Archive April 2019

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 Dantè 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 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.