Quote:
Originally Posted by MoneyGuy
Shop around but don't have all kinds of credit checks done on you. It doesn't look good on your credit report. Please report back here on what you are offered by the various financial institutions. I haven't negotiated a LOC for myself for a long time but like to know rates for when clients ask me. It seems LOC rates have increased (P + ?) since I set up my LOCs many years ago.
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My understanding is that unsecured LOC's are currently at P+3 (or something like that), while secured LOC's are at P+1. Not sure if there is much variation across lenders; I've read that banks aren't willing to negotiate rates (i.e. like they would on a mortgage). If anything, they will knock off the set-up fees or do some other promotion (I remember last year, CIBC was offering free appliances; I think there may have also been promotional rates for the first year), but I don't see anything like that anymore.