Have you applied for several consumer loans to finance your projects? You find yourself today with several monthly payments that become difficult to pay and manage? Your purchasing power is actually falling and you are currently plunged into a significant financial difficulty? Be aware that buying back credit can help you solve this problem and avoid over-indebtedness.
Consolidating loans is an interesting banking operation to find a balance in your cash flow. And especially if you plan to embark on new projects. It remains to be seen how to get the best rate for a consumer loan buy-back!
What is credit repurchase?
Credit repurchase or credit consolidation is a banking process allowing individuals to consolidate all their outstanding loans into a single credit. The bank that buys the credits then takes care of settling the rest of each loan to set up a new loan and new repayment conditions.
With the repurchase of credit, you can define the amount of the monthly payment according to your capacity of repayment. This amount is generally reduced, and the repayment period is therefore extended. But it is also an opportunity to benefit from a more attractive rate. After buying a consumer loan, you only pay off one monthly payment from one bank. In other words, your purchasing power increases and you can have an additional budget to realize other projects. Paying off your credit will not weigh more heavily on your budget and you could better manage your portfolio.
Obtaining a credit repurchase under the best conditions will entirely depend on the stability of your financial and personal situation. And be aware that the interest rate on loan repurchase can vary from one lending institution to another. Here is how to get the best rate for buying consumer credit.
Tips to benefit from the most attractive rate
It is possible to find the best rate for consumer credit redemption by following these different tips:
- Carry out a simulation online, without obligation to develop your project. As the rates are very variable, it is essential to have an idea on the latter, on the duration of the loan according to the amount of the monthly payment and the various fees. A simulator even allows you to calculate your maximum repayment capacity.
- After a free simulation on the web, consider contacting a broker who will help you find the most attractive rate on the market, such as creditgram.ch. The broker works closely with different financial partners, and he knows the field. It is therefore able to find you an attractive consumer credit buy-back. Note that his commission is only paid if the file is financed by the bank.
- Build a solid and reassuring backrest. Be aware that the rate will increase as your profile presents risks to the bank. Before launching your request for credit repurchase, therefore, think about regularizing your situation by settling the arrears and presenting own bank accounts. Your chances of acceptance will depend on your financial stability. The brokerage professional is able to help you build a relevant file that will guarantee acceptance by the bank. If you have a long-term employment contract, do not hesitate to demonstrate it in your file. This will help you put the odds in your favor.
- Note that even if you want to have the minimum monthly payment, it is better not to extend the reimbursement over a too long period. Simply because the longer the term, the higher the total cost of credit and the higher the interest rates. If your repayment capacity allows you then, consider returning the credit over a shorter period, without forgetting to consider the rest to live.
In short, the purchase of consumer credit is the best solution for individuals who want to get out of their financial difficulty. But for this operation to be the most advantageous possible, it is better not to rush and take the time to play the competition in order to find the best rate for repurchase of consumer credit.