Friday, January 24, 2020

Auto credit: what are all the financing possibilities?

Auto credit is an essential consumer credit to finance the purchase of a car. It comes in different forms and evolves with LOA or LLD solutions. Our new or used car loan comparator provides an immediate assessment of your project.


Car credit: how to get the best rate?

You have to be on an objective comparator to hope to get the  best car loan rate .  In order to ensure that you get the best offer, the comparator must display:
  • the APR rate  : this is the legal rate incorporating all the potential costs of a credit, including any administrative fees. It must be communicated before the loan is taken out.
  • The classification of organizations  : beware of credit scams, you should only trust large organizations approved by the ACPR, the Prudential Control and Resolution Authority dependent on the Banque De France.
  • The acceptance rate : there is no point in rushing into a cheap car loan if it is so that your request is ultimately refused.

It is on this basis that we built our auto loan comparator It provides an objective ranking of the best rates, integrating only reliable and reputable online credit organizations (Cofidis, Sofinco, Cetelem, etc.). In order to avoid offers at promotional rates which lead to a lot of rejected applications, we have developed a system for calculating the chances of receiving a positive opinion.
Our credit questionnaire provides an immediate answer in principle from the cheapest organization . Thus, when the file does not go to the best rate, it will be possible to query the second best offer, then the third, with one click. So many chances to get a concrete online car loan offer to rely on.
Good to know: car credit is generally an all-vehicle loan, which can also be used as a motorcycle loan .

Get a new car loan

auto creditCar loans are less and less offered in dealerships. Indeed, it is long-term rental (LLD) and rental with option to purchase ( LOA ) which have been on the rise for a few years. So much so that it is felt enormously in the figures of the ASF, the Association of Financial Companies. They show that funding via LOA continues to increase, despite the many questions it raises (see our opinion on LOA ).
Indeed, the LOA and LDD legally allow not to communicate on the rate of the product . A fight with unequal weapons against car credit, which allows big brands to display examples of very commercial financing. Resellers also take advantage of this vagueness to sell assistance and guarantees in addition. Result, the average customer has the impression of having access to a beautiful car for only a few hundred euros per month, while he often pays thousands without even being aware of all the conditions of his loan. Even though renting is for the most part more expensive than a car loan , as we had shown in our “car loan: which is the cheapest” survey , customers seem to have rocked.

New car credit: what to remember

The auto new credit meets certain principles.
  • To obtain it, you will have to justify the purchase of the vehicle
  • It can be obtained in concession, in bank or from a credit organization
  • If the sale is not concluded, the credit will be canceled
  • Duration: 12 to 84 months
  • Amount: 500 to 50,000 euros (sometimes more)

Beware of overly commercial auto credit offers

There are two common practices in the small auto loan industry, which should be particularly wary of.

Promo rates too catchy

In general, we see advertisements with titles like "  auto credit from 0.90% ". This type of attachment is generally only valid for loans with a duration of 12 months. Repaying a new car loan over 12 months means paying back astronomical monthly payments. For example, for a car of € 10,000, it will be necessary to reimburse more than € 830 per month , which is far from being permitted for everyone. Brands use these flashy ads to attract customers to dealerships, where they won't have had time to compare the best rates before being inundated with other offers.

Auto loan 0%

The offer seems unbeatable read black on white, but it is only offered by dealers who bear the cost of credit. The law provides that any free credit is actually taken care of by the establishment offering the good or service. When the dealer makes this effort, he risks not doing more on the price of the car itself. However, the cost of credit for a new car of 10,000 euros over 4 years is around 5% of the price of the car, with the cheapest car loan. So don't neglect the negotiation on the price of the car or related costs (registration, entry into service, etc.) in the case of a 0% car loan.

Get a used car loan

Very focused on sales between individuals, used car credit has not been subject to LOA competition . The second-hand market has been largely boosted by sites such as Le bon coin and La Centrale. For these auto loans, there is no other option than to turn to financial organizations.

Used car loan: what to remember

  • No need for proof of purchase in most cases
  • It is very largely subscribed with credit organizations (and not in banks or concessions)
  • Duration: 12 to 72 months
  • Amount: 500 to 50,000 euros
To find a used car loan, most consumers turn to "conventional" credit agencies. Indeed , banks and dealers are very rarely competitive for this type of loan. Banks are actually not really specialized in consumer credit, they have a lot of trouble giving car credit without knowing the profile of the customer.
As for the used car loan in dealerships , it generally represents a means of operating used vehicles for customers on tight budgets. The offers are limited and very poorly suited. It should be noted that dealers are generally commissioned on the distribution of these credits (including for new cars). As a result, their rates can rarely compete with those of a credit agency.

