Many sites offer online credit simulation. Whether banks or lenders, almost all offer a credit simulation. But they generally remain incomplete, hence the vigilance to be had with online credit simulation.
Online credit simulation: a fully integrated service?
Online credit simulation is supposed to provide a double service:
- Credit simulation: the possibility of testing several types of financing plan, whether for mortgage or consumer loans. The objective is generally to vary the rate and duration of repayment to estimate the cost of credit and the amount of monthly payments to be repaid.
- Online credit: this is the system put in place by credit companies and banks to give an immediate response in principle to requests for credit on the internet and the rate they are ready to grant.
Online credit simulation is therefore supposed to allow you to both test several financing plans and get a basic answer online. And this is far from what is generalized.
IMPORTANT: you must be extremely careful with online credit simulation where you can choose all the variables yourself. Indeed, the rates offered are far from being systematically the rates granted. The main reason is that the rates put forward by banks and credit companies are generally rates on short repayment terms. In this case, the monthly payments to be reimbursed can cause the debt ratio to explode. Prospective borrowers logically tend to extend the repayment tenure to obtain acceptable monthly payments. Except that in this case, the credit rates increase with the duration of repayment. However if the online credit simulation allows you to choose your rate, you will keep the same rate as for that of a short duration and the simulation will be purely hypothetical.
We must therefore remember the following principles so as not to be trapped by online credit simulation:
- The rates offered by advertisements are generally not the rates granted.
- The longer the loan repayment period, the higher the rate.
This is also the reason why we have upgraded our online credit comparator. For mortgage, it no longer allows you to simulate directly without a prior study of the file directly online. The objective is to find financing plans that are really accessible for each file.
In terms of consumer credit, our comparator allows both to obtain an online credit simulation for car credit, personal loan… but also to obtain a response in principle from the cheapest organization immediately and directly on our site.
To access only the ranking and make a credit simulation online, just go to our home page.
Online loan simulation: what are we looking for?
Considering all the online credit simulation websites that exist on the web, you have to orient yourself according to your need.
Perform simple automatic calculations by entering your own variables
There are quite a few small websites that have put the equivalent of Excel spreadsheets online that allow you to obtain a credit simulation online by entering:
- the amount borrowed
- the rate
- the repayment period
- the type of credit (real estate, personal loan, car loan, etc.)
We can assimilate this type of tool to a real estate loan simulator because they are intended to rough the real estate investment budget. Moreover, it is not the online mortgage simulation which is the most used but rather the simulation of borrowing capacity.
Our advice : In order to take a simulated online real estate loan least polluted by advertisements and the site which can give the least caution, we recommend the one proposed by finance pour tous, which is a site managed by an association of general interest, eligible for patronage and approved by the Ministry of National Education.
IMPORTANT : by entering your own rates, you can be completely outside the market because:
- There are different rates between mortgage and consumer credit, the statutory rates for mandatory communication and the rates used for calculations.
- A proposed or communicated rate has nothing to do with an agreed rate. Lending organizations put forward their best rates but which are only accessible under certain conditions.
This is the reason why our online mortgage simulator will not give a financing plan immediately. We make a comparison of the real estate rates that each file can obtain by comparing the offers of local brokers connected to national banks with the best offers of online banks. We then contact customers to share the financing plans at the best rates obtained.
Online credit simulation: consumer credit
This is the most successful area for obtaining a credit simulation online. Indeed, specialized credit organizations like Bankate or Viloan almost all offer an online credit simulation system allowing to simulate several financing plans and to obtain an answer in principle online.
By cons banks are totally lagging behind and do not really offer online credit simulator. When a similar feature is offered on their website, it is often limited in the end to the possibility of making an appointment with an advisor, such as the Eicredit credit simulation for example.
Thanks to the systems proposed by the major credit organizations which integrate online simulation and immediate response in principle, we were able to build a comparator which will both propose the classification of the best rates but which will also make it possible to obtain a principle response immediate for each file. So everyone will know what better rate they can really claim. Because if the file does not go to the cheapest rate, it will be possible to question the organization with the second best offer with a single click. And so on.
Online auto credit simulation
Obviously our system integrates online car credit simulation. However, the financial organizations of car manufacturers could not be integrated because even if they sometimes offer a simulation of car credit there is never any online credit. However on average, the credit of these organizations is not the cheapest except during the promotion period. It would therefore be essential that they offer a real online credit simulation with immediate response in principle. But unfortunately for now it is still necessary to go to the dealership… and suddenly be wary and get ready to negotiate your car loan.