Your credits accumulate
Do you have too many credits? Are you drowning in debt and struggling to make ends meet? The repurchase of credit is the solution which you need. The idea is to combine all your current loans (car loan, consumer credit, home loan …) under the same contract, the conditions of which will be more advantageous.
Depending on the objectives set, this operation aims to reduce your monthly payments, postpone the repayment of the capital or allow you to benefit from an extension of cash without modifying the data of the initial contract. It is therefore very important to clearly identify your needs before taking the plunge.
Seduced by exceptional rates, the French have massively flocked to their bank in recent years to redeem their credits.
Raising the boom in this sector, many players have emerged. With the arrival of these new entrants to the market, the price war is in full swing and establishments are competing to offer prices hitherto unprecedented. However, despite the fierce competition, differences in rates are still observed between the different brands.
You have to juggle among the multitude of offers to find the one that best fits your needs. The loan buy-back comparator will thus be of great use to you.
And you are looking for the best offer?
Are you looking for the best offer on the market? We support you in this quest.
The credit buyback comparison is necessary to find the best offer, but also to ensure that the operation is profitable , and that it can help you find a healthy financial situation and get back on track.
So which establishments to choose? Today, a multitude of players offer offers. The conditions of the contract, the rates and the fees may vary from one brand to another. To properly compare the loan consolidation offers and determine the most advantageous, here is a non-exhaustive list of points to take into account:
- The APR rate (Annual Global Effective Rate);
- Application fees (lump sum or calculated on the basis of the capital borrowed);
- The time taken to take charge of your file;
We must also ask the right questions: will the rate be more attractive if the repayment period is shortened? Is the amount of the consumer credit consolidation capped? For example, the amount of capital remaining due is sometimes limited to $ 50,000 if you are a tenant.
For the borrower, it is not always easy, even tedious, to take a close look at each of these elements, even if he is fully aware that this is necessary to find the offer best suited to his situation.
This is why it is best to use an intermediary in banking and payment services . As an intermediary specializing in loan consolidation, we are happy to defend your interests with the banks and negotiate the terms of your future credit hard.
Compare to get the best conditions!
To better understand your expectations and avoid unpleasant surprises, we provide you with our credit buyback comparator , adapted to your project and your personal situation. With this tool, you are sure to benefit from extremely advantageous borrowing conditions. With a few clicks, you can get the best proposals from dozens of establishments.
For the comparison of the different credit buy-back offers, you will be asked for information. So, the first thing to do is to determine the total amount of your debts in order to know precisely the amount of capital remaining due and optimize the restructuring.
If you had to choose between several organizations, choose only recognized and reputable brands. Likewise, do not throw yourself into the arms of the first banker to come. Play the competition if necessary. The more patient you are, the more you are rewarded with great savings.
Besides the rate and the monthly payment that you will have to pay after the consolidation of your credits, the total amount will also influence your decision.
How does a credit buyback comparison work?
Thanks to a large repository and many partners, the financial advisers of Meilleurtauxsolutions.com are able to select and compare the financial establishments likely to offer you the most advantageous offer in terms of rates and conditions and most suited to your needs. . The borrower can then rely on this information to be able to analyze the advantages and disadvantages of each proposal and choose the one that best suits their expectations.
For a loan consolidation operation, it is also possible to draw up a comparison of the offers and services offered by brokers.
There are two levels of comparison for a credit consolidation offer: the comparison of financial institutions and the comparison of a situation before and after credit consolidation.
So, to understand your choice, it is first necessary to compare the quality of services offered by the establishments:
- Home ;
- Customer follow-up;
- Reactivity of advisers;
- Deadline for taking charge of the file and mounting the file.
And then cross this information with the technical data of the loan:
- Total amount due;
- Total amount of credit;
- Intermediation fees and handling fees;
- Duration of repayment of credit;
- Debit rate;
- Nature of the borrowing rate;
- Overall effective rate (APR);
- Nature of the APR;
- Cost of borrower insurance.
Reminder of the fees and the cost of a loan buy-back
When you call on a loan consolidation broker , he receives a fee determined as a percentage of the total amount to be bought back. This should only be paid after actual acceptance of the file and after signing the offer. Nothing prevents you from canvassing establishments directly to avoid these costs. However, it should not be forgotten that the intermediary also negotiates the rates and can thus provide you with numerous advantages and that, moreover, certain financial establishments do not work directly with individuals, but always through a broker.
In addition to brokerage fees, you also have to pay administration fees, often representing a percentage of the amount borrowed, which are generally capped at $ 1,000.
Concrete case: a comparison of monthly payments before and after repurchase of credits
Let’s take a concrete example to illustrate the concept.
Monthly payments before operation:
Suppose the case of a couple whose income is around $ 3,100 net per month. They have taken out several loans which they still have not finished repaying, namely:
- a housing loan in the amount of $ 62,000;
- a revolving credit of $ 4,630;
- and a personal loan with capital of $ 8,752.
With $ 1,498 in monthly payments, their debt ratio reaches 48%.
Monthly payments after operation:
To calculate the new monthly payment, we used our online credit repayment simulator:
- Total amount of loans to be paid: mortgage plus repayment penalties (3%), i.e. 62,000 + (62,000 x 3%), i.e. $ 63,860 + consumer credit + cash of $ 8,500 = $ 85,742.
- Forecast rate over 20 years (fixed rate the first year, then variable rate capped in the last years of repayment), or 3.8%.
- Overall estimated cost: $ 36,800;
- New single monthly payment: $ 539.60.
This corresponds to a drop of $ 958.59 in monthly payments during the first year, and a debt ratio reduced to 17.40%.