If you are viewing this article, it is probably because you have difficulty making ends meet and you have several credits outstanding.
In this situation, buying back credit or loan consolidation is often the right solution. However, you should know that this operation generates additional costs.
What are the disadvantages of buying credit?
- The principle of this operation is to extend the repayment period to reduce the amount of the monthly payments. And the fact of extending the term inevitably leads to an overall increase in the amount of interest due.
- In addition, certain organizations will charge you administrative fees, which can further increase the cost.
It is possible to reduce the cost of a loan repurchase:
It must be understood that the repurchase of credit is a juicy operation for the banks and credit companies, the proof: They all started. Loan consolidation offers are therefore very numerous.
Therefore: This is the top you need to play to get the best possible credit buyout. Make the competition work! By carrying out online loan buyback simulations.
How to do simulations?
- Beforehand: Consolidate all your credit documents, in particular the maturities of the various loans that you wish to integrate into the consolidation operation. Because at each simulation, you will be asked the amount of the sums remaining to be paid (capital remaining due).
- Connect successively on several sites of credit companies, on each of them, access the simulator. And fill out the questionnaire.
- Unlike a consumer loan, a loan repurchase is a fairly complex operation, this is why the responses to your simulations will not be immediate, they will generally be sent to you by email a few days later.
- When you have all the quotes in hand, compare the proposals. And select the best one.
Select the best proposition: Instructions for use
- To find the best buyout among the different responses, do not just look at the interest rate, it is certainly an important element but it is not the only one. Also keep an eye on the amount of the administrative fees which can considerably increase the amount of the operation.
- In order not to be mistaken, compare the APR of each simulation, in fact the APR includes in its calculation various costs, including the administrative costs.
- We provide you with a comparator above, allowing you to obtain several responses in a single request.