2023-06-13 12:36:23
It may happen that you take out several loans to meet various needs. They are subject to different conditions such as the reimbursement rates, the value of the monthly payments, the duration of the payments… The total of the monthly payments sometimes becomes difficult to manage. To overcome this difficulty, you have the possibility of grouping credits. Find out how to do it here.
Redemption of credits: develop your project thanks to a simulation
To properly develop your project, you need to have a precise idea of certain parameters (rate, repayment period, monthly payments, financing ceiling, etc.). Only one online simulator allows you to get this information with good accuracy according to your actual situation. You can use this tool for free on sites specializing in credit consolidation. It is fast and its use does not commit you to the organization that offers it.
Some information is essential to obtain a estimate of your future monthly payments. These include your borrower status. Whether you own your home or rent it, this will have an impact on your monthly payments. You also need to enter your monthly household income, the number of loans in repayment (whether real estate or consumer) and the total amount remaining due. You must also specify your need for cash for possible financing.
The repurchase of credits is equivalent to a new capital, new monthly payments and a new duration. At the end of this credit consolidation simulationyou can get a lower interest rate to the one you had before. By having an idea of these different points, you can better develop your project and prepare your application file to give it every chance of being validated by the banking institution. In addition, you have the possibility of finding the best offer on the market by carrying out a credit consolidation simulation on different platforms.
Compare several organizations
You must take into account some essential parameters to study the proposals to buy back credits. For example, the Global Effective Annual Rate (APR) is the first criterion to be analyzed. It indeed takes into account all the costs (nominal interest rate, administrative costs, insurance, etc.).
In addition to the APR, it is necessary to analyze the Repayment period offered by financial institutions. To better compare the redemption proposals, you must base yourself on an identical repayment period. Not all offers are of equal duration.
You can also take into account the type of rate offered. A variable rate loan does not allow you to know in advance the total amount of the loan or the amount of the monthly payments. It is therefore recommended that you turn instead to a fixed rate loan for more caution.
You are not obliged to accept the insurance proposals as part of your credit redemption. If the financial institution makes it an award criterion, you are entitled to go to a competitor. You can also choose establishments that offer online appointments to save time and avoid having to travel.
Credit consolidation: get help from a broker
If you are not very available to compare the offers yourself, you can negotiate the broker services. His role is to analyze borrowers’ files, submit them to several credit institutions and help customers make the right choice.
In general, brokers are associated with financial institutions and master their mode of operation. The services they render to you have a cost. However, they save you time by helping you in your credit redemption process. The broker is therefore an intermediary between your bank and you. He is also responsible for finding you the loan offers the most competitive on the market.
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