Performing a credit repurchase comparison is an essential step to find the best offer. Especially since the sums involved in the purchase of credits are really important. On average, the amount of a consumer credit consolidation is 30,000 USD. For a buyout with a home loan (mortgage buyout), the average is 90,000 USD! Our specialty is to compare credits. Not only are we looking for the best rates but we also have a system that offers a first answer in principle from the cheapest financial organizations.
Credit buyback comparator: operation
In order to offer an objective credit buyback comparison, we are constantly looking at all the offers from the largest organizations specializing in buyout. But we don’t just offer a simple ranking of the best rates in our credit buyback comparison.
When practicing this type of operation, the objective is to regain financial balance. Getting a credit buyout comparison is not enough. It is necessary to obtain a custom classification according to the file of each.
There is no point in knowing who offers the cheapest credit buy-back if it is so that the file is refused. We have therefore developed an exclusive questionnaire which not only makes it possible to obtain a credit repurchase comparison but also to know which agency has the best chance of going through the file and for which rate:
Obtain a comparative objective credit repurchase
Going through a loan buyout aims to consolidate all existing debts into a single new loan. The duration of the latter will be sufficiently extended to be able to offer a bearable monthly payment.
Because the first important sign that shows the need to go through a credit consolidation is a real difficulty to make ends meet. If the monthly payments are too difficult to repay each month, it is time to consult a comparative repurchase of credit to spread out its debts.
You do not necessarily have to wait until you are too in the red to proceed to a grouping of credits because the procedure takes time. Indeed, from the moment you consult our credit buyback comparator and you apply for credit online, it will generally take 2 months for the file to succeed. All debts will be taken over and rearranged within the new loan.
For information : the repurchase of credit can be composed of consumer credit but also of a real estate credit or of debts like unpaid rents or late taxes. it is possible to request additional cash when requesting a loan repurchase.
Compare credit repurchase
Why should we compare the repurchase of credit? For two main reasons:
- Depending on the rates offered, the costs can be very different.
- The repayment tenure has a huge influence on the cost of buying back credit.
Take an example of a credit buyback comparison:
- Redemption of credit 30,000 USD over 120 months
- Lowest taeg rate: 7.35% total cost: 12,009.60 USD (monthly: 350.08 USD)
- Most expensive taeg rate: 9.90% total cost: 16,538.40 USD (monthly: 387.82 USD)
Going through a credit buyout comparator saves more than 4,500 USD for the exact same operation.
But that’s not all. When you go through a credit consolidation, you want to lower your monthly payment. The criterion that we will therefore change is the repayment duration. Again, you will have to ask for several credit buy-back comparisons because from one duration to another, the impact on the total cost is major.
For example, passing over a period of 84 months with our example to 30,000 USD, with a fixed taeg rate of 7.27%, the total cost increases to 8080.56 USD but the monthly payment rises to 453.34 USD.
Why combine your credits?
Going through a loan buyout is a great way to get out of it and give yourself a second wind. It is anything but a failure and it is almost always what makes it possible to avoid going through over-indebtedness.
Indeed, it is rather rare that we find ourselves in a situation with too many credits simply by the fact of having subscribed to too many credits. The imbalance in the monthly budget is generally the consequence of a life event : the loss of a job, a divorce, an illness or an accident are mainly causing the difficulties.
As soon as they are felt, you must above all avoid locking yourself in a bad light and tell yourself that things will work out without doing anything. It is better to take the bull by the horns and go through a comparative buyout of credit in order to rebalance the situation as quickly as possible.