You have several consumption credits in progress and you want to reduce your repayments, to take out a new credit or simply benefit from a slightly larger budget each month. We are therefore going to suggest that you discover the buyout of consumer credit, a financial product that can allow you to renegotiate all of your credits to allow you to lower your monthly payments by obtaining a better rate.
How does a buyout of consumer credit work?
The operating principle of buying consumer credit is quite simple. It consists of taking out a new loan, the amount of which corresponds to the total of the balance of the outstanding loans, in order to repay all the loans in advance. Then, this sum will be reimbursed over a period and a rate which will be renegotiated. The purchase of consumer credit therefore makes it possible to lower the monthly payments to be reimbursed in two different ways.
- Lower your monthly payments by negotiating a better rate
Normally, by combining all of your consumer credits into one credit, you will be able to lower the overall interest rate. In this way, you will be able to lower the amount of your monthly payments, by lowering the cost of credit. This gain will allow you to reorganize your monthly budget and benefit from a new breath to make you happy more often.
- Reduce monthly payments by renegotiating the loan term
The repurchase or consolidation of credit also makes it possible to lower the sums which you must repay each month, by allowing you to lengthen the duration of your credits. You may have taken out a consumer loan at an attractive rate, but with high repayments that you are having trouble paying with your other loans today.
The repurchase of credit will therefore allow you to consolidate all of your credits and renegotiate the repayment duration of the total amount. By lengthening the repayment period, you will mathematically lower the amount of your monthly repayments.
A loan buyout to carry out a new project
By allowing you to renegotiate the rate of your different credits by grouping them under a single loan contract, the repurchase of credit can allow you to lower your debt ratio significantly. This solution can therefore allow you to carry out a project by cleaning up your financial situation. You will be able to make a request for a new loan to make your project a reality, with every chance of receiving a favorable response.
Where to apply for a buyout of consumer credit?
To obtain a buyout of consumer credit at the best rate, the best is to start by contacting your usual establishment. Your bank indeed knows your financial situation and it is normally the best able to offer you the best credit repurchase. However, you should not be satisfied with a single proposal, it is indeed important that you put several institutions in competition to find the lowest possible credit repurchase rate.