Compare car loans – Find the best car loan

Compare car loans – Find the best car loan

Do you need to borrow money to buy a car and want to know which car loan is best? Edmond Dantès.se lists the best car loans for you who are looking for good loan terms and a quick application process. With our service you can compare costs and conditions for different car loans.

What is a car loan?

What is a car loan?

A car loan is a loan you can use to finance a car purchase. Many banks and authorized car dealers offer ready-made car loans where the car is the security of the loan. This type of car loan often requires a cash contribution of at least 20%. Taking a private car loan without collateral has become much more common and is the best option if you are to buy the car privately or for example via Blocket. With a private loan for the car purchase you can borrow up to 100% of the amount and you therefore do not have to pay any cash contribution. Since the car is not a security for a private loan, you can also sell the car without having to settle it with the lender. There are many players today that offer you car loans online. The loan process is usually simple and quick. To help you choose the best car loan , we have listed the main lenders below so you can compare:

Tips when comparing car loans!

Tips when comparing car loans!

When comparing car loans, it is important that the comparison is adjusted according to your borrowing requirement and how long you want to borrow and what type of car purchase it is. You can compare different lenders with each other to then decide which loan would work best for your car purchase. With the tool above you can sort by several different parameters and also get more information about the respective lender.

Other important tips and things to consider when comparing car loans and wanting to buy a car:

  1. Loan terms and requirements? The loan terms are of great importance when comparing different car loans. Therefore, it is important that you examine how the terms and conditions look for the loans that you are interested in. The requirements for you as a private individual differ slightly between the different lenders. Therefore, examine what requirements the lenders place on you when it comes to eg age, credit history and whether you must be registered in Sweden or not? It also differs if you are buying a new car or a used car in the private market.
  2. Car loan with security When buying a new car or a car via an authorized car dealer, you usually have the opportunity to sign a ready-packed car loan. This type of car loan usually offers good interest terms, as the car or sometimes even the home is left as security. The downside is that you have to pay at least 20% in cash.
  3. Unsecured car loans When you buy a used car or private, the bank does not offer the same type of financing opportunity. Then you instead have to take a private car loan – without security. This type of unsecured car loan is sometimes also called blancolån. Since one does not provide any security for the car loan, the interest rate level is usually a little higher. The advantage is that you do not have to pay any cash contribution, but can borrow 100%.
  4. The castle Most lenders require no collateral for your car loan, as it is a so-called blank loan. You as a borrower instead have full payment responsibility for any residual debts.

Choose the car loan that suits you best

After you have sorted out the best conditions for different lenders, you should choose the car loan that is most suitable based on your conditions. It can then be good to start from:

  • How is the interest rate calculated? The interest is the cost that you pay to borrow money for the purchase. The most common is that the interest fee is determined individually and varies depending on the credit assessment made by you in connection with the application. The cost or interest is usually calculated as an annual fee in percent (%) of the outstanding loan amount. You then pay the interest or monthly fee each month together with the repayment of the car loan.
  • Compare the effective interest rate! It is important to examine and compare how large the total cost of the loan will be. This is done by comparing the so-called effective interest rate. The effective interest rate on a loan shows the level of fees in per cent per year and includes the interest on the loan + other fees (such as any lay-up fee, notification fee). By comparing the effective interest rate, you avoid being tricked by “lock prices” from different players and then get a correct picture of the actual cost including all fees for the car loans you compare.
  • Loan Amount? How much money do you borrow? All lenders have a fixed limit on the minimum and maximum possible loan amount. Therefore, choose a lender that offers a loan amount that matches your loan requirement to the purchase. Usually, the maximum loan amount is based on the credit assessment made by you and which then takes into account your income, credit history, other loans and if you have any payment complaint.
  • Payment Note? Most lenders demand that you, as a private person, not have any payment remarks in order for you to borrow money for a car purchase. But some lenders also grant loans if you have a payment note. If your finances and income situation look good in other respects, then it may be possible to get a loan from some lenders even though you have a payment note.