Compare auto credit

You might as well not go all out to understand the value of going through a car loan simulation. Let us take the examples of the most representative car sales on credit.
Financing of the purchase of a new car for € 20,000 with a contribution of € 5,000 over a reimbursement period of 60 months. (nb: a credit without contribution is just as possible but generally the contribution is linked to the recovery or resale of the old vehicle). Or a new car loan of 15,000 euros over 60 months:

Car loan in concession or in bank

Apart from known credit organizations like Cetelem or Cofidis, it is possible to take out car loans in dealerships or in banks. However, if you want to perform a car loan simulation online, only conventional organizations offer it.

Is bank auto credit competitive?

Banks are not specialists in auto credit. It is for this reason that specialized companies have taken up this niche. The banks are struggling to understand the risk of the car loan , and more for clients they do not know.
In other words, if you have not been a customer of your bank for years and you are not a good customer (ie without incident and with savings) it will be very complicated to get a proposal interesting. And for a used car loan, it will be even more complicated to obtain anything interesting. This was one of our conclusions after studying the Crédit Agricole car loan .
However, if you are in a good situation, asking your banker to make a proposal can be interesting. We will see later how to negotiate with him.

Car loans under concession

The manufacturers systematically offer financing offers to sell more cars. The major car manufacturers even have their own financial subsidiaries such as Diac for Renault or PSA Finance France for Peugeot Citroën.
As we have already seen, for a second-hand car loan, dealership offers are generally of little interest. They are clearly more expensive than those found online. For the financing of new cars, manufacturers can sometimes offer attractive rates, particularly during promotional periods. So do not hesitate to compare their car loan with the best online loan, in order to have a basis for comparison.

How to negotiate your car loan?

We have developed a method to follow in order to obtain the best rate of auto credit. It is based on the observation that on average one out of two loans is refused . On the other hand, for a good negotiation of your car loan, you have to know what will happen to us if we "lose", and therefore build a strong negotiation position.
  1. Obtain the cheapest car credit on the web.
    Simply use our credit comparison tool. A simulation of his car loan allows you to obtain the best rate, among the largest credit organizations.
  2. Getting a first agreement in principle
    This is essential. There is no point in knowing who offers the best rate if it is to obtain a refusal. Our system proposes to obtain an agreement in principle without commitment adapted to each person's file.
  3. Receiving a Preliminary Credit Offer
    This is the centerpiece of negotiation. The advance credit offer is a formal offer from an organization to make a loan at the rate indicated. This offer is not binding on the customer until it is signed. We receive it by post and / or email with the system we have implemented.
  4. Make an appointment with the bank and the dealer Now
    is the time to ask him the best offer he can make for a car loan.no credit car dealerships near me
  5. Negotiate and get the best rate
    If banks and dealers cannot match the rate posted on the contract obtained online, it is probably already the best offer.

Wednesday, January 15, 2020

Can you Get Credit Without any Credit Check ?

Obtaining a credit without a pay slip is possible when his situation simply does not allow to provide one (retired, self-employed). The conditions for obtaining your credit are different, and it is the tax notice that most often allows you to verify the presence of income. We will see all the cases in which it is possible to obtain a loan without a pay slip, including the case of employees.

The payslip, an essential document in the attribution of a credit

The pay slip or the pay slip allows the lending institution to verify the veracity of the information indicated during the credit simulation, and more particularly:
  • The nature of the employment contract (read credit in CDI )
  • Salary amount
  • seniority
Online credit organizations such as Sofinco, Cofidis, same day pay day installment loans  and other Cetelem systematically request at least the last pay slip in the list of supporting documents. In most cases, it is even at least the last two that are requested in order to constitute the file.

Credit without pay slip: in which cases is this possible?

credit without pay slip
Not everyone has a pay slip to justify their income. Here are the situations in which it is possible to obtain a loan of money without pay slip:
  • Retirement
  • Self-employed (self-employed)
  • In the case of a credit for disabled or handicapped person
It is important to know that all lending institutions are obliged to check the creditworthiness of each applicant before granting them a loan. As a result, it is unthinkable to obtain consumer credit without justifying your financial resources .
Even Cashper, a mini-credit establishment known in particular for accepting banking bans, demands at least a copy of a pay slip before giving its agreement.

What to do if there is no pay slip?

The most important thing is not to have a pay slip or not but to be able to justify your income . Thus, retirees, self-employed or even disabled will be able to rely on their tax assessment. Credit organizations absolutely do not close the doors of consumer credit to the self-employed.

