Anyone looking for an installment, consumer or car loan should not rely solely on their house bank, but also check the offers of other branch or direct banks. Ideally, a bank loan comparison should be carried out in comparison.
Bank loan comparison in comparison
A credit comparison not only provides the customer with precise information about the possible loan amount and the term, but also about the effective annual interest rate and the nominal interest rate. When assessing a loan offer, only the APR should be used. Only then will the customer be able to assess exactly what costs they would incur in the event of borrowing, because the effective annual interest rate not only includes the debit interest, but also the processing and account management fees. If the effective annual interest rate is identical to the nominal interest rate, the customer can assume that the bank will not charge a processing fee. Nevertheless, it is still worth considering a comparison of the banks’ credit comparisons.
Find cheap deals
A comparison of banks by credit is possible around the clock and requires little information. If a credit calculator is available, the customer would only have to enter the desired term and the loan amount and would immediately receive several suitable loan proposals. If he is certain of a particular offer, he would only have to go to the bank’s website and could obtain further information there. Of course, it would also be possible to apply for the loan online right away. Very few banks do without this option today.
Apply for credit
Regardless of whether a loan application is made online or at a local branch, the bank must always obtain Credit Bureau information from the customer. This process only takes a few seconds. The bank could then already give an interim decision as to whether the loan can be approved or rejected. However, a final loan approval or rejection can only be made when all original application documents, including the proof of income, are available to the bank.
A bank loan comparison should be repeated from time to time. This is particularly important because the entire loan offer is constantly changing and interest rates can become both cheaper and more expensive. In the former case, it is often worth thinking about a loan repayment. As a result, considerable costs can often be saved. If several loans are to be combined, only one installment would have to be paid to a single location.