There is a lot of money to save by examining the market and obtaining more loan offers before accepting a loan. We often see that the price of the various loan offers varies from bank to bank, so one can have great benefit from being able to compare offers from several banks.
Banking competition provides cheaper loans
New figures from Good Finance show that borrowers saved up to 80% in January 2018 by obtaining loan offers from several banks and choosing the cheapest. We have calculated the savings by comparing the most expensive and the cheapest loans received by applicants.
Biggest savings on the smaller loans
In January, people who borrowed between DKK 10,000 and DKK 49,999 saved on average as much as 25% by choosing the cheapest loan offer through Good Finance. For loans between DKK 50,000 and DKK 99,000, borrowers saved an average of 9%, while the savings on loans between 100,000 and 300,000 were on average 20%, on the total amount to be repaid. We thus find the biggest savings in percentages on the smaller loans, while the savings in terms of kroner and ears are of course greatest on the large loans.
The figures from January show that the model for obtaining more offers not only saves time, but also a lot of money.
Compare to several parameters
Of course, as a borrower you will always go for low costs on the loan. Having said that, there may be differences in the terms you prefer more effectively as a borrower.
Some borrowers prefer low monthly costs, while for others it is important to quickly become indebted again and prefer slightly higher monthly installments to keep down the maturity. As a customer it can therefore be nice to have the opportunity to compare personal offers and choose the terms that best suit you.
Competition between banks gives better loans
There are several advantages to applying to several banks before borrowing money. One can, as mentioned, compare and choose loans based on several parameters, and partly there are good chances that the banks will provide a better loan offer when they know that they are competing with other banks to offer the loan.
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