When you finally found a car loan that you are interested in, you can get more information by clicking on the [Apply Now] button to the right of the tool above. You then come to the loan company’s website where you can apply directly and find more information on how to proceed to borrow money for your car purchase. Compare options

Summary: The car loan

Summary: The car loan

There are often situations when you need to borrow money to buy a car privately. Finding the best car loan online is not easy as there are many lenders to choose from and sometimes you need the money quickly. If you are still unsure after trying our digital tool, then you can always investigate if any of the lenders under the category of P- up private loans higher up the page would suit you? It is lenders and loan intermediaries who rank high in terms of Sweden’s most popular and best car loans. They are usually also included in the top list when our users choose car loans and leave a customer rating. In summary, we recommend that you compare fees, conditions and read on each lender to get as good a view as possible about which car loan can work best for you.

Euro limit: Private loans

Eurolimit is part of the stable WestStar Group, which has been active in the financial industry since 2006. Throughout the years, they have helped both private individuals and companies find the right financial solutions. The task is to offer the borrower the best service through quick and flexible payments. They provide less private loans for sums between SEK 5,000 – 50,000 over a term of 6 months up to a full 5 years. Loans via Eurolimit are therefore suitable for you who are in need of a smaller private loan for a longer period. If you are looking for business loans instead, there is a separate page about going under the name BusinessCredit .

Euro limit, private loans SEK 5000 – SEK 50,000:

  • Credit information via UC & Bisnode
  • Clear small loans with long maturity
  • Loan decision within 24 hours

Instantor is currently used by over 150 lenders and banks to facilitate the process of applying for online loans. Instantor AB is a Swedish company that offers a flexible method when you need to prove your ability to pay and supplement the credit assessment with an account statement. To be able to use the service on Instantor’s platform, a link is sent to you and you need to log in via the internet bank of the bank from which you want to make a statement. Then the information is sent digitally to Eurolimit, which can complete the application immediately.

Responsible lending of high-cost loans

Dollar Money

Eurolimit is keen on its customers and emphasizes the importance of taking a loan with the right intention. Taking a loan today can affect the economy in the future and it is therefore because you have calculated the current and future monthly cost to ensure that you have the ability to repay the loan without any problems . Unlike most loan institutions, Eurolimit has a relatively high age limit of at least 25 years, where it is also important that one has a good credit rating, in order to reduce the risk of falling into debt traps.

Apply for a blank loan

Apply for a blank loan via Eurolimit

Fill in the form you find directly on the home page or under the tab “Apply for a loan” and follow the stated points. You enter general personal information and loan amount and maturity. To complete the application and finally submit the log in via Instantor. Your case will be processed during office hours, which is weekend-free weekdays until 17:00. If you apply for customer service opening hours, you can get an answer within a few hours and no later than 24 hours depending on when you submitted the application. Applicants receive a personal login at Eurolimit.se where they can follow the case and that loan messages are sent to the specified e-mail.

Payment and credit check

Payment and credit check

When a complete application has been approved by both parties and you signed with BankID / Instantor, payment is made to your bank account within 1-3 banking days, this applies to accounts with all Swedish banks. Note that a credit report is made both via UC and Bisnode on all applicants. You will therefore receive two copies of your credit report in your name. Too many strikes via UC affect one’s creditworthiness, but information at Bisnode is anonymous, which means that it is not visible in any other register.

For the possibility of becoming an approved loan via Eurolimit, it is required that one is and has an economically stable history, hence payment remarks are not approved.

Interest and expenses

The costs incurred for a loan via Eurolimit are set-up fee of SEK 495 (one-off) and avia fee of SEK 40 per month. In addition, the annual fixed nominal interest rate is 17 – 39.5% and the effective interest rate (total cost) instead falls between 34.60 – 87.91%. The interest rate is always fixed and determined on the basis of the loan amount, maturity and the borrower’s equity. An invoice is created and sent 14 days after you have been granted a loan.

Types of Loans

A bank loan is one that through a contract the financial institution grants a quantity of money to the client. The customer has the obligation to return it within the previously established terms. Usually, the amount of money lent by the bank is added interest that must also be returned. These interests will vary depending on the type of loan requested.

