How to make a credit simulation?

Whether you are a cicada or an ant, our lifestyle involves the use of credit to finance goods that are not part of the mass market. The simulation of these loans is an important step before a final and binding subscription.

In which cases should a loan simulation be carried out?

Whether it’s a real estate acquisition, the purchase of a vehicle, or the completion of major works, taking out a loan is often unavoidable. In many other cases, such as the renewal of defective household appliances or the organization of a family trip, the use of credit proves to be more profitable than taking out hard-earned savings. In all these cases, in order to know the overall cost of the credit envisaged, and to compare precisely the proposals of the different financial institutions, the stage of credit simulation is essential.

Make an appointment in an agency

Today, there are many financial institutions offering loans. Traditional banks, whose core business is credit, are generally considered from the outset. But the historical insurers, such as Macif, macif.fr/insurance/individuals, are now also positioned on the niche. Some institutions offering exclusively credit are also in the ranks. There are also credit brokers who are looking for the best financial product on the market for you. All of these establishments have networks of branches throughout France, where you can make an appointment for a live simulation with a financial advisor. It is recommended that you make an appointment by telephone beforehand. Based on the information and documents you provide, the advisor will make simulations that are as accurate as possible and will edit them and deliver them to you in person. These simulations are not contractual in nature, but give a clear and very representative idea of the rate, duration and total cost of the credit envisaged. On each simulation, you will find the famous G.A.R.R., acronym for Global Effective Annual Percentage Rate, to be observed and compared because it determines the total cost of the loan. By repeating this operation in several branches, you obtain different simulations, which you can then compare. By doing so, you can also make the competition play, by presenting the most attractive simulation to the financial institution that you prefer, to see if an alignment on these advantageous criteria can be made.

Simulate your credit online

Retail banking and personal credit have not escaped the upheaval caused by the advent of the Internet. Traditional financial institutions, insurance companies and credit companies all have websites that allow customers to discover their products and manage their assets online. On their web portals, these institutions offer credit simulators. Formerly proposed to simulate simple loans, such as youth loans, or consumer loans, these simulators have been perfected with the development of computer algorithms. It is now possible to simulate a complex real estate loan online, without time-consuming trips. Online banks, which are completely digital, operate exclusively with the help of credit simulators. Obtaining a simulation very close to the contractual credit agreement that may be signed later, implies the input of precise figures. It is recommended to have the official administrative documents and receipts that attest to your situation in front of you. The online credit simulator allows you to obtain a file that you can download to your computer and print at will. Using several simulators makes it possible to compare proposals from different financial institutions without having to travel.

The necessary documents to carry out a simulation

Whether you want to carry out a simulation in a branch with a financial advisor, or alone via an online simulator, certain administrative documents are indispensable. It is a question of justifying at the same time of its incomes, its expenses, its identity and its personal situation. It is advisable to constitute a basic file including your last two tax notices, your last three pay slips, a proof of identity and a proof of residence. For the owners, a property deed and a proof of expenses should be added to this. It is advisable to have an official document for each of your additional resources to the salary, resulting from rental activities, stock exchange or self-entrepreneurship. You must also have documents proving any additional expenses, such as pensions paid. All proofs of particular situations, disability, incapacity, guardianship or other, are to be on hand. Whether you are simulating a real estate loan, a youth loan, or a consumer loan, the more precise the information you provide, taken from official documents, the closer the simulation obtained will be to the final official proposal of the chosen financial institution. This complete file is to be given to the financial advisor in the branch, but it is also used to fill in the different fields of the online loan simulator with precision.

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