How to compare loans between them? Here is a brief but complete guide that helps us compare loans by reading quotes.
The offers of online loans, and not only, increase in sight of the eyes and therefore the demand for greater transparency grows, too often denied. To compare loans between them very often online comparators are used, instruments with dubious efficacy, lack of transparency and where guarantees or auxiliary information are never requested. In short, how to compare loans if the comparators are not valid instruments? Comparators are undoubtedly tools that can make the most popular offers known, but for a real comparison between the loans it is essential to request estimates, either online or from a physical point of view. That’s why we decided to write this complete guide in order to help you compare the loans between them.
How to compare loans? The characteristics of a quote
To learn how to compare loans, you first need to find out the price list items. In particular, the estimate of a loan must contain the necessary and obligatory indications, so as to make it easier to compare different proposals, in order to be able to identify the cheapest or most suitable to your profile.
However, the items useful for comparing loans between them are:
- Tan and Taeg for each duration or amount requested;
- total capital returned on maturity (loaned capital plus interest);
- related ancillary costs (reduced collection costs, various taxes, etc.);
- penalty of extinction, rate and duration of the pre-amortization if provided;
- duration of validity of the estimate (especially in the case of promotional rates).
Let’s also say that to compare loans quickly, the TAN and APR items may be sufficient, but beware of the lark mirrors. In fact, these values vary according to the duration of the loan. Therefore to compare loans it is essential that the duration is the same or extremely similar.
How to make up loans? The final choice
We have said how online comparators are only indicative, and not very reliable, tools for comparing loans between them. However, to be honest the only way to compare the funding is to go far beyond the compilation of the budget, that is to proceed with the feasibility simulation. Only then will we know which funds will be accessible and then we can really compare the loans within our reach.
Having said this, when comparing loans, always remember that higher rates generally correspond to greater ease of access to credit. Among the most easily disbursed loans are the sales of the fifth and the loans repurchased. Now we know all about how to compare loans between them.