Before applying for a loan or any financial product, one of the main recommendations is to compare which institution offers the best conditions regarding the interest rate, CAT and commissions, among other indicators.
To help users make the best decision, there are different credit comparators that allow contrasting various data between the multiple financial institutions that offer them.
On the web, there are those offered by government institutions such as Banco de México and Condusef, those of banking entities such as Citibanamex or HSBC; or from some pages specialized in finance such as Kardmatch, Rastreator.mx, Comparabien.mx and HelpMyCash.com.
Faced with such a large, varied offer and with so many options to choose from, the question is which is the best, most accurate or qualified tool to use before requesting financing, since it is about knowing the characteristics of each one and knowing which one. it is better to use.
In the words of Juan Luis Ordaz, Director of Financial Education at Citibanamex, the main objective of this type of calculator is to be a guide for users when comparing information about the services offered by financial institutions, and thus make better decisions.
Which one is the best?
A characteristic of these tools is that they request general information to be used, such as the income of the users, if they already have some plastic or financing, or if they have a specific product in mind, this to roughly calculate which is the best option for the interested party.
And although they all have the same objective, in practice each one has particularities that differentiate them, such as providing more detailed information or providing information on few options.
Another difference is that the comparators offered by public institutions cover credit cards, mortgage, automobile, personal and payroll loans; while those of the banking and platform type are only limited to plastics, so it can complicate the search when comparing other types of financing.
In the case of comparators of government institutions such as Banxico or Condusef, they are obliged to present to the interested party the data of all the credit institutions that exist.
An advantage of these sites is that the information they present is impartial, it does not seek to favor any specific company; the disadvantage is that only data such as interest rate, CAT, annuity, line of credit appear but it does not provide more information on the benefits that each card can provide.
While the comparators offered by banks such as Citibanamex or HSBC, the disadvantage they have is that they only compare the products that they themselves have, so it can be a good exercise if you already plan to request a plastic with said entity or if you already have with one and contrast which is the best.
Meanwhile, those that offer platforms such as Kardmatch, Rastreator, Coru, Rankia, provide data on banks, fintechs and departmental cards where they compare in addition to the mandatory data such as the interest rate and CAT, they also specify more about the characteristics of each product like the benefits and discounts they provide. The only but that could be put is that they do not include other entities such as sofomes, sofipos or credit unions.
The more offer, the better
The more the information is compared and contrasted, the much better, this in order to make a more accurate and informed decision.
Therefore, the bank manager recommended that in the search for financing more than one of these comparators can be used to do a much more in-depth investigation, save the user time when searching among several entities and complement data that does not appear in any of these online tools.
“It seems to me that these comparators help us a lot, we must look at all the variables. Sometimes all this information does not appear in these tools, which in the end is decisive for choosing a tailored product ”, stated the Director of Financial Education at Citibanamex.
Ordaz first suggested using the official comparators and once the search is done on these sites, consult other portals to finish reviewing the products more thoroughly.
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