Do You Need Payment Protection Insurance?
Another detail that impacts the total cost of secured loans
is insurance that protects both you and the lender. PPI
covers your payments if you get in an accident or become unemployed. PPI is not often included in the APR. When
comparing loan options, always look at the cost of the PPI.
With these details, you can determine the total cost of the loan. Multiply the total monthly payments, including the
PPI, times the length of the loan.
Always compare at least three options before selecting a loan product or use a loan broker for assistance comparing