The fact that comparisons of tariffs and conditions are really worthwhile for consumers and thus help to save several hundred euros depending on the product compared is confirmed on a yearly basis by various studies and market analyzes. So also currently by means of a representative analysis of one of the largest German comparison portals. Thus, the analysis concludes that customers of this comparison portal could achieve significant savings compared to the free credit market when taking out a loan .
For example, customers of the comparison portal paid a two-thirds lower interest rate than the average consumer for a newly-concluded loan in Germany on average in 2015. A clear sign that comparison portals are still justified in the market, because they are the number one source when it comes to financial savings – especially in the financial sector. But back to the market analysis of the comparison portal in the area of loans.
Credit on comparison portal often cheaper
The average amount of credit on the comparison portal in 2015 was around € 11,300, with an average maturity of 56 months. For this, customers had to accept an effective interest rate of 3.89 percent, which in relation to the average loan amount constituted an interest charge of around 1,047 euros. If one compares this with the interest rate on loans in the free market in 2015, which was around 6.30 percent for consumer loans, according to Deutsche Bundesbank statistics, it quickly becomes clear which enormous savings were possible here. To illustrate this once in numbers: With the aforementioned loan amount and repayment period of € 11,300 and 56 months maturity, the interest cost with an effective interest rate of already mentioned 6.3 percent in the free credit market would have amounted to about € 1,706. What a financial burden of 659 euros would be in comparison to the offer of the online portal!
Clear east-west divide in the credit conditions still existent
However, what once again stands out in this year’s analysis is the still existing east-west divide in the terms of loans, as borrowing for consumers from the old federal states tended to be somewhat lower in 2015 than for those from the new federal states , This is illustrated in a simple calculation example:
Anyone who borrowed 10,000 euros over a period of 84 months last year and did not use the loan for vehicle financing or rescheduling paid an effective annual interest rate of 4.50 percent on a nationwide average. In the western part of Germany, the average interest rate was 4.48 percent, slightly lower than in the east of the republic (4.59 percent). With an absolute cost difference of just over 40 euros, however, the various interest rates are only slightly noticeable.
The use of comparison portals is particularly worthwhile when it comes with a few details to filter out the best terms for a loan. One saves the laborious solicitation of individual offers with different banks and the even more laborious comparison of those.