Decisive step, the purchase of a new car requires substantial funding, which is in thousands of euros for basic models and tens of thousands of euros for high-end cars, such amounts often require the resort to a car loan .
Our auto loan simulation tool helps you find the best deals for car loans but also for several other types of credit.
So you have the opportunity to get a credit that is both flexible and useful that will allow you to pay cash the car of your dreams to go to work, invest in a modern motorhome for your family getaways, or offer to your daughter her very first car.
Auto loan simulator
Our auto loan comparator is here to help you choose the right formula for your needs. Through our site, you will get in touch with different financial organizations offering this kind of product. Thus, our auto credit simulation will allow you to specify the type of vehicle you will buy, the amount you intend to use for this project, the cost of the monthly payments and the repayment period that correspond to your financial possibilities.
To facilitate research on our auto loan simulator, you will also have to provide personal information such as your sources of income and the expenses you have to insure every month. Once you have entered all these data, you will know the main conditions of your auto loan. Thus, the auto loan simulation will help you to know the TEG applied to your car loan, the total cost of this credit, the duration and the amount of the monthly payments. This is all information that will guide you in choosing the best auto loan offer offered by financial institutions that offer this type of personal loan in Belgium.
Why use our auto financing simulator?
Because there are many credit offers on the market, our auto loan comparator helps you to differentiate between different formulas, and have an idea about the selection criteria to consider before you decide.
In just a few clicks, our online car loan simulation allows you to calculate the amount you can borrow by referring to your repayment possibilities, to know in advance the cost of the monthly payments, the total duration of the credit and the rate of applied interest. Once you have started the calculation, you will receive different offers from online credit institutions offering online loan formulas.
However, do not forget to ask for the “all inclusive” interest rate when you do your car loan simulation, in order to know the actual amount of your credit, taking into account insurance and other fees. You must also differentiate between compulsory insurance and those that are quite interesting depending on your personal degree of exposure to risks of illness, loss of employment, disability or death during the repayment period of the car loan. .
With our auto loan comparator, you have a calculator that will be used to compare the total cost and conditions for obtaining a car loan from financial institutions. Once you have collected the many information, it will be easier to compete for more advantageous terms and a credit offer that allow you to buy your car.
How to use our simulation tool to compare auto loans?
To do your research with our auto loan simulation tool, start your car credit simulation online by indicating your needs. For example, you are going to give your type of credit which is in this case a car loan, you will then specify the desired amount in euros and the desired repayment period in number of months. All you have to do is click on the “simulate your loan” link to obtain information about your car loan.
Our auto loan comparator makes your life easier by allowing you to avoid making banker appointments to compare the many credit offers online. However, you have to know how to take the time to activate the research and play the competition to be better informed and act in full knowledge of the facts. Moreover, it is a free approach that does not commit you to anything by performing a simple simulation of car loan.
As soon as you find the auto loan that meets your own repayment terms, you will be immediately redirected to the property of your choice. Then you will have to fill out an online form, or via a phone call to speed up the process for obtaining your car loan. Of course, the waiting period differs depending on the situation (amount of the loan, repayment period, etc.), but in principle, the answers are quite fast with the online credit agencies.
What is a car loan?
Form of credit affected, the car credit is granted to you to acquire a specific property, a car in this case. For your security, the credit agreement stipulates that the auto loan is canceled if there is no delivery of the automobile, if a suspension of sale has been reported or if the loan has not been accepted by the bank . This is not often the case with the personal credit that certainly gives you more freedom in the use of funds, but that does not protect you from the risks that may occur when buying a property or the financing a benefit.
As part of your car loan, you will have to check several items in the simulation phase of the car loan. This is the personal contribution, the sum that you will invest in financing the purchase of your car. And even if the personal contribution is not mandatory, it is always advisable to bring to reduce the price of sale of the car and decrease at the same time the cost of the loan. Another important criterion, the total cost of the credit gives you a precise idea on all the charges that you will have to assume throughout the duration of your car loan. To obtain this sum, take the cost of all monthly payments and make a subtraction with the borrowed capital. Then you have the overall effective rate that refers to the actual cost of the auto loan, but you have it as a percentage. This TEG covers handling fees, interest on the loan and insurance costs.
Another important aspect of auto loan insurance depends on the type of coverage you ask for and the degree of risk you are exposed to. By becoming a vehicle owner, you are obliged to take out liability insurance. This formula provides for personal injury and property accidents that you may cause to others, but it does not affect the driver. If you want to be insured, it is better to opt for a comprehensive insurance with driver guarantee.
To purchase insurance for your car loan, you must go through the step of the information sheet that you will fill out by checking the details of the benefits and rates applied by the insurer. The insurance application will then be sent to you with a questionnaire to draw up your profile in order to create a personalized auto insurance contract and calculate the amount of the premium. Then you will receive the car insurance contract with the guarantees of your choice and their conditions of implementation. You will have taken out car insurance as soon as you have obtained the insurance company’s agreement, while a specific date announces the start of coverage.
After these steps, you will get your credit advance offer. If you accept the conditions, you can sign the offer and send it back to the bank by specifying your details, checking that those of the bank are clearly visible. This document also includes the bonds, the nature and the price of the car, the characteristics of the credit, namely its amount, its duration, its TEG and the insurance costs, the date of delivery of this preliminary offer, as well as the cost and the number of monthly payments you will have to repay.
After your online car loan simulation, you can request the help of an intermediary in banking or IOB who will negotiate your loan using a network of financial partners who work with him. By doing so, you can access exciting offers without having to commit or pay brokerage fees.
In auto loan, it is possible to opt for a new or used vehicle. What differentiates the two situations is the manufacturer’s warranty to which you are entitled with a new car. However, if you opt for a dealer of the car brand of your choice, you can get a reliable guarantee with a used car. However, used cars often have hidden defects, but the decision is yours because you are the only one to know your preferences, as well as your ability to repay.
How to apply for a car loan?
As an assigned loan, the auto loan is granted to you to finance the purchase of a vehicle. You will therefore provide proof of purchase. Depending on your needs, you can take out a car loan from a traditional bank, an online bank or the financing organization that works with the dealer or garage where you buy the vehicle. In addition, know that the offers from the dealer can be quite high, but they often contain an extension of the warranty.
Before you decide, do auto loan simulations on loan-simulation.be, where you have calculation modules that will allow you to compare the many offers of auto credit based on the APR (annual percentage rate) which includes interest, fees and auto insurance.
To get your car loan, you are going to have to present supporting documents such as the dealer’s or garage mechanic’s bill, or the seller’s letter if you buy the car to an individual. In addition, you will provide a piece of identification, a proof of address (energy bill on your behalf, telephone subscription, etc.), a (bank account). Often banks also ask for a tax notice, the last 3 payslips and recent bank statements.
After signing the car loan agreement, you have a withdrawal period of 14 days. And if the credit has not been granted by the bank, you can still cancel the purchase of the car.