The repurchase of credit is a banking operation which allows individuals to rebalance their monthly budget and regain greater purchasing power. When you have several credits in progress, it becomes difficult to restore the monthly payments, especially when the remainder of living is no longer enough to meet monthly needs. Loan consolidation is then the best alternative to avoid over-indebtedness. Quite simply because this solution makes it possible to gather all the credits in only one new loan to be reimbursed over a longer duration, and with a reduced monthly payment.
But be aware that not all banks offer the same conditions and fees and the same rates with the same profile. The various elements relating to your new loan may vary from one organization to another. This is why it is essential to carry out a careful comparison before purchasing your credit repurchase. Simulating a credit buy-back is a crucial step before contacting a broker. But for what reasons?
Why simulate a credit buy-back?
Simulating a loan repurchase allows you to make the link and a comparison between your current financial situation and that following the loan consolidation. By providing different information about your financial situation, you can gain insight into the different data of your future loan buyout. It is crucial to be as accurate as possible during this simulation, because note that the acceptance of your request to buy back credit will entirely depend on the solidity of your file and your financial stability.
The simulation helps you to determine the duration of the desired credit according to the amount of the reduced monthly payment not to exceed. You can get an idea of the interest rate, debt ratio, APR, loan term, fees, and amount of the monthly payment through a simulator. This helps you to think better and to choose the establishment to which you should turn.
Note that the use of a simulator does not commit you to anything. This simulation is not linked to any contract. In addition, you do not need to pay to perform this simulation. In a few clicks, you get an accurate estimate according to your situation and your loans in the process of being repaid.
The role of the broker in requesting a loan consolidation
Know that as part of your request to buy back credit, whether real estate or consumer, you can turn to a brokerage professional. The latter knows the market better than anyone and works with many financial partners. The broker is able to analyze your profile and your situation in order to help you boost your chances of obtaining loan repurchase under the best conditions.
As an advisor, he will assist you in building your file and will be responsible for renegotiating the rate of your loan. By seeking the services of this professional, you will therefore be sure to build a solid case that will easily convince banking establishments. He can prove your solvency with banks. Its main role is to offer you the most interesting offer corresponding to your profile and your situation.
Going through a broker after simulating a credit buy-back will only be favorable, especially since his commissions are only paid if the request is accepted by the bank. Thus, the broker then invests fully in your project of request for repurchase of credit in order to pocket his remuneration.
In short, the repurchase of loans can be a very interesting solution
In order to get out of a major financial difficulty, especially when you have several credits in progress. This allows you to better manage your monthly budget, and plan other projects. The reduced monthly payment and the extended duration will lighten your expenses per month. However, you should not rush and take care to simulate your credit repurchase to determine the crucial points of your future loan consolidation. Help from a broker will also be welcome to find the most advantageous offer. This professional will lend you a hand in your repurchase project of credit, and will take care to take into account your situation and your profile.