A bank loan, therefore, is a commitment that should not be taken lightly. In order to obtain the best profitability, it requires a prior knowledge of its characteristics. Knowing what types of loans exist is fundamental to be able to request our financial institution which best suits our needs.

Types of loans

Types of loans

There are different types of bank loans, the best known are personal loans and mortgages. The loans to acquire, remodel a home, of the so-called mortgage, tend to be long-term and with an interest rate that is mostly constant and established by the National Government. This in order to facilitate access to housing.

Also, mortgage loans, in addition to involving amounts of money higher than personal loans, have a real guarantee for the bank. If the client does not return the loan money, the bank can have the mortgaged property sold to recover the debt. You can also become the owner of the financed home.

Unlike mortgage loans, personal loans are used to finance specific needs at a specific time. The amounts requested are usually small, most of the time to make a trip, to make an unexpected repair, to defray the expenses of a wedding, among others. In turn, this type of loan allows building a client’s credit history. This record will be positive or negative depending on your payment compliance. Personal credits can also be consumption or for study.

Consumer loans are those that are used to finance personal property. These goods can be like a vehicle, or some domestic appliance. It is important to note that both personal loans and consumer loans are usually smaller loans. The return period is relatively short.

Some banking entities also offer the credits for study. These are loans aimed at students to finance university fees, postgraduate studies or trips abroad. They usually have a cheaper interest rate than personal loans.

Loans defined by Aval or Bail

Loans also differ depending on whether they have a guarantee or guarantee to back the loan. Having an endorsement when requesting a loan is a way to guarantee compliance with the economic obligations acquired, facilitating in most cases the procedures for those who lack a credit history.

This type of endorsement is better known as “guarantors”, which is nothing more than the commitment assumed by a third party before a bank in favor of the one receiving the loan, responding in case of breach of its patrimony. That is why to be a guarantor you have to fulfill a series of characteristics, among others:

  1. Be of age.
  2. Have solvency The guarantor must have a higher income than the obligations acquired with the bank by the loan applicant.
  3. Stable income In addition to solvent, the person who acts as guarantor must have their income guaranteed as far as possible.
  4. Have property free of encumbrance. This requirement is especially important if it is about mortgage loans. The guarantor could cover the loan conditions with his own home.

Having an endorsement is always a sign of trust. This greatly increases the likelihood that the bank will approve the requested loan of whatever kind. It should also be remembered that if the owner does not pay the loan, the guarantor must pay the debt with his present and future assets.

However, the request for a product of this type can not be made in a hurry. Before requesting a bank loan from a financial institution, it is advisable to find out what types of products the market currently offers and which is the most convenient.

What is loan portability and how does it work?

Have you ever stopped to think about how good it would be to pay lower interest rates? Even smaller than today’s in your loan or financing agreement? With loan portability this becomes possible as well as super practical.

But what is portability loan really?

 

Loan portability is a kind of extremely advantageous operation. The problem is that nowadays it is very little used. It can be done by anyone, whether legal or physical. But it must be through cancellation of the contract, as well as discharge of the debt with the bank in which it was made.

Currently the rules of portability of loans were made by the National Monetary Council. He established them in 2013. When this idea was created, his goal was to stimulate competition and also to reduce interest in banks. This happens so that the consumer can transfer his debt between banks, looking for what else is advantageous.

But how does this work in practice?

But how does this work in practice?

 

A lot of people still do not know how loan portability works in practice. And without understanding the possibility of passing a debt to another bank. This allows you to pass your debt to some bank that has lower interest rates.

Among the main reasons for the customer wanting to change banks, no doubt is the quality of service. In other words, the service and the more attractive conditions, in particular the lower interest rates, are what most calls attention.

To be able to do this, the contractor must send to the bank where the loan was made the full amount of what is owed, removing the debt in advance. This causes the debt to be paid without interest. Who will pay this is the new bank, which will take the credit.

The current bank will be completely responsible for making a new contract. In this new loan only the interest rate can be changed. All payment terms, as well as the value of the transaction, will be maintained.

