I need a personal loan for about 5 million pesos to fix my car and I'm comparing different banks. I've seen that rates change every week and I'm not sure which is really the best option right now. Does anyone know which bank has the best terms?
I've had to compare loan rates and the reality is they change constantly, so any answer I give you today could be outdated in a week. Your best bet is to go straight to the big banks' websites or use an online comparison tool that shows you current rates based on your credit profile, because that's what's actually going to tell you what the best option is for you right now. Plus, don't just look at the interest rate: check out the fees, mandatory insurance, and terms, because a bank might have a low rate but you end up paying more in charges.
Rates change every week so there's no fixed answer, but what you can do is go straight to each bank's loan calculators (BBVA, Santander, Banco de Bogotá, etc.) and plug in your exact amount to see what they're offering you right now. What nobody's gonna tell you is that a lot of banks have special rates if you get your paycheck deposited with them or if you meet certain requirements, so before you apply make sure you ask what the actual conditions are that apply to your profile.
Don't go by comparisons you see on social media or old articles because rates really do move all the time. What works best is putting together a list of banks you know (or that people close to you recommend) and then going into each simulator with exactly the same numbers: 5 million, the same term, without adding extra insurance if you don't need it. While you're doing that, pay close attention to what they include in the final rate - some banks show you the clean rate but then commissions or administrative fees pop up that change everything. Once you have the numbers side by side, it's easier to decide, and besides a lot of banks will let you negotiate a bit if you see another one offering something better.
Log into answer.
