Your end of the month is difficult and you are considering a credit buyback operation? Simple to carry out, this operation allows you to benefit from a solution adapted to your situation and to obtain a renegotiated interest rate . How is it calculated? And what are the advantages of a loan consolidation?
Buying back credit: a solution to reduce your debt
A credit repurchase operation consists in grouping several credits in a single loan with a unique and reduced monthly payment which adapts to your budget. A credit grouping can include several types of credit: real estate, work, auto, consumer loans and even a bank overdraft or an additional sum for a new project. This also makes it possible to negotiate a more attractive interest rate, for example when several revolving loans are combined.
Interest rate: the criteria for the calculation
The interest rate is used to determine the amount taken by the bank to lend you money. Credit consolidation offers are personalized from one case to another, because each financial situation is different. Your debt ratio, your income and your banking history (whether or not you have already had banking incidents) are the criteria taken into account when calculating an interest rate. But the repurchase rate of credit and the duration of repayment spread also play an important role.
Each situation is different but it is possible to use a credit repurchase calculator, among our different credit repurchase simulation tools in order to have a first idea of a grouping of loans. You can enter the monthly household income, the monthly rental payments (or mortgage) as well as the monthly consumer credit payments that we wish to group together.
The Benefits of Credit Consolidation
The advantages of such an operation are manifold. The repurchase of credit is a solution which makes it possible to find a remainder to live more important in the month to the month. You benefit from a unique and reduced monthly payment which allows you to better manage your budget and regain purchasing power. You can also take advantage of the operation to negotiate a more interesting interest rate , in particular if you had revolving loans at the origin, or if you carry out a mortgage loan and you benefit from the real estate rate of the loan repurchase.