With some wishes, urgent purchases and especially with unexpected expenses, it is not enough to slaughter the piggy bank. Then only an installment loan helps. In view of the favorable interest rate environment, you can look forward to top conditions and thus low monthly rates. This relieves the budget and provides sufficient financial scope. If you also use a credit comparison, you save a few dollars again – month after month. Because there is also enormous savings potential in the low-interest market, which can only be optimally exploited with a loan comparison.
How can I compare the loan offers?
Nothing easier than that: only three key data are required for our loan comparison:
- the loan amount
- the desired term
- the purpose of usage
These three facets, from which the loan comparison grinds a perfect offer, are largely self-explanatory. If necessary, they can be changed and adapted at any time to run through different scenarios. This even makes sense to see where and how you can get even better conditions – for example, by a shorter term or a different amount. The intended purpose is important because different interest rates may apply depending on the occasion. If you want to have a free hand, you should simply choose “free use” to play it safe.
Why is there a 2/3 example under each offer?
The interest on almost all installment loans is credit-dependent. The better your credit rating and thus the likelihood that the loan will be repaid without any problems, the more favorable the loan terms. In other words: with a good credit rating, you pay a significantly lower interest rate. This is reflected in the so-called 2/3 example. This sample calculation applies to two thirds of all applicants. Here you will also find the interest rate that you should roughly expect. The conditions listed above the 2/3 example stand for the best possible offer. In order not to dupe anyone or lure them with false promises, the average values must also be mentioned. Therefore, it makes sense to primarily deal with the data from the 2/3 example.
Is the loan comparison binding?
The loan comparison can be used free of charge and without any obligation. The calculator does not yet transmit any personal data, but only helps to get a first impression of the possible loan conditions. It is completely irrelevant whether you calculate once, twice or more and adjust the framework conditions such as the loan amount and the term again and again.
Even with a click of the mouse on “Next”, no loan agreement is concluded. It is much more about working out a non-binding offer. Since the interest on installment loans, as already mentioned in the 2/3 example, depends on the creditworthiness, some additional personal data is required to calculate the loan offer. This information, such as income, is collected and processed by the provider to determine the conditions. It is important that it is a condition request and not a credit request – you have to pay attention to that.
Does a loan comparison pay off at all?
Is it worth comparing loans at all? This question is asked again and again. And the answer to this has been for years, regardless of the current interest rate: yes! It may not always be about thousands of dollars that can be saved with a loan comparison. But small cattle also make crap.
To make this clear, here are two examples:
For a loan of 10,000 dollars with free use and with a term of 48 months (as of December 2018), there is a top offer of 211.27 dollars per month. The most expensive provider from the list wants 228.71 dollars per month. Makes a difference of 17.44 dollars every month and an amount of 837.12 dollars over the entire term.
If we look at the 2/3 example for a $ 10,000 loan with a 48-month term, the range for the total amount ranges from $ 10,636.53 to $ 12,264.28. This results in a difference of 1,627.75 dollars. That’s a lot of money that can save by comparing the loan and looking at the 2/3 example.