One of the main expectations for anyone looking for a loan, whether real estate or consumer, is to obtain the cheapest credit, in other words: the best credit. In order to access this credit, one of the essential elements is to be able to compare the different market players. Nothing better than ranking the best credit rates for this.
Ranking of the best credit rates: which criteria to compare?
The main criterion for choosing to define the attractiveness of a loan is its rate and more precisely the APR: annual effective annual rate. It is not the only one, however, and some borrowers prefer having a small monthly loan rather than a low rate.
The overall effective annual rate or more commonly the APR makes it possible to compare consumer credits.
This rate includes all costs associated with the credit except insurance (optional in the context of a consumer credit). The costs taken into account in the APR are the rate as such of the credit (nominal rate) and any administrative costs (opening costs, management costs, etc.). When making any consumer credit proposal, the APRC must appear. In view of these elements, the classification of the best credit rates must therefore be made on the basis of the APR.
How to access the ranking of the best credit rates?
Contrary to what we might think, accessing this ranking is not that simple. Indeed, there are many financial organizations able to offer consumer loans, such as banks, insurers, specialized credit organizations. In addition, the offers change regularly and are dependent on the project to be financed (car, work, need for money, etc.).
Unlike mass consumption, where jousting of comparative price advertising takes place between major players, this is not the case in the banking world.
The French leader in consumer credit, Bankate, has tried it in the past with the guarantee of the best rate but it was exclusively on borrowed amounts and a very specific repayment period.
On the web, few so-called comparator sites (our competitors !!) actually compare credit offers on the rate. Some are opaque from start to finish, others display the figures but not the rates… This is why we created Bankate.
The ranking of the best credit rates of Bankate
It is difficult to compare all of the players because banks and insurers make specific offers for their customers based on their knowledge of them. These offers are therefore not intended for “non customers” of the bank, or even for customers deemed “without potential” or “risky” for the bank.
On the strength of this observation and in order not to mislead the Internet user, Bankate compares the credit organizations likely to accept everyone. And of course on the basis of the APR, an indicator of comparison par excellence as we saw earlier.
In order to obtain the classification of the best credit rates adapted to his needs, it is necessary to define the project (new car, used car, work, need for money), the amount to borrow as well as the desired repayment duration. Once this information in hand, simply play on the parameters of our comparator on our home page to view the ranking of the best credit rates.
The choice of the duration of repayment is very important because depending on the chosen duration will result the cost of credit. Bankate does not stop with this classification, it will be possible to fill out a credit request via our form. Once this request is completed, the file will be sent to at least 1 or more organizations, depending on the choice of each client, all without having to re-enter all the information each time. It is a time saver but not only. Getting the best rate is one thing, but you have to be accepted. At the end of the form, the file receives a response in real time or an evaluation for each organization. No more long sentences, you can watch our video explaining this concept.
In order to ensure that the classification of the best credit rates does indeed refer to current offers, Bankate collects the rates of the organizations compared on a daily basis. It is of course possible to make a request in parallel to your bank in order to see if it is possible to obtain a better rate, there will then remain the opportunity of choice.