This portability is generally allowed for several lines of credit. These lines are granted to individuals, such as credit card, car financing, special checks, personal loans, payroll, and some other lines.

What people can do this portability of credit?

What people can do this portability of credit?

 

Any contractor who is a natural person with a current contract in which he or she has contracted the loan in one of the several financial agencies that are part of the SFN, the National Financial System. In cases of leasing contracts, it is necessary to respect the deadline established in the contract, before making the portability operation of the loan to any other bank.

How can I make payable loan portability?

How can I make payable loan portability?

The first thing to do is go after information about the contract that was made. This information regarding the operation to be requested is: the contract number, a statement of the evolution of the balance, the current balance, the annual interest rate, the total term, which payment system was used, the amount of the installments and the date of their expiration.

The financial agency has the obligation to provide the information due within a period established by law. If she refuses, the client can go to the Central Bank ombudsman’s office and register the appropriate complaint. All banks are, by law, required to accept any application for loan portability.

What are the costs of portability?

Portability is not charged for fees, except for real estate or leasing. However, the bank may charge a fee to make the registration in order to start this new relationship. The process can be canceled at no cost by the customer at any time. In other words, you can do this if there has been no money transfer between banks.

Advantage of concentrating your debts

Advantage of concentrating your debts

If a pensioner, retiree, or public servant has many outstanding debts and contracts, it is best to centralize them. Portability is an appropriate tool right now as it encompasses all debts, helping you to control your budget better and create greater visibility into the financial transactions that are taking place.

Now you already know how this portability works, and what are the main advantages that it offers! In addition to having your debts all concentrated in just one location, you can get friendlier rates, and ultimately pay well less than you were paying before.

But to be able to do this in a safe way it is good to know thoroughly about every detail and how the loan portability really works and revolves, all so you can organize yourself financially to receive this new account every month, time to pay your dues.

 

Fast personal loans vs. payroll loans

It is very important before requesting fast personal loans to know what is the option according to our needs. It is generally believed that payroll loans are cheaper than personal loans, however this is not always the case. In the following article we tell you more. The key? Compare the characteristics of both.

If you have been thinking about applying for personal loans fast, you have asked yourself which is the most convenient. The Bank of Mexico has put into operation at the beginning of June a tool that allows a correct decision to be made when comparing payroll and personal loans.

The first ones are granted to those workers who receive their salary through a payroll account in a financial institution. The main advantage is that the entity directly withdraws the amount of the fee when the employer disperses the payment. This type of credit represents a quarter of the total consumer loans in our country.

On the other hand, personal loans can be granted to any person, regardless of whether or not they have a deposit account in the bank where it is requested. The risk in these cases is greater for the financier because it does not have a guarantee to back it up. Likewise, 20% of Mexicans who apply for loans do so through this financing model.

According to the tool created by Banxico called Analysis of Credit Indicators, the average interest rate of personal loans granted by regulated institutions in the country is almost 36%. In some cases the interests are abusive and can reach 102% per year.

At the close of the first semester of 2017 in the country there were 6.3 million personal loans in force (for a balance of approximately 97 billion pesos). On average, each loan is 20 thousand pesos and the repayment period is around two years.

Do we lend personal or fast payroll?

 Do we lend personal or fast payroll?

Regarding payroll loans, Banxico indicates that the average rate in this system is 25%, although there are other more expensive ones that reach 37% and more economical than 10%. In the first two months of 2017, 2.5 million payroll loans were in force, for a balance of 138 billion pesos. The average motorcycle is 65 thousand pesos and the period of almost 4 years (42 months).

This tool helps us make a decision because it provides all the information related to the types of credits available in the market today. Greater transparency, fair competition and more benefits for users are other advantages.

The Analysis allows analyzing different variables related to credits such as interest rates, credit amounts and terms. It also helps us compare the services of different institutions.

It is generally believed that payroll loans are cheaper than personal loans but this is not the case in all cases. In addition to the Banxico tool, the public has at its disposal the Bureau of Financial Institutions.

