A loan comparison spreadsheet is an electronic spreadsheet that can be used to compare the different features of loans from different lenders. This is a great way to make sure you are getting the best rate on your new car loan or home mortgage loan and to avoid paying more for the same features with a better lender.
There are many different kinds of loan comparison spreadsheet out there. I’ll go over some of the basic ones, so you can get a feel for the different options out there.
The first type of spreadsheet I’m going to talk about is one that compares the interest rate and closing costs. This is usually what people think of when they think of comparing different loans. They will often glance at a spreadsheet, enter all of their information and get the rate on their loan and closing costs.
What is a Loan Comparison Spreadsheet?
Some people have no problem dealing with both the interest rate and closing costs of their loan. These are the people who have dealt with “spreadsheets before.” But most people simply can’t deal with dealing with these two important pieces of information.
However, a loan comparison spreadsheet is able to do the job that all other spreadsheets have failed to do. It takes the interest rate and closing costs of your loans and compares them to the interest rates and closing costs of the different loans you’re comparing. You can do this with the spreadsheet to see how they would affect your interest rate and your closing costs each month.
This comparison should be in writing. Try to be as specific as possible when entering the information. You don’t want to enter the closing cost of your loan into the spreadsheet and then realize that it didn’t change after a year. You may find that you have to enter the closing cost monthly each month for a year to get the full effect of it.
Also, make sure you check the boxes next to everything you are comparing. You never want to forget to check these boxes. These are the information you’re looking for to figure out which lender offers the best deal on your loan.
And the other important thing you need to remember is that you’re comparing one-time charges against one-time charges. So if you’re comparing your interest rate and closing costs, don’t forget to include the amount of points and/or fees you’ll pay on your loan over the term of the loan.
As for the more complicated features of a loan comparison spreadsheet, keep in mind that you’re comparing loans from different lenders. Your spreadsheet doesn’t have the information that a lender will have. It will only offer information based on what the lender has reported to the banks.
For example, the lender will not report how much interest you’ll pay if you’re late on your payments, or if you miss a payment altogether. And they won’t report the types of loans you’ll take, including how many of them will carry any type of penalties, how much of a down payment you’ll require, etc.
You can take your loan comparison spreadsheet one step further by using it to compare not just your loans, but also the type of lender you want to use for them. For example, if you have a business-type loan, you could use your spreadsheet to find out whether you should use a dealer or a wholesaler.
Just remember that a loan comparison spreadsheet is your ticket to getting the most accurate comparisons. Use it as a tool to find the best rate and offer on your loan. PLEASE SEE : loan amortization schedule spreadsheet
