The repurchase of credit, like a repurchase of mortgage, makes it possible to make a grouping of credit in only one loan. You only pay one monthly payment. It is more respectful of your budget.
The repurchase transaction concerns several types of loans such as those linked to real estate, works, cars, consumer loans and a bank overdraft. A new loan can generate an additional contribution for a project for example. In addition, when several revolving loans are combined you can negotiate the best rate.
How do I find the best rate for my credit repurchase?
To find the best rate for a loan buy-back, start by requesting a buy-back from a bank intermediary. It is a financial organization which acts as the interface between your credit institution and yourself. It is a broker who works on mandate and who receives compensation only if your file is approved. It allows you to obtain the best repurchase rate of credit and draws a percentage based on the total amount of repurchase.
Even by having recourse to these professionals it is very important that your borrowing profile is taken care of. Your financing request file must be complete and include, among other things, your bank accounts, your income and your credit documents. Do not hesitate to wait a few months so that your accounts no longer show overdrafts and traces of unpaid bills. These favorable signals increase your chances of applying for credit.
The repayment tenure is essential for determining the rate. The shorter it is, the lower the loan buy-back. Depending on your financing needs, therefore, choose the shortest possible duration.
Please note, your advisor must ensure that your household does not suffer in any way from the consequences of the redemption on the financial balance of your household. Having a CDI is essential to obtain an advantageous credit rate by a banking establishment. Civil servants must be permanent and the self-employed must present their last three balance sheets. The more positive they are, the more they will gain from the negotiation.
When to buy back credit?
The best time to buy back credit is when you can earn more money on interest and related insurance.
The date of subscription of your loans from a credit institution does not matter. Check your repayment schedule carefully and ask yourself how much time you have left to repay and at what rate. You can compare it to the current rates over this remaining term to establish the relevance of the credit repurchase. Be aware that rates have never been lower for a new personal loan.
How is the credit buyback rate set?
The interest rate on the loan repurchase is the result of a calculation. It determines the amount received by the banker in order to lend you money.
Each credit consolidation offer is personalized according to financial situations. The financial institution takes into account your repayment capacity. It’s your debt ratio, your income and your banking history. Beware of too many or too recent banking incidents!
The credit repurchase rate and the duration of the repayment spread are just as decisive. To get an idea of what you can expect, use an online credit buyout simulation tool. You will only have to enter your monthly income, your rents, your monthly mortgage repayment or consumer credit contract repayment for example. You then get an assessment of your credit repurchase capabilities.