That a credit has a lower interest rate does not mean that it is paid less when it is finished, since other variables such as commissions, insurance costs, clerk value, etc. must be considered.

Find quick personal loans according to our needs is essential. Maybe when we do not have a lot of time to make the decision we do not analyze all the variables. Therefore it is important to be aware of what happens in the financial world when we are not in economic trouble. Check online credits on our site.

Borrowing money is not a bad thing?

Borrowing money and taking loans today is a very common practice. Lots of people of all ages decide to borrow money from different people or institutions. Borrowing money is not a bad thing, because it can contribute to many good things for the borrower. People who have a great business idea but do not have money lend it and thus have a chance to achieve financial success. There are also people who decide to take consumer loans and this is not bad either.

Problems with repaying the loan

Problems with repaying the loan

However, problems can begin when the borrower has a problem with regular repayment of the loan or when he is late in returning the debt. There may be different situations in life, sometimes a person may get injured, he may get ill, or he may fall into financial problems as a result of wrong decisions. However, if he borrowed, he is forced to pay it off, although it will be very difficult during problems.

When will the knock on the debtor’s door?

When will the bailiff knock on the debtor

If the creditor sees that the debtor is late in repaying the loan, he most often decides to admonish him by means of registered letters, e-mails, by attempting to contact the telephone. At this stage, there is no question of the intervention of the bailiff. If the creditor does not obtain the intended effect, ie the return of the amount due, or some debtor’s declaration that the debt will be repaid, he may apply to the debt collection agency. The company starts its activities, trying to encourage the debtor to pay the debt. The debt collectors operate in various ways. They send letters of recommendation, with time the letters are full of certain scarers, for example, that the case will be reported to the court. However, at this stage, the bailiff will not visit the debtor.

However, if the actions of a debt collection company do not bring any results, if the debtor does not want to negotiate or avoids contact with the debt collector or with the creditor, a decision on filing a lawsuit may be made. In this situation the court will deal with the matter most often within a few days. After issuing the decision that bailiffs must be executed, the bailiff enters the game.

However, it is worth knowing that the bailiff does not immediately come to the debtor’s house. First, he tries to contact the borrower. The first steps of the bailiff’s action are execution at a distance. The bailiff usually owes the most debt due to the debtor’s remuneration, pension or old-age pension. The bailiff can take over the debtor’s bank account. The next step is to occupy the property and real estate, but at this stage the bailiff also does not have to come to the debtor’s house. It is enough that he will cooperate and write a statement about his possessions.

A bailiff’s visit to the house takes place if all of the above activities do not work. It’s worth being aware that a bailiff’s visit at home is really the last resort. It usually does not happen to her. The bailiff’s offices most often try to contact the debtor by letter.

What about the visit?

What about the bailiff

 

If the bailiff already knocks on the door of the debtor’s house, it is worth not to create a problem and submit to his actions. He has many rights, including the possibility of seizing a large part of the borrower’s assets, which he did not repay. In case of troubles with the debtor, the bailiff can come next time with the police, and the cost of this intervention will be covered by the debtor.

Avoiding a bailiff’s meeting is also not a good idea, because in extreme cases the bailiff has the right to come with a locksmith who will open the door. In principle, the bailiff can come to the debtor’s house at any time of the day, even in the middle of the night. Of course, such cases are extreme, but they are possible if the debtor avoids cooperation very much.

Can you give the debtor peace?

 

In very special cases, during the bailiff’s execution, it may happen that the bailiff will withdraw from the enforcement of the debt. If the debtor is in a very difficult financial situation, no job, no sickness, no valuable property and no money on the bank account, the bailiff may abstain from his execution activities. Such a situation will of course not result in the liquidation of debt. The creditor will be able to file a debt application again within ten years if the borrower’s financial situation improves.

Summary

Remember that the bailiff’s visit to the apartment is really the last option in the debt recovery process. The best option is, of course, reaching out to the debtor with the creditor, spreading the installments, postponing the repayment date. It’s good to work out a compromise. In the case of extremely unwilling debtors, there may be a lawsuit and after some time the bailiff can visit such a debtor. However, since the initiation of the enforcement procedure, the bailiff’s visit is really long. It can be estimated that from the time of late repayment of the loan or loan, it may take 3 – 4 months for the bailiff’s visit. Of course, this is not a rule, this time may be slightly longer or slightly shorter.

