Here are the keys to successfully buying back credits, from the choice of organization to the comparison of offers, our experts will advise you. An editorial over at http://www.blogityourself.net/same-day-online-payday-loans-direct-lenders/
Successful repurchase of credit: understanding the transaction
To succeed in your credit consolidation project, you must first understand how it works. It is a banking operation which consists in having its loans repurchased (that is to say that the new lender reimburses the old lenders) by a specialized establishment, which then offers a credit contract with new terms and taking over the are remaining to be reimbursed.
The purpose of the credit repurchase is to reduce the amount of the monthly payments by extending the duration of repayment. Three structures can offer this offer:
- The bank (personal or concurrent)
- The broker (or bank intermediary)
- Specialized credit institutions (often subsidiaries of large banking groups)
Simulate your online financing for free
The success of the operation depends above all on filling in the request or simulation form. The closer the data to reality, the more accurate the estimate will be. It is important to inform the organization of its financial situation as a whole, that is to say not to hide credits, to partially fill in the cartoons or not to mention a file at the bank.
As the supporting documents are compulsory for this type of transaction, the financial adviser will discover the missing information and the borrower will have lost time in his efforts. Worse, if the borrower does not provide the allowances received, for example, he may be refused while informing them of his project may become feasible. The degree of feasibility depends above all on the financial information provided.
Know the offer and subscription methods
It is rather recommended to put a bank and a broker in competition, that is to say to fill out a request with each structure and then evaluate the offers. Once the offers are obtained, here are the elements to compare:
- Amount of the loan
- term of the loan
- APR (assesses the cost of credit)
- TAEA (allows to assess the cost of its insurance)
- Amount of monthly payment
- Total cost of credit
Important, group insurance is sometimes very expensive, going through a broker and the principle of delegation of insurance, the borrower can earn up to 50% of the cost. A significant gain on a new reduced monthly payment.