When it comes to securing financing for something, the type of interest rate you receive can have a significant effect on the amount of money you’ll be repaying over time. Because of this, choosing between a fixed and variable interest rate requires you to consider a variety of important factors to determine which of the two will be more beneficial to you. Considering the amount of time it can take for repayment in some cases, this is certainly not a decision to take lightly. In the accompanying infographic, we’ve laid out the general pros and cons of both variable and fixed interest rates to aid in the decision-making process.