Everyone who is interested in finances at least a little

Everyone who is interested in finances at least a little, probably heard about BIK. What exactly is the Credit Information Bureau? What functions does it fulfill? Who works with him? What data is transferred to BIK We will answer this and other questions in this article.

Credit Information Bureau, as the name suggests, deals with the collection and provision of credit and economic information. It is worth emphasizing here that the range covers economic entities and natural persons operating in Poland. Through BIK, information is exchanged between the banking sector and entrepreneurs from various industries.

BIK or BIK Group?

When we talk about BIK Group, in addition to the Credit Information Bureau, we also mean BIG (Economic Information Bureau InfoMonitor SA). The latter institution deals with the receipt, storage and provision of economic information about the indebtedness of individuals and companies, and the basis of its activity is the Act of 9 April 2010 on sharing business information and exchange of economic data (Journal of Laws of 2014, item. 1015 tj). As it is easy to guess, BIG keeps a register of economic debtors. This information exchange platform is extremely popular. It is estimated that every 2 seconds someone gets a report on overdue debt! Let’s return to the first component of the BIK Group – Credit Information Bureau.

How does the Credit Information Bureau work?

How does the Credit Information Bureau work?

First of all, BIK collects huge amounts of data. This means that if we decide to take a loan from any bank, SKOK or larger loan company, this information will go to the Office. This is not only about information about unpaid loans or unpaid installments. BIK stores data on both negative and positive credit history. It is worth emphasizing here that positive information constitutes up to 90% of data collected by BIK.

Legal basis of the Credit Information Bureau

BIK operates based on art. 105 para. 4 of the Banking Law. This provision allows the institution to access information that is part of banking secrecy to support banks and credit unions in assessing the creditworthiness of potential customers. This means that before the bank gives you information about how your loan application has been processed, it will check your credit history. At the request of the bank, BIK creates a special report on a given person and provides it to the bank. If your creditworthiness is positive, the bank has a reason to give you credit (but it does not have to do this, in the next paragraph). To keep your ability, you only need to pay installments on time. This timeliness will be noted by the Credit Information Bureau and in the future, when you take out another loan, it will work in your favor.

Does only the report matter?

Does only the BIK report matter?

It is worth emphasizing that a positive BIK report does not immediately mean that we will get a loan in every financial institution. These institutions can take this decision independently and the BIK report should be treated as one of the component factors. It’s easy to guess what, in addition to credit history, is another important factor when making a decision to grant a loan. Of course, this is about your current creditworthiness. The financial institution, therefore, supports the data from BIK, but also asks us for information about current income.

What data is transferred?

The Credit Information Office collects data on:

  • loans for the purchase of services, goods and securities;
  • housing loans;
  • student loans;
  • non-point loans;
  • employee loans;
  • credit card, retail, debit card;
  • guaranteed loans;
  • debit limit in ROR.

As you can see, the positive and negative information that flows to BIK concerns various credit accounts at banks and Credit Unions.

What else does do?

The Credit Information Bureau on its official website explicitly confirms the importance of social responsibility for it. For this reason, he engages in various social actions that support the general interest. One of them is Nieskradzione.pl. Through it, BIK educates about the dangers of identity theft and how to steal from such theft. Another action is the Recover Alimony action. Thanks to this action, a person who has a court judgment granting the right to alimony can enter his debtor in the BIG Register. The cost of this service is a symbolic one zloty.

Scale of activity

BIK has existed since 1997. Currently, over 400 people work here. BIK has information on 148 credit accounts from over 700 various financial institutions. Thus, it constitutes an unrivaled, in terms of size and quality, a set of data on entrepreneurs and individual clients. BIK, cooperates with all co-operative and commercial banks (and with loan companies), and the information it collects is one of the pillars of the banking system in Poland.