Accepting a loan buy-back is conditional on the borrower’s situation; some institutions accept it more easily than others.
Credit buyback: how does it work?
It should be known that one can distinguish two operations in the repurchase of credit, there is that which consists in making repurchase its mortgage loan to profit in particular from more interesting rates. The idea is therefore to take advantage of the current situation to redeem your loan and make great savings on interest. The other operation consists of grouping several loans together to redefine the terms of repayment, that is to say that we will redeem the credits in progress to extend the duration and reduce the monthly payment. It is the solution to return to balance in finances.
In both cases, the borrower must submit a loan repurchase request by providing all the details on his current loans, on the loan (s) to be bought back but also on his charges and income. The financial advisor, from the bank or from the brokerage firm, will study the situation and quickly inform the borrower of the feasibility of his project. Acceptance will therefore depend on the requirements of banks, credit institutions and at this level, each institution has its own criteria. There are therefore many establishments which accept credit redemption more easily than others.
How to facilitate its acceptance for a repurchase of credit?
To put the odds on its side and more easily gain acceptance, it is necessary to approach several banks at the same time. The more choices the borrower has and the range of loan buy-back proposals, the more it will be in a position to facilitate obtaining them. It is estimated that a minimum of three proposals is necessary to properly compare the loan buy-back offers, but a borrower can even push this study to as many as 5 credit institutions. The difficulty remains to be able to objectively compare the offers and choose the bank that accepts more easily, but also with preferential conditions.
It is therefore strongly advised to use either a broker to canvass the banks, or a service to compare offers to buy credit online. In both cases, several credit institutions will be asked to promote the competition between institutions but also take into account the requirements of banks. Guarantees, fees, rates, durations, everything is screened to allow the borrower to direct his file towards the best-placed credit institution, moreover, offering easy acceptance given the situation of the applicant.
Simulate your credit buyout online
Difficult to know to whom to send your file without having an overview of the financing conditions of banks. The credit buyback simulator saves borrowers time by filing only one request and soliciting offers from credit institutions and banks. It is important to provide all the necessary details regarding the type of projects, the credits to be redeemed, but also the personal and financial situation of the applicant. All these elements make it easier to obtain an offer to buy back credits. Note that this service is free and without obligation.