Credit Comparison – How To Find The Cheapest Credit
Would you like to take out a loan and don’t know where to start? You are not alone with this problem. Many people today are looking for a suitable way to finance smaller and larger purchases and take out a loan. Car purchase and home finance are the most common areas of application for a loan. For many borrowers, the loan comparison precedes admission. Which loan is the best and, above all, the cheapest for my purpose? Who offers the lowest interest, the best conditions? A loan comparison helps here, regardless of whether a house or a car should be financed after the loan comparison.
Loan comparison in real estate financing: Compare loans & home finance before buying a house!
Probably the most expensive purchase in many people’s lives is a property. This can be a condominium or a house that is being bought or has yet to be built and requires solid building finance. A loan of several hundred euros requires careful selection of the provider and correspondingly well-researched loan comparison. Many of them take the first route to the bank, usually the house bank, where the conditions are discussed with the bank advisor. After that, most of them obtain an offer from other banks as part of real estate financing. So let the offers compare.
But the Internet also offers opportunities for loan comparisons. On the one hand, many banks have their loan offers available on the Internet, on the other hand, clear loan comparisons can be made using loan calculators and comparison portals. The great advantage of online loan comparison lies in the clarity and the fact that the tools for loan comparison take a lot of the work of the prospect. You can also look at all credit offers at home in front of the computer, in no hurry.
When comparing loans in the course of a house purchase or construction financing, it is important to consider the general conditions:
- How much equity is there?
- What should the fixed interest rate look like? Here you should consider whether you want to tie yourself up for a long period of time or whether you want to see interest rates fall.
- The effective annual interest rate or borrowing rate? You should be particularly vigilant on this point because both banks and the internet like to advertise with the low borrowing rate. The APR is the appropriate size for the credit comparison because all costs are already included here.
- Income and creditworthiness: What is my income and how is my credit rating? This should also be taken into account when comparing loans because credit providers check your creditworthiness and adjust your loan offer accordingly.
The cheapest vehicle financing – loan comparison when buying a car
Another big investment that almost everyone has to make once is buying a car. If it is not an “old box” for a few thousand euros, but a new car, a year-old car or a used car of the upper class, the financing is usually carried out via a loan. A credit comparison is essential here. Very few car buyers are financially able to buy a vehicle at the full purchase price without lending money, but require a car loan, which they either take out from the dealer, the house bank or via the Internet. If you do not finance the vehicle through the dealer, but take out a loan from the house bank, another bank or online, you have the great advantage that you act as a cash payer towards the dealer, since the bank pays the entire amount immediately. Thus, the buyer can benefit from the cash discount that the dealers offer.
To find a suitable car loan, a loan comparison must be made before buying a car. Here, the buyer can choose between different types of vehicle financing. Relevant for the loan comparison when buying a car is the special car loan, which can only be used for buying a car and for which the registration certificate part II serves as security for the bank, an installment loan without a fixed purpose and balloon loans. The balloon loan rates are low and the duration is long, but at the end, a higher final rate is due, which corresponds to the residual value of the vehicle. In addition, zero percent financing is often offered. With these special loans from the car banks, the buyer pays no interest, only the purchase price.
When comparing credit before buying a car, the following also applies: Offers can be obtained on-site and online, whereby the general conditions for the conditions are decisive. The annual percentage rate is suitable as a benchmark when comparing credit, the debit rate is not. In the case of apparently extremely cheap offers, always check exactly what type of interest was given! Make sure you have a good credit rating and how much monthly income you have here.
Do the credit comparison online and save money
The easiest way to do the loan comparison is online. On the Internet, you can not only view all offers again and again around the clock but also use practical comparison calculators. These loan calculators do most of the work for you when comparing loans, so you do not have to scroll through the documents. We offer you our practical loan calculator, with which you can compare all reputable online providers. You enter how much the loan amount should be, how many months the term should be and whether there should be a fixed purpose and, if so, which one. With the help of this information, our practical calculator creates a comprehensive online loan comparison, from which you can see the respective monthly rate and interest. This loan comparison is completely non-binding and free of charge for you!
By the way, a loan comparison is not only worthwhile before taking out a new loan. If you already have an existing loan and would like to reschedule it, for example, because interest rates are healthy, online loan comparison using a loan calculator is also an important tool. This is the only way to recognize which providers are cheaper than your current loan.
Credit comparison: Find the cheap provider
When comparing credit online, prospective customers automatically come across providers of loans without private lenders. Credit providers who have specialized in lending without a previous private lender query can only be found on the Internet. The advantages of a loan without private lender are obvious: on the one hand, people with negative private lender entries can take out a loan, on the other hand, the creditworthiness of the house bank, for example, is not affected by a private lender-free loan, since this is of course given discretely.
With a loan without a private lender, the loan comparison is very worthwhile. Although the interest is generally a little higher than for a loan with a Schufa query, the interest varies enormously when comparing providers directly. Prospective borrowers should take the time to do a credit comparison without Schufa in order to save cash.