How to compare lenders in Canada | Loans Quebec

Image result for compareGetting the best deal for a loan, regardless of the type of loan, is one of the best ways to save a lot of money. We often talk about saving money by reducing unnecessary expenses and that is true, but we also think that large financial commitments like loans offer even better savings opportunities.

So, how can you save money with a loan when the very definition of a loan is that you are going to get into debt? The answer is simple. You have to compare the lenders. For any Canadian on the loan market, comparing lenders is definitely something that everyone should consider. You will get the best deal, same thing for the lender, and overall, a better experience because you have taken the time to do your extensive research. You will find attached a step-by-step guide on how to compare lenders, which can be applied to any type of loan, be it a mortgage, a personal loan, car loan or even a credit card offer.

Step 1: Receive offers

Before you can compare lenders, you need to know what you are comparing. When you get in touch with a lender, talk about their offers. You will receive. The offer describes the details of the loan, how much you borrow, what will be your interest rate, the time of payments etc. Depending on the type of loan you are interested in and the lender, tenders tend to last for a period. Once the period is over, you may need to reapply or provide up-to-date information to receive a new offer. If you are looking for a mortgage, working with a mortgage broker is always a good option. He will do all the research work and you will benefit from a good deal. Be aware that mortgage brokers charge for their services, so you will need to decide if the convenience is worth it.

Step 2: Compare Offers

<strong>Step 2: Compare Offers</strong>

Once you have several offers, it’s time to compare them. While some offers may obviously be better than others, it can also be difficult to determine which offer is best for your specific needs. One lender may offer a lower interest rate while another may offer a more convenient repayment schedule. If you really want to save money, this is the stage where you should do your homework.

To compare your loan offers, you should consider all the following factors:

  • Interest rate
  • term of the loan
  • Fresh
  • Schedule of repayment
  • Terms and conditions
  • Overall cost of the loan

While you are comparing your loan offers, you should also consider any additional factors that are specific to your life or financial situation. If you already have a relationship with a lender, this can influence your decision. Or, if you want a specific repayment plan, you can give more weight to lenders who offer this type of plan. When it comes to your final decision, choosing the best deal that will save you the most money should be your priority. But, make sure you choose the best overall offer. Saving money is one thing, but working with a lender you do not trust or choosing a payment plan that just does not work for you could put your loan and your financial life at risk.

Comparison of interest rates on loans

Obviously, borrowing money does not come for free. Interest rates are the way lenders express to a borrower how much it will cost them to borrow a specific amount of money over a given period. The interest rates available to you have the greatest impact on your ability to save, so always make sure you are comfortable with the interest rate offered before accepting an offer of interest. ready. When comparing interest rates, be sure to look at both the stated interest rate and the annual percentage rate of charge (APR). This will help you determine what loan and what loan will help you save more money if it is one of your goals.

Comparison of loan conditions

After the interest rate, the duration of the loan is the second most important factor in determining how much your loan will cost you. In other words, the more time you need to repay a loan (the more time you have), the more interest you pay and the higher the overall cost of your loan. If you choose a lender that offers you a shorter term, your loan payments will be larger. Know that even if it will save you money in the long run, you will be more restricted monthly. So, it is important that you choose a lender based on your specific needs. The best loan for you may not be the best for another consumer.

Mortgage conditions

If you are looking for a mortgage, the offer you will receive will usually be 5 to 10 years. At the end of this period, you will need to meet with your lender and discuss your mortgage contract. The total time needed to pay off the mortgage is called an amortization period. In Canada, the maximum amortization period is 35 years, but you can, of course, choose a shorter amortization period to pay off your loan faster while saving money on interest.

Compare loan fees

If you are looking to apply for a mortgage, you will have to pay several fees as well as closing costs. You can not work around them. However, if you are applying for a personal loan, you must be aware that there are crooks who are trying to defraud Canadian workers by charging them illegal fees, loan insurance and asking for upfront payments.

Comparison of repayment schedules

For all your bills, it is likely that you only need to make a monthly payment. But when it comes to loans, there are several options available to you.

  • Monthly payments, when you make a payment per month.
  • Twice a month, where you make two payments a month. Usually in the middle and at the end of the month.
  • Weekly, where you make a payment per week.
  • Every two weeks, when you make a payment every two weeks. This option is different from paying twice a month because you will end up making 2 extra payments in one year and pay off your loan faster.

