Normalise the offers first
Comparison only works when the variables match. Fix the amount and the term, then compare. A lower payment achieved by extending the term is not a better deal — it usually costs more overall.
Rank by total cost
Ask each lender for the total amount repayable over the full term. This single figure absorbs the rate, the fees and the schedule, and it is much harder to present misleadingly than a monthly payment.
Read four clauses before signing
Prepayment: can you repay early, and at what cost. Late payment: what the charge is and when it applies. Hardship: whether deferment or restructuring is available. Credit reporting: whether payments are reported, which determines any credit-building benefit.
Warning signs
Guaranteed approval claims, any request for payment before funds are released, pressure to decide immediately, reluctance to provide written terms, and unverifiable licensing are all reasons to stop and check the provider with the relevant regulator.