With the internet, we have made the habit of easily comparing many products or services before buying: a flat screen? A washing machine ? Auto insurance? For many users, the use of comparator has even become a reflex prior to any purchase.
What about the consumer credit market?
It is certain, here too it is important to compare: the offers (rates, monthly payments …) vary a lot from one lending institution to another. And also vary a lot in time … For a loan of 10,000 euros over 4 years for example, choose your credit will save you nearly 150 USD!
What indicators should be studied to make a good credit comparison?
You need money but you want (like everyone else) to minimize the cost of your credit? We advise you to be vigilant on these 3 indicators:
The rate : if the posted rate (TNC) is interesting, it is always better to look at the APR which gives a precise indication of the total cost of credit. The lower the rate, the cheaper your credit. But that’s not the only thing to consider.
Monthly payments : they depend on the amount requested
The interest rate and the duration of the credit. The longer the duration , the lower the monthly repayments but the more expensive the credit in the end.
The total cost of a credit : it is the most complete indicator. For two identical amounts and two identical durations, go to the organization that offers the lowest total cost of credit.
Ah … and if the cost is important, do not forget to take a look at the services offered by the various organizations: insurance, postponement of deadlines, lengthening the repayment period … study the options offered by the various contracts before subscribe. We do not always know what tomorrow will be, a little flexibility could be useful.
How to compare all this in a few minutes easily and quickly?
You have a lot to gain from using a comparator: money of course … but also time since in a few minutes you can study the offers of many market players. For example, Panorabanques’ consumer credit comparator will allow you to compare the offers of more than 7 establishments at the same time: APR, monthly payments, total cost of credit.
You will see, the differences are important between the different organizations … and Loan Union is often the cheapest ? Fill in their questionnaire (very well done) will take you only 1 minute … We advise!