Consumer Credit Comparator: Finding the Best Rate.

A credit comparator allows you to compare the rates charged by the various financial organizations and banks. Our credit comparator goes further. In addition to obtaining the classification of the least expensive loans, it makes it possible to obtain a first answer of principle immediately on line. Because a posted rate is not an agreed rate, with Good Bank, no more unpleasant surprises.

A credit comparator with immediate response in principle

A credit comparator with immediate response in principle

Our principles

It is very simple, the objective of Good Bank is to allow the customer to compare the different rates of consumer credit, and to manage to take out the cheapest credit. Easier said than done, we will say, and yet it is enough to benefit from a powerful tool and carry out the most exhaustive comparison possible to achieve its goals in a few minutes. 

Our credit comparator is entirely based on the rates offered by our partners. In other words, it will automatically be the one offering the lowest rate that will be placed first in our results. This assures internet users that they can benefit from the best rate.

Reduce costs by finding the cheapest rate

The main objective, when using an online credit comparator, is to find the credit allowing to have the least possible costs. In fact, as we will see, taking out credit with an organization offering an attractive rate can reduce costs by several hundred euros.

Here is an example for a consumer loan in the amount of $ 15,000 over a period of 60 months. It is indeed one of the types of credit most taken out by customers.

  Fixed APR Monthly Total interest cost
Cheapest credit 3.60% 273.16 $ $ 1,389.60
Most expensive credit 5.72% 287,04 $ $ 2,222.40
      + $ 832.80
Rates as of end November 2019

In this example, using a credit comparator can reduce costs by more than $ 800! You will agree, this is not a small reduction.

Our credit comparator is based on the APR. It is simply the overall effective annual rate, that is to say the rate which takes into account the costs of the file and the guarantee. It is the most representative indication for assessing the final cost of credit.

Highlighting the partner who is most likely to accept the file

Knowing the cheapest rates is good. Really getting credit is better. And unfortunately, combining the two does not just depend on a credit comparator, but also on the client’s profile. Indeed, some organizations are more selective than others regarding their clients. Depending on whether they are in CDI, CDD, according to the amount of their salary, their possible current credits as well as their rent, the credit organization can completely refuse to grant them the desired loan. Similarly, those who are prohibited from banking will not be able to take out a loan.

So, how to do ? How do you know which organization is best suited to the credit comparator to accept your file?

Our credit comparator partially solves this problem by indicating, among the results, the organization that is best able to accept the client’s file. The latter can then decide whether to request a loan from him, or not. To do this, simply click on the ” online request without commitment ” button. The organization will then receive the client’s file, according to the information that the client has entered in the form, and will study the profile. He will then return by email to the Internet user to notify him of his decision.

Obtain an immediate response in principle

The other special feature of our credit comparator is that it offers the customer an immediate response in principle. This means that the client immediately knows his chances of obtaining his credit from the proposed organization. To illustrate our point, let’s take another example in the case of a work loan of $ 10,000 over 72 months. The customer arrives at the credit comparator, fills out the form and then arrives at the results page. It looks like this:

To the right of the interest rates, there is a button “request online without obligation”. It is by clicking on it that the credit comparator performs the simulation and indicates to the client if his file has a chance of being accepted. Here are some examples of the results that can be obtained:

Compare rates: instructions for use

Compare rates: instructions for use

Creating a credit comparison requires only a few minutes. In all, three stages stand out:

1- Choose your project

First thing to do, indicate during the first step the contents of your project (see screenshot below), namely the type of credit (car loan, work, personal loan), its amount and its duration. The credit interest rate will also vary based on this information. 

2- Enter your personal information

In order to take out a cheap credit with one of our partners, it is important to fill in your personal information. These are not sold to third parties, but only transmitted to the credit organizers so that, if your file is accepted, the credit can be taken out.

The amount of the salary, any other credits already in progress, as well as the amount of the rent are criteria that the organizations take into account when deciding whether or not the client is eligible for the loan. In fact, depending on the profile, the partner who offers the cheapest rate may not agree to issue the credit.

3- Consult the results of the credit comparator, and obtain an immediate response in principle

After a few seconds of waiting, it only remains to consult the results of the credit comparison. As we have already explained, our credit comparator offers a total of three results: the two organizations with the cheapest rates, as well as the organization most able to accept the request. By clicking on the “online request” button, the customer’s personal information is sent to the partner so that he can study the request.

It is quite possible to make a request to several partners on our credit comparator. This makes it more likely that you will get your loan, as it may happen that one or more organizations refuse the credit.

And after that ?

What happens after the credit comparator has posted its results and the customer has made an online request? From this moment, everything is in the hands of partner organizations. They are the ones who will study the client’s file, his project, then quickly get back to him by email. If the answer is positive, then all that remains is to sign the contract and get your credit!

Consumer credit comparator

Consumer credit comparator

There are several types of credit that can be taken out in our credit comparator: consumer loans and mortgage loans. Our credit comparator is mainly specialized in the first category.

Within consumer loans, other sub-genres can be distinguished: car, work, motorcycle, or personal loan. The former are considered restricted funds, which means that they are made for a specific purpose, such as the purchase of a car. The personal loan is a little different since the loan amount can be used as desired by the customer.

Auto Credit Comparator

Auto credit is the most used restricted credit. As this study reported by Charlie specifies, almost one in two loans is intended for the purchase of a new vehicle! In fact, taking out a car loan is not always easy. When buying a new car at the dealership, it will often offer credit at a more or less attractive rate.

On the other hand, in the case of a used car, the customer must then most of the time manage on his own to finance his purchase. Unfortunately, his own bank not necessarily being able to offer an advantageous rate, the simplest solution remains to turn to a credit comparator.

To compare auto loans, simply choose the category “auto loan” in our credit comparison.

Works credit comparator

As its name suggests, the work credit is used to finance any work that the client wishes to do at home: extension, decoration, renovation. It is however necessary to be able to justify that the credit will be used for this purpose. In fact, as with car credit, it is a restricted credit.

Besides car and work credit, there are other affected loans like motorcycle loan.

Personal loan 

Unlike car and work loans, the personal loan is therefore not an assigned loan. It is possible to use the loan amount for a completely different project, or several projects at the same time, such as the purchase of a television, a sofa, or to finance a trip for an amount that can increase up to ” at $ 30,000.

In order to obtain the cheapest rate, simply choose the “personal loan” option in our credit comparator, then fill out the form.

Note : online banks are also starting to take out consumer and mortgage loans, and are offering attractive introductory rates. For more information, see our online bank credit article.

Home loan comparator

Home loan comparator

Home loans are a little different from consumer loans, because they generally require a more complete and in-depth, even personalized, analysis of the client’s profile and their project. Our credit comparator is therefore unable to provide an answer adapted to this type of profile. To remedy this, however, we have partnered with the mortgage broker.

Immoprêt does not ask for any administrative fees and has a network of fifty agencies spread over French territory.

The credit comparison partners

The credit comparison partners

In order to find the best rate, our credit comparator questions all the main credit organizations. We update the different rates offered as soon as the organizations modify their price lists so that the customer does not have any unpleasant surprises when subscribing. Our credit comparator counts in particular among its partners.

Depending on the type of credit, its duration and its amount, each of these organizations may in turn be the one offering the best rate. Our credit comparator evolves as and when the offers they offer.

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