer repayment period, or lower fees.

Lenders will be more willing to work with you if you keep a professional and respectful demeanor during negotiations.

## Final cross-checks
Carrying out final cross-checks on your negotiated loan terms is a no-brainer. This helps you confirm the accuracy of the information provided and helps you detect any error that may affect the loan terms.

Performing final cross-checks shows the lender that you are thorough and detail-oriented. This can demonstrate your professionalism and help build trust with the lender and is especially helpful if you are negotiating with a new lender or seeking a large loan.

We’re sure you’ve learnt a thing or two and we’ll be more than happy to get you started on your first loan. Send us a message at support@irorun.com!

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Get ready to win ₦10,000 by playing a simple and exciting game! Follow these 5 simple steps.

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Tips for negotiating loan terms with lenders

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