You have decided to implement a grouping of credits in order to lighten your monthly payments? As when you buy a home loan or a consumer credit, you can compete with several institutions offering this type of offer to benefit from the best conditions for buying back credit.
Low rates and increased competition: a favorable context
When you buy a loan, consumer or real estate, you do not have to keep the lending institution until the end of the term and you can change your credit institution altogether. With historically low interest rates, competition is increasing among institutions offering a buy-back offer, so this is the right time to study this solution. The advantage of such an operation is to negotiate a lower rate, but especially to extend the duration of the loan, to reduce your monthly payments and thus lighten your daily budget.
How it works?
Performing a repurchase of credit simply consists of prepaying the credit or loans in progress to buy a new one that will group the amount of all credits. You will need to provide the usual administrative documents such as your salary slips, tax notices, proof of address and bank account statements, but also the credit agreements that you want to redeem with the corresponding amortization tables.
Competition, the best bargaining lever
With all this information needed to calculate your ability to repay, you will be able to consult a broker specializing in buyback credit. They are intermediaries looking for the best deals on your behalf. Check with which bank organizations they are mandated (the more they are many better it is) and prefer those who are members of a professional syndicate. To obtain the best conditions, do not hesitate to solicit several.
Finally, remember that repaying your initial credits early will cost you early repayment benefits (maximum 3% of the outstanding capital) and that the opening of a new credit will also generate some fees or even guarantees.