After purchasing several credits, you managed to repay the various installments without difficulty. But now you have to change your car! A big investment that you cannot answer without going through another loan. But you are afraid that it will negatively impact your budget …
What is the repurchase of credit?
This financial mechanism involves the repurchase of the various credits in progress by a banking establishment or a credit company. Often reduced, the single monthly payment offered to you then stretches considerably over time, knowing that the total amount to be reimbursed is greater.
For people, this reduces their level of debt. It is therefore sometimes possible, by going through this procedure, to be able to apply for another consumer credit.
A criterion not to be underestimated: the rate in the repurchase of credit
The lending institution requests, of course, an interest rate, to be able to claim this service. It corresponds, in a way, to a counterpart, for the gesture made. However, all banks and all credit companies have different offers concerning loans, credit repurchases and a fortiori the rates associated with them. The higher the rate, the more you will pay back a large sum and over a longer period.
It is quite possible to make a comparison by going to each organization, but many now use an online comparator. With this tool, you just have to enter all the data relating to your different credits, but also report the state of your finances (income and charges), to know which bank or which credit company is present, with regard to what you are looking for , the best offer. Are you afraid of making a mistake?
Why Going Through A Broker Can Get You The Lowest Rate?
Another possibility, if the comparator seems difficult to use. Go through a credit broker. These financial professionals are experts in loans, both consumer and mortgage loans. A broker can significantly reduce the search time. He ensures a permanent watch to know all the offers of the market, to analyze the reduction offers sometimes proposed on a given time. Depending on the situation of people, his detailed analysis of the market knows which organization to refer them to.
It may also be interesting to have his opinion on the dossier as such. Indeed, nothing better than a broker to tell you if the credit buy-back is suitable for your situation and what will be the best way to proceed. He will be able to issue you the list of documents to attach to the request for a solid file. But it can also help you for the constitution of the latter. Bitter negotiations with the organization can be carried out, to try to further reduce the rate. It is therefore the privileged interlocutor when households feel a little overwhelmed by the situation.