What solutions as an employee?

It is unrealistic to hope for easy consumer credit without a salary slip as an employee, or even a small loan . Mistrust in the event of proposal and acceptance of a credit offer without having to provide a pay slip or a document making it possible to verify the financial resources. It may be a credit scam. Remember, however, that it is actually difficult to obtain credit on a fixed-term contract .

Saturday, January 4, 2020

Personal loan or revolving credit: how to choose?

How to choose between personal loan or revolving credit, what are their differences? Is one of the two credits more or less suitable for certain projects? We will see that these two consumer credit products are very different on several points. Let us identify what differentiates personal loans from revolving credit, in order to see in which cases one or the other is more suitable.

Personal loan or revolving credit: two very different loans

Personal loan and revolving credit belong to the same family of consumer credit. They are offered by all the major credit organizations, the majority of banks, and even some insurers. Their operation is however very different. Let's review the characteristics of each type of credit.
The personal credit is rather intended to fund a project of a certain size over time, while the revolving credit adapts well to small projects or unexpected life .

personal loan or revolving credit

Note also that revolving credit is easier to obtain than a personal loan without credit proof from direct lenders . This is true in terms of supporting documents (generally no tax notice to provide for employees), but also in terms of acceptance criteria.

Revolving credit = higher rate

Finally, revolving credit is much more expensive than personal loan . This is mainly the case when reusing money by transfer or purchasing on credit using a card attached to the contract (store card or a financial institution). The revisable APR rate of revolving credit indicates that it is likely to change during the loan. The borrower is always notified in advance in this case.
The main rate change is that observed when using the money in its reserve. It is concretely possible to obtain a first revolving credit at a rate of 7% or 8%, but that each use of the additional credit is associated with a rate close to 20%, over a repayment period provided for in the contract. Reading your credit agreement well helps avoid unpleasant surprises.
The best way to avoid paying too much interest is to repay your revolving credit as quickly as possible . It is also possible to repay it in advance, without any penalty.

Revolving credit: the pitfalls to avoid

The risk is to "draw" too regularly from its reserve. This practice has the effect of increasing the monthly payments of the loan and a new calculation of interest. Ultimately, the risk is that you will never succeed in repaying. We strongly advise against seeking revolving credit to repay debts and get out of a recurring overdraft .
The revolving loan is on the other hand a much more flexible credit in its use than the personal loan (see cheap personal loan ). It provides access to a reserve of money. It is also the only consumer credit allowing money to be obtained within 24 to 48 hours from one's account in the event of the unexpected. Sometimes offered with a credit card, this small loan can be practical and useful. There is no risk in borrowing it unless it is misunderstood or used.

Personal loan or revolving credit: never without comparing

Whether it is a personal loan or a revolving credit, APR rates are always very variable from one organization to another . It is quite possible that the Sofinco personal loan is offered at the best rate on 10,000 euros in 48 monthly installments, but that it is the best Cofidis personal loan for the same amount in 60 months. The best behavior to have is to use a comparator.

Use our comparator for a personal loan

You have to select "personal loan", or "need money" and an amount greater than 4000 euros to access the best personal loan rates . Our personal loan or revolving credit comparator has been developed with a simple objective: to offer each future borrower the best rate actually accepted for which they are eligible.
Here are the steps to apply for a personal loan:
  1. Enter "personal loan" and an amount greater than 4000 euros on our credit form
  2. Indicate a repayment duration in line with its repayment capacity
  3. Complete the four steps of the quick personal loan questionnaire (identity, address, location, budget)
  4. Our comparator displays the three best APR rates of the day, among the largest organizations compared (Cofidis, Sofinco, Cetelem, Franfinance, etc.)
  5. The best organization provides an immediate response in principle
  6. It is possible to obtain an opinion from each of the three organizations in order to increase your chances of obtaining funding.

Use our comparator for revolving credit

You must select any amount between 500 euros and 4000 euros to access the best revolving credit offers.
The stages of the revolving credit questionnaire are identical to those of the personal loan. Only the results screen is different. Indeed, the most important thing when asking for a small loan is to obtain a favorable opinion.
The organizations displayed are therefore those offering the smallest monthly payments and best rates, but also those most inclined to accept the request. A double criterion that one does not find on the classification of the personal loan, which displays only the three best APR rates without bringing into the balance the acceptance rates.

Personal loan or revolving credit: what the law says

Personal loan and revolving credit are two consumer credits. As specified by law, personal loan or revolving credit allow you to withdraw for 14 days. Deemed more at risk due to the possibility of reusing the money, the revolving loan is particularly monitored. The Lagarde law of 2011 indeed framed this type of credit more clearly, in order to minimize the risk of over-indebtedness.

