The Smart Way to Save On Loans and Insurance

How can consumers uncover the most beneficial rates on loans and insurance coverage in a volatile economy where new, higher inflation numbers appear in financial news headlines every month? Some people wade through the ocean of individual websites in the hopes of finding bargains, discounts, and special offers on all sorts of financial products. Unfortunately, that kind of piecemeal approach tends to yield poor results. There’s a better way.

Working adults who use an online marketplace that features dozens of top-rated insurers and reputable lenders can find all the necessary, relevant information in one place. After that critical step, move on to other money saving tactics like shopping for auto, home, and life coverage first. Be sure to have all your information ready to use for searches. Plus, it helps a lot to know what your current credit scores are and focus on improving them if they need a little work.

Many consumers shopping for loan products realize that refinancing old, high-interest debt with new, less costly loans is a smart way to go. But the initial move is to leverage the power of an e-marketplace so you can shop for competitive rates in a streamlined, efficient manner. Here are some details about the most effective ways to save money when purchasing coverage or applying for loans.

Use a Marketplace

When consumers shop online for insurance coverage and personal loans, they soon discover that it can take hours to cull through the dozens of individual company websites, hunt for specific rate data, save various information pages, and then compare everything once they’ve gathered the relevant pieces of information. There’s a better way, of course, and one that doesn’t require long hours of research. Using Navient Marketplace is the simple solution to a complex challenge. 

Insurance and loans are critical pieces of a person’s financial life. So, it’s wise to do as much comparison shopping as possible before deciding on which policy to choose or which loan to apply for. The central advantage of using a marketplace platform is that you can compare dozens of rates, prices, terms, and other data all in one place. There’s no skipping around to multiple websites and keeping track of massive datasets.

Start with Auto, Homeowners, and Life Coverage

It’s profitable for consumers to use a marketplace to buy financial products. That’s particularly true for automobile insurance, homeowners’ policies, and life coverage. When searching for personalized rates and terms on a marketplace website, buyers get safety, access to competitive pricing, and the chance to make head-to-head comparisons among all the top carriers. Companies that lend money or sell insurance policies are best evaluated via a one-stop marketplace platform.

Explore Refinancing Old Debt with New

Saving money on loan payments is easier for borrowers who choose to refinance any debt they already have. In many cases, particularly when a person’s credit ratings improve, refinancing can mean combining several higher interest loan agreements into a single payment that comes with more advantageous rates and terms. Plus, a refi gives borrowers just one monthly payment, whose total might be hundreds of dollars less than the original debt payments.

Know Your Personal Information

To get the best deals on financial products like personal loans and insurance policies, consumers should be aware of their personal credit scores and other essential information related to their finances. Besides learning your scores from all three credit bureaus, calculate your debt usage rate. Other relevant data that can help people understand their chances of loan approval include the following:

  • Total assets
  • Net worth
  • Amount of outstanding debt
  • Serious health risks
  • Other factors that might affect what they pay for a loan or an insurance policy
  • It’s also helpful to know your current levels of insurance coverage on whatever policies you already own

Work on Your Credit Scores

A person’s three credit scores play a central role in the ability to borrow money at competitive rates. That’s just one reason it’s crucial to work on your credit scores is they aren’t as high as they could be. Gather the three reports and scan them for mistakes. Bureaus make errors but won’t correct them unless consumers contact them directly and request that mistakes be removed. Pay all bills on time and keep credit usage as low as possible in order to improve scores over time.

Sandra Johnson

Sandra Johnson

Sandra Johnson was a few years out of school and took a job as a life insurance agent in California, selling coverage door-to-door for Prudential. The experience taught her about the technical components of insurance and its benefits for individuals and society, as well as the misunderstandings people often have about insurance. She has over ten years’ experience in the insurance industry, having worked as both a Broker and Underwriter, assisting clients across a broad range of industries. At Insurance Noon, Sarah diligently gathers all the required information and curates up pieces to provide meaningful insurance solutions. Her personal value proposition is to demonstrate a genuine interest in always adding value for clients.Her determined approach to guiding clients has turned her into a platinum adviser to multiple insurers.

Insurance Noon is the world's leading source of insurance related content on the web, focusing on industry news, buying guides, reviews, and much more.