If you want to go on vacation, look at several offers beforehand to choose the best and cheapest at the same time. The same happens when shopping, you usually shop carefully, look closely at the prices and compare them. But when it comes to loans, the first offer is often accepted – a comparison is particularly worthwhile, especially with large loan amounts!
Not only has Stiftung Warentest recognized that you should compare loan offers first, but also various providers, so that independent loan calculators, comparison tables and recommendations can easily be found on the Internet. You will quickly notice that the first best offer is not always the cheapest.
Furthermore, you can make free credit inquiries directly to potential lenders, and in this way also make comparisons.
There is always something to consider
If you look at various offers, it can easily happen that you are impressed by low interest rates. One then tends to choose the lowest interest rate offer. But be careful – credit providers often advertise with nominal interest. These do not include all fees such as account management or processing fees. A credit comparison only makes sense with the help of effective interest rates.
When comparing, the runtime should always remain the same, otherwise it can happen that you make a wrong decision. Furthermore, one should pay attention to whether the interest rate is variable or fixed. If you need a short-term loan, you are well advised with a fixed interest rate. If a loan is taken out for a long period of time, it is advisable to find out enough about the topic and, if necessary, get advice from experts. Because fluctuations in interest rates could bring money advantages as well as lead to considerable cost increases.
If you are faced with two offers with the same conditions, you should choose providers with good ratings. The reviews can be viewed on various portals, or on our main page.
A few useful tips
What not everyone knows, you can also negotiate interest rates with credit providers. Sometimes an offer from a competitor is enough to get your bank to cut interest rates. But a second borrower as a contractual partner also increases the chance of better loan terms.