Offer comparison calculator
Enter two offers as the lenders state them. The calculator counts the fee the way a Truth in Lending disclosure does and shows which credit is cheaper.
| Result | Offer A | Offer B |
|---|---|---|
| APR | 17.65% | 15.5% |
| Deposited to you | $9,500.00 | $10,000.00 |
| Monthly payment | $341.78 | $349.11 |
| Finance charge | $2,804.08 | $2,567.96 |
| Total of payments | $12,304.08 | $12,567.96 |
| Cost per $100 received | $29.52 | $25.68 |
Offer B has the lower APR: 15.5% against 17.65% for the same 36 months.
Request offers for this amountGet offers to compare
Describe the loan you have in mind. LendCedar passes your request to lenders and loan brokers who may contact you with offers; you compare them and decide.
- The loan you have in mind: amount, purpose, credit and income.
- Your contact details and your consent to be contacted.
- A lender or loan broker may contact you with an offer. Nothing is decided until you sign with a lender.
LendCedar is not a lender or a loan broker and does not make credit decisions.
You pay LendCedar nothing. Lenders and loan brokers pay us for requests, and they set their own rates and terms. How we make money.
How the comparison works
For each offer the calculator finds the fixed monthly payment on the full loan amount, then subtracts the origination fee from what reaches you: that is the amount financed. The finance charge is everything you repay above the amount financed, so it counts the interest and the fee together. The APR is the yearly rate at which your payments repay the amount financed, found the way Regulation Z prescribes for equal monthly payments.
With the starting values, Offer A charges 14% with a 5% fee and Offer B charges 15.5% with no fee. A deposits $9,500 and costs $2,804.08; B deposits $10,000 and costs $2,567.96. B is the cheaper credit even though its rate is higher, which is why the APR, not the rate, is the number to compare.
When the terms differ
APR is a yearly rate, so it ranks offers of the same length. If one offer runs longer, it can show a lower APR and still cost more dollars, because you pay interest for more months. Look at the finance charge and decide whether the lower payment is worth it; how loan terms change the cost walks through an example.
Results are estimates for planning. A lender's disclosure can differ by a few cents because of how it rounds the last payment, and by more if its payment dates or fees differ from what you entered.