Compare the overall cost of the loan

The factors above will affect the overall cost of your loan. So when you compare your loan offers, make sure you take all of that into consideration, especially if you are looking to save money.

Step 3: Negotiate

<strong>Step 3: Negotiate</strong>

The third step to take is negotiation. Be aware that this is not always an option to negotiate, as some lenders are unable to modify the offers they offer to potential borrowers. Your best solution is to simply ask if the offer they have provided you with is the best deal possible.

If your lender does not want or can not negotiate on part of your loan offer, consider asking if there is anything you could work on to get a better deal, for example:

  • Improve your credit rating
  • Pay other debts
  • Get a co-signer
  • Ask for another type of loan that is smaller or different
  • Provide guarantees

Taking control of your finances is always in your best interest, so do what you need to do to get the loan offer you want and deserve.

How can we help you find the best lender

<strong>How can we help you find the best lender</strong>

We understand that not everyone has the time to compare several loan offers, but we can help you. Our loan referral system can get you in touch with a lender in your area who fits all your requirements.

VW: A new beginning is only possible with new managers

Volkswagen Group A new beginning is only possible with new managers

Image result for volkswagenThe entire VW group is badly managed, fatal alliances prevent genuine education. As long as all are connected, it will go downhill with VW.

It does not happen every day that the incumbent CEO of a € 60 billion corporation must be remanded in custody. Since Rupert Stadler was arrested on Monday morning in Ingolstadt because of blackout by investigators, there is a state of emergency at Audi and the parent company Volkswagen. It is about the future of Germany’s largest industrial enterprise and that of a total of 640,000 employees, of whom 90,000 are at Audi alone. It is also about the reputation of Europe’s largest carmaker, in Germany and on important foreign markets, especially China. Can this loss of credibility be made good in the foreseeable future?

The problem: The responsible persons at VW and Audi are also nearly three years, after the scandal around fake emission values ​​of millions of diesel vehicles became public in September 2015, still driven. You are far from being master of the process. The results of the internal investigations are not published. All that is cleared up is what has already come to light anyway. Not the company itself clarifies the scandal and creates transparency, it is the (judicial) authorities. That’s the real problem with all the mistakes of the past.

Audi boss apparently wanted to proceed against witnesses

In a wiretaped telephone conversation, Rupert Stadler is said to have had a unpopular employee on leave – for the prosecutor an attempt to obstruct the investigation. 

The reason for this is that the VW Group lacks good corporate governance and functioning corporate governance. The 200-billion-euro company is run at will (after all, in Herbert diess has now been appointed an external to the CEO). Real enlightenment and determined action, so the impression, is not desired. That showed up again now. The supervisory board also hesitated after the arrest Stadler, did not immediately make a decision, debated for a long time and leave only on the day after Stadler provisionally. Way too late. Actually, the Audi boss, even if he is presumed innocent, would have to be replaced immediately, as the prosecutors began investigations against him and searched his house a week ago.

The members of the VW supervisory board are primarily representatives of the owner families Porsche and Piëch, the state of Lower Saxony, Qatar and employee representatives. Independent and critical inspectors? None. A prime minister who insists on transparency in the supervisory board? Not visible. The trade unionists are also closely linked with the management. All stood too long for Stadler, who, as a former office manager of Ferdinand Piëch, belongs to the closest circle. Hans Dieter Pötsch, who was responsible for finance from 2003 to 2015 at VW’s board of directors, also sits at the top of the VW supervisory board. The man, who became the chief overseer without the actually prescribed cooling phase of two years, should conduct ruthless education, so to speak on his own behalf. That can not work.

Disastrous alliances prevent VW from enlightening

There are quite a few examples of how German companies made their way from deep crises with a fresh start. When Siemens became aware of the corruption crisis, a new chief overseer and a new chief executive were installed, which provided transparency. At Deutsche Bank, Paul Achleitner became Chairman of the Supervisory Board, he tried a fresh start and adjusted, although his final success seems far away. Or Deutsche Post: Nikolaus von Bomhard has assumed the chairmanship of the Supervisory Board, and the Group is tackling important construction sites such as the German mail business.

A real start is possible, if at all, only with new minds, this also applies to Audi and the VW Supervisory Board. Instead, they are fatal alliances that have sprung up over a long period of time, preventing the Enlightenment. Now, after Stadler’s spectacular arrest, something has to change.