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If you're in the market for an auto loan, home loan, student loan, or any other type of personal loan, one of the best things you can do is pay attention to personal finance news. Personal finance news will help you figure out when the best time is for taking out the loan and can also let you know what to expect.
Personal finance news can indicate popular trends in the loan industry. If you hear that many people are trying to get loans and that banks are not lending, then you know rates are high and that you must have perfect credit before attempting to get a loan. If you learn that people are not borrowing money and that banks are trying to get new clients, then it might mean that you will get low rates even with a lower credit score. Likewise, if you hear that the fed has lowered rates, or that the London Interbank Offered Rate (LIBOR) has been lowered, it also might indicate that personal loan rates could be trending down.