It's important that you choose a loan that's right for your needs. This probably won't mean choosing something from a lender simply because the have a glossy brochure or great TV ads. What you'll need to concentrate on will be what they can offer to meet your needs.

The key factors that you'll want to consider will be what the total amount is that you'll end up paying back to the lender and how much you will need to pay in each instalment. Be very careful when attempting to compare interest rates, as different loan companies will use different calculations, which can distort the true costs of a loan. Thus, don't simply rely on the published APR.

You'll need to make a decision on how much you need to borrow and over what period of time. Don't forget that, as a general rule, the shorter the loan period, the less that you'll end up paying in interest. Make sure that you get a range of quotes and check to see whether there are any hidden costs. For example, if you think that you may be able to repay the loan early then it will definitely be worth checking to see whether there is any sort of associated redemption penalty.

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