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How to Use the OnDeck APR Calculator.
In terms of business financing, it differs from consumer loans, such as fixed-rate mortgages or auto loans. Transitioning to APR, it is influenced by specific data points on your offer sheet, including the total loan amount, origination fee, total repayment, and payment count.
What’s the Difference Between APR & Interest Rate?
While “annual percentage rate” may sound synonymous with “interest rate,” there is a crucial distinction. Often confused, understanding the difference is vital for business owners to compare loans accurately. An APR incorporates fees, resulting in a higher percentage than the quoted interest rate.
Additionally, APRs are generally a better way to calculate loan costs. This is because they allow you to easily compare loans with different fee structures.
How Do I Get a Lower APR?
While origination fees for business loans are usually fixed, negotiating a lower interest rate is crucial for improving your APR.
A major factor affecting interest rates and APRs is your credit score. Errors in credit reports can impact scores, so check your business and personal profiles.
After reviewing your credit, identify problem areas and take steps to address them. While higher credit scores alone don’t guarantee better loan rates, when combined with a healthy cash flow, they can greatly improve your chances of obtaining favorable APRs.
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