Interest is one part of borrowing cost. Compare everything paid with the cash received, including fees and any required cover.

Find whether an initiation charge is paid upfront, financed or included in quoted instalments. Its placement changes what cash you receive and repay.

Multiply each recurring charge by the periods in which it applies. A small monthly charge can matter across a long agreement.

A rate needs a period and calculation method. Do not compare a daily percentage with an annual percentage as if they describe the same price.