Faced with the many players in the consumer credit market, it is not always easy to know where to turn. What is the use of an online credit comparator compared to the comparison of offers made by a specialist? We offer some explanations and an example of a customer who saved more than 5,000 dollars thanks to a better rate.
Beware of online credit rate comparators
In the idea, to compare the various offers proposed by the banks is attractive. It would then be enough to enter the desired amount and the duration of the loan to instantly know the best offer. In practice, this procedure works well for services with fixed conditions, such as insurance, but much less for private credit.
Indeed, the rates offered are not universal. For the same amount and the same loan duration, two borrowers may be offered completely different rates by the same bank. Indeed, each request is analyzed by the banks and is the subject of a tailor-made offer. Thus, it is simply not possible to offer a reliable credit comparator: “automatic” analysis is simply not possible. A comparison of solutions must necessarily go through the study of the file: something that an online comparator cannot do, for example.
How best to compare loan offers?
The solution to get a real comparison of offers, that is to say an analysis that takes into account your specific situation, remains to go through the services of a specialist like Multicredit, which offers a credit rate comparison service. The latter can then:
- Study the file
- Ask your banking partners for individual offers
- Compare the offers received
- Possibly still negotiate more advantageous rates
Comparing effectively saves money: an example
A bank employee, wealth manager and endowed with a good income, wished to obtain a private loan of 200,000 dollars . The specialist in charge of his file essentially selected the offers of two banks for reimbursement on 60 monthly payments:
- A first offer with a rate of 7.9%
- The second offer with a rate of 6.9%
A quick calculation of the costs makes it possible to realize that this difference of only 1% represents for the client a saving of 5,315 dollars on the interest paid! In this situation, calling on a specialist for the comparison of rates allows real savings! In addition, the latter, once the best alternative has been selected, can still negotiate to obtain an even more attractive rate!
While online credit comparators can be useful for getting a general idea of the markets, they do not allow you to compare real rates, as these depend on the situation of each borrower. The best alternative therefore remains to call in a specialist. It is then the experience and professionalism of the person in charge of the file that will allow to obtain a neutral and real comparison and to save on the interests of his future loan.