If you buy something online then you look for the best deal. You do that by comparing the products and the prices. Every trader has his own rates and it’s up to you to compare the dealers and choose the best one that fits your budget. You should do the same if you take out a loan. Comparing loans is important because they are also products with different price tags.
Banks and other lenders offer all kinds of loans.
But what should you look out for in order to compare all those different providers as quickly and easily as possible? The tips below are about loan amount, term, interest, loan costs and loan comparison. You compare with the loan simulator, which you can use for free on the websites of the providers. You enter a few details and then you know within a short time who can offer you the best loan. First choose the type of loan; there is quite a difference between a personal loan for a new driver or a mortgage for a house.
This is the perfect time to borrow, because the interest is historically low. Determine what your maximum loan amount is and don’t borrow too much. So first make an overview of your income and expenses to calculate the monthly installment amount. You then determine the term of the loan; that is the period for which you pay off the loan. For a small loan you usually need a short term, but larger loans usually have longer terms. That is better because life goes on as usual. You pay a little more at the end than with a shorter duration, but you can continue to live normally.
Now you can compare the loans – we have already listed a number of providers for you. See what the interest and cost percentage (APR) is that a provider charges you. You can see that at a glance by looking at the APR column. The lowest APR is the lowest interest and cost percentage that you will pay per year for your loan. The Belgian government requires that financial providers must clearly show the total percentage of costs on their website. That way you will not get sand in your eyes. Also check the conditions and see if the percentage stays that way or if it is an entry campaign.
You see, it couldn’t be easier. You may also want to seek advice on a loan from a bank (multiple banks is even better), but then you already have a good idea of the cheapest options. Free quotes are offered in the overview and you can simply click through to the providers’ sites and use their simulators. Enter some information and you will see very quickly what your monthly payment will be. Now is the best time to borrow so what are you waiting for?