Apply for a loan: how to get the best rate?



To apply for a loan, you can turn to your bank, to a specialized organization such as Bankil or Bankate or even to a dealer for a car loan … the options are numerous. Applying for a loan and getting the best rate, whether for a personal loan, car loan or even a home loan, involves making the right choices. Everything is detailed in our file on the credit request.

Apply for consumer credit

Apply for consumer credit

To obtain the best rate, it will be necessary to request a loan from the organization which offers the best offer adapted to the need (type of project, duration and amount) but also and above all where the loan request is most likely to be accepted . Indeed, there is no point in knowing where is the best rate if it is for the credit to be refused . And certain credit promotions are only intended to attract a maximum of requests in order to retain only the best files.

To remedy this situation, we have developed a system to make it possible to apply for credit online and obtain an immediate first response in principle from the least expensive organization. If the loan request does not pass, it is possible to query the second best offer and the third with a single click. Thanks to this system, everyone knows what rate they can legitimately claim.

Apply for credit online

Apply for credit online

To apply for a credit on line, it is quite simple, it is necessary to fill a questionnaire which will allow the organizations to give an answer of principle. It is an automatic assessment but not a definitive yes . Moreover, after having requested a credit online and obtained a first agreement in principle, you will have to provide supporting documents for the elements declared in the questionnaire.

But not all of them offer this online credit solution yet. As specialists suggest, applying for credit online at a bank is more risky. Indeed, you will first have to connect to your customer space to request a credit. And most often, in the end, the only possibility is to make an appointment with an advisor…

Apply for a personal loan

Apply for a personal loan

Overall, we can consider that the personal loan includes all requests for credit from 500 USD to 30,000 USD, credit which will not necessarily require proof of project, unlike the work or car loan.

This category includes both amortizable loans and revolving loans. To request a personal loan, the request must generally correspond to:

  • Amount from USD 500 to USD 30,000
  • Duration from 6 to 72 months
  • Loan without proof of use of money

The main organizations that can respond to this type of credit are lending organizations such as Bankate or Bankil, banks and distributors.

Requesting consumer credit from a specialized organization is common. Indeed, it is they who generally offer the best rates and who accept the most people. All their offers are constantly updated in our databases.

If it is a question of requesting a credit in store , we recommend a particular vigilance on the rates which will be practiced because apart from the promotional offers, the rates of the credit cards are generally very high.

Apply for a car loan

Apply for a car loan

For the auto loan, the financial companies of the manufacturers will enter the ball of the competitors . These are brands like Diac for Renault or Credipar for Peugeot Citroën which will offer both car loans and LOA or LLD rentals.

Indeed, rental demand has exploded in recent months, leaving the new car loan market completely sluggish. In fact, the rental market is growing by 30% in the first half of 2017 while demand for new auto credit is stagnating. Although the monthly payments posted by the dealers are very attractive, you should know that in the vast majority of cases, a rental costs more than credit but that there will be no need to worry about the resale of the vehicle… If one day the legislation obliges to communicate on the legal rate TAEG for the LOA, we will see the customers flee this offer according to us. Because asking for a car loan between 2% and 5% seems logical but if we realized that the rental was between 6% and 8%… even more…

In short, if you wish to apply for a new car loan , you should not hesitate to take into account the offers from dealers, which can be very competitive, especially during the promotion period. We have put all of our tips together in one article to find the best new auto loan rate.

For the occasion, the dealers are much less efficient in terms of credit. It must be said that a large part of used car sales is made directly between individuals through sites like Leboncoin or Autoscout. In this market, only credit organizations like Yoabank or Franfinance offer interesting offers, offers that we dissected in our survey on used car credit.

Credit repurchase request

Credit repurchase request

Within the family of consumer credit, the repurchase of credit is ultra specific. Indeed, making a redemption request consists in grouping all its loans and all its debts in a single new credit , the duration of which will be sufficiently extended for the monthly payment to be bearable.

Requesting a loan to make a buy-back is therefore very engaging since generally the sums involved are very large. On average it is 30,000 USD for consumer loans only and 100,000 USD if there is also a mortgage. And as the repayment terms are long, the repurchase is expensive , so you have to simulate and compare well before applying for a loan to consolidate your debts.

Apply for a mortgage

Apply for a mortgage

The mortgage market is monopolized by the banks. The new competitors in the field are online banks … mainly subsidiaries of historic banks. Nevertheless, we are starting to see really interesting offers arriving, such as Bank credit, for example, a subsidiary of CreditCole.

To apply for a mortgage, you usually first contact your bank to obtain a first proposal and then a broker to obtain competing proposals. It is the best method to get the best rate . What is complicated with home loans is that the rate will not only depend on the file of each client but also on the property, its location, the desire of each bank to recruit new clients, loans already made , promotions…

However, the duration and the amount being very important, each tenth earned on the rate saves thousands of USD. To apply for a mortgage, we have therefore adapted our comparator to integrate the offers of online banks and brokers.

Finally, ask for a mortgage, it will provide many credit credentials to be indispensable for the offer to be valid. So do not try to play on his situation. It is better to be very frank with the broker or bankers on his financial and professional situation.

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