How do I request non-binding quotes?
Virtually every money and credit provider offers the possibility to request a quote in advance. So it is very easy to get multiple offers in a relatively short time. You can visit the lender’s office for this, and in the case of a bank you can go to a branch in the area. During the conversation with the lender, your entire financial situation will be viewed and discussed. This way the lender gets a clear picture of your situation and can link the correct loan to this.
A second option is to request credit offers via the internet. A large number of lenders can also be reached online. You enter all information about your financial situation online. The lender will then immediately submit a proposal and also send a quote by mail or e-mail. Because the online quotation request takes considerably less time than a conversation with a credit adviser, this is a good way to get multiple quotes.
How can I properly compare the quotes?
A credit offer contains a lot of information about the content and size of the loan. Among other things, it states how much you are going to borrow from the lender, which payment terms depend on this, what the term of the loan is and what conditions apply to this loan. It is up to the lender to provide all this information, and law requires that they are open and clear about this.
You can compare the credit offers based on the above points. Pay attention to the conditions that have been set with regard to the term, the repayment and the total loan. A short duration is fine, but on the other hand you have to pay more every month. A long term is therefore generally better, unless high monthly repayment costs are charged.
With regard to financial aspects, it is important to pay attention to the following points and to compare the credit offers based on these points:
– The amount of the credit interest
– Annual administration costs
– Closing costs of the credit
– Cost per repayment
A lender with an interest rate of 6% is more attractive than a lender with an interest rate of 7%. But this lower credit can be compensated later in the quotation by charging high administration, redemption and closing costs. Therefore always ask the lender to state the total amount that you would pay for this loan over the entire term on the offer.
View the costs charged by the lender when you pay off a month late. It can happen that high costs are charged for late payments, which makes the loan considerably more expensive.
What influences the credit offer?
There are a number of points that influence the offer that you receive from the lender. In general, a lender looks at your financial situation and on that basis it is determined what amount you can borrow, what the term of the loan will be and what monthly repayment you should do.
Your current income and the guarantee on your job have a major influence on this, together with the disposable income that you have per month. A lender will only provide an amount if they are sure that you can repay it monthly. The moment you have € 200 each month, the provider will not provide a loan with a repayment of € 400 per month.
A savings account can also affect the credit offer. If you can prove to the lender that there is sufficient capital to repay the loan in the coming months, there is a greater chance that they will provide the credit. The above points are still taken into account, and the extra certainty will be a good addition to this.
Request sufficient credit quotes
Do you want to take out a loan soon and are you currently looking for the best lender? Then it pays to request multiple credit offers. With multiple offers it becomes very easy to find the best lender, where you pay as little as possible and also have the best conditions.