Wednesday, January 1, 2020

Urgent and fast credit: how long to get the money?

Feeling a need for fast credit is always an urgent or even oppressive feeling. Even if we are going to see how not to waste time to obtain urgent credit, you should know that a certain number of constraints are unavoidable. And above all you must not be tricked into the rate. To ensure this, we offer you a comparator with immediate response.

Legal deadlines for urgent credit

The law of consumer credit clearly indicates that the provision of money can only take place 7 days after the date of signature of the offer of credit, urgent credit or not. And on the other hand, you have a withdrawal period of 14 calendar days from final acceptance by the credit organization.
So as soon as possible, it will take you a week to receive the money from the signing of your credit agreement. But for obtaining a fast credit on line ,  it is still necessary to count the time to review your contract beforehand, the time to gather all the supporting documents, the time that the complete file arrives at the credit organization and finally the time your money is transferred to your account.

Even for an urgent loan and for which you will follow our advice to save time, in the best of cases, it will take you ten days to get the money on your account . This is what to count for a new emergency loan request As we will see in the rest of the article, if you already have revolving credit, it is possible to get the money much faster.
For store credits and major brand credit cards, immediate credit is possible The signs play on the fact that the money is not made available to the customer but from the store and so the purchase can be made on credit the same day of its subscription. However, it is not possible to get money from your account.

Urgent credit: Save time on demand

The first step in applying for an urgent credit is to file an application by completing an online credit questionnaire . To get the best rate, normally you would need to shop around for banks and credit agencies. But Captain Credit has simplified your task and raised all the rates of all the largest financial organizations to keep only the best. Thanks to our questionnaire, fill out a questionnaire only for the best credit rate.

Build your file as soon as possible


Once you have completed an urgent online credit questionnaire and are pre-accepted, do not wait to receive your credit report by La Poste without doing anything. On the same day, you can collect the supporting documents necessary for your urgent credit request:
  • Photocopy of a valid identity document
  • Photocopy of proof of address less than 3 months old
  • Bank details
  • Photocopy of the last salary slip
  • Photocopy of the tax notice
  • Photocopy of the last bank statement
proof without rapid credit is impossible to find . The only way to benefit from an urgent loan without proof is to already have a revolving credit open.
Otherwise, to save time by directly printing the credit contract which can be made available to you via the credit organization's website (you will have received a password by email). If you decide to print the contract directly at home, remember to load the sheet printer, the contract can be between 30 and 40 pages. Printing your contract and preparing supporting documents saves you several days.

Urgent credit: electronic signature accelerates everything

Many organizations now make it possible to obtain credit with immediate response and electronic signature . You can actually download your supporting documents online and sign the contract instantly (often using your mobile number). This method generally makes it possible to speed up the process, since it is no longer useful to return the contract by post.
Be careful in the case of a quick loan with electronic signature to check all the terms of its contract . It is less obvious to read everything in computer version. It is particularly advisable to check the rate, the amount and the deadlines (monthly payments), but also the presence or not of the optional insurance.

Bring your contract to an agency, the alternative solution

The last tip that we can advise you is to bring your urgent credit file directly to the financial organization and thus save on postal delays and that of the routing of internal mail. You will gain 2 to 3 days. Only this technique is only possible with credit organizations that have a network of agencies . If you want to know if this or that organization has agencies, you can ask the question directly in the comments of this article.

Get money immediately from an emergency loan

There are two options for getting credit money right away:
  • Already have revolving credit with available money
  • Request an express credit
Be careful, these two types of credit are the most expensive on the market. The most expensive urgent credit in these cases can have a rate over 20% !
For express credit, to put it simply, it allows a maximum of € 199. This is the legal limit for not falling into consumer credit legislation. We wrote a detailed article on this form of express credit . Money can be obtained within 24 hours. For any higher demand, a new consumption credit request falls on time.
Already having revolving credit is much more common than you think. In fact, many store cards are backed by revolving credit. In such a case, we generally have a reserve of money which, if it has not been used, makes it possible to obtain from € 500 to € 3000 very quickly. It is urgent credit that can respond quickly to a delay to get the money as quickly as possible. But it comes at a cost. The revisable taeg rate for this type of use will generally be around 20% .

Conclusion on urgent credit

As you will understand, obtaining urgent credit means that by following our advice and that as soon as possible, you will not get the money for ten days at best. Take the time to get credit at the best rate thanks to Capitaine Crédit, these few clicks will allow you to get the best credit, you can then go for urgent credit.