When you buy a consumer credit, it consists of:
The interest rate is the amount paid by the borrower to the lender when expressed as a percentage. The auto credit interest rate meets exactly the same definition: this is the price that applies to the amount of money lent to purchase a vehicle, whether new or used.
Example: if the bank loans you € 1,000 for your car loan, with an interest rate of 10%, at the end of the year, you will need € 1,100 (€ 1,000 for the amount borrowed + € 100 for the rate interest rate of 10%).
When looking for the best credit rate, you will certainly see different credit rates for the same offer. Indeed, for the same offer of auto credit, the institution can inform you the borrowing rate and the annual percentage rate. These two indicators bring you different information:
Compare car loan rates by focusing on the annual percentage rate of charge instead of the lending rate. The APRC includes more fees and gives you a more accurate indication of how much you will have to repay.
It is the lending institutions that set the auto credit rates. The only constraint imposed is that it does not exceed the usury rate, which is the maximum legal rate that credit institutions are allowed to practice when they grant credit. This rate is defined each quarter by the Banque de France and published in the Official Journal.
To calculate the car credit rate, credit agencies usually take into account your profile, file management fees, competition or different financial indices.
Today, there are a multitude of organizations likely to offer you a car loan: banks, credit organizations, car dealerships… So much so that it is sometimes difficult to see clearly and find your way among all offers proposed.
To find the best auto credit rate, the best solution is to use an auto credit comparator like Mandy Warse. After completing some simple information about your project, you access the quotes of different organizations and can compare the proposed credit rates by playing the competition. Ideal to get an idea of the rates offered in the blink of an eye!
Depending on your situation, certain factors may help you benefit from a more competitive auto loan rate. For example :
Be careful to stay vigilant against a particularly attractive auto loan rate. Some are for example reserved for auto loans for very short periods, for example 1 or 2 years. In this case it is necessary to benefit from an adequate personal contribution.
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