Buying credit is one way to deal with loan repayment difficulties. Whether you have too many credits or declining income, buying back credit is the solution to get your budget afloat. Also called credit consolidation, it is an important part of the credit activity of banks and financial organizations in France.
When to benefit from a loan buy-back?
If you are currently paying off several credits and want to reduce your monthly loan payments, buying back credits is the right solution.
This product allows you to combine several credits into one and thus reduce your overall monthly payment . This reduction in monthly payments offers a new balance to your monthly budget and a bearable debt ratio. You can also ask for an additional sum of money to give you a new lease of life, to consume or save. It is possible to combine consumer loans but also mortgage loans.
Purchase of consumer and / or real estate loans?
Purchase of consumer loans
This product is intended for tenants and owners who wish to combine only their consumer loans with the aim of reducing their monthly repayment.
The average amount of a loan repurchase is 40,000 USD and this debt is amortized on average over 8 years which allows a monthly payment of less than 500 USD. However, it is possible to choose longer loan redemption periods.
Repurchase of mortgage
This product is intended for owners and first-time buyers who wish to renegotiate only their home loan (s) following a drop in rates.
You should nevertheless be careful to compare the attractiveness of the buy-back because your current financier may require reimbursement penalties initially provided for in the contract and administration fees will frequently be associated with your new loan.
In this case, we generally do not talk about buying credits but renegotiating a loan. This is a very common practice at the moment with historically low rates, as evidenced by the Banque de France’s usury rates.
Purchase of consumer and real estate loans
This product is intended for owners or first-time buyers who wish to redeem their consumer credit (s) AND their mortgage (s) in order to reduce their monthly share of repayment of credit.
Buy a credit
Credit repurchase is a more complex product and on a higher amount than other consumer loans. As such, