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When taking out loans of larger amounts a few factor take on more significance. The main issue is the amount of money the loan will cost you in terms of interest will be quite significant. That means that the interest rate on the loan becomes very important and depending on the term of the loan, the monthly repayments could be quite large, so you should be confident that you have enough income to be able to make these repayments.
Lenders are required by the legislation to quote the typical variable rate of the loans they expect to provide on any advertising. Currently this typical variable rate is calculated to be the rate of interest at or below which 66% of their loans are written. So in effect most of their customers will pay the typical rate of interest or less. The lower rates are often reserved for loans of larger amounts.
When looking for a larger loan make sure you are looking at interest rates that are applicable to the loan size you want. Normally the larger the loan, the better (or lower) rate of interest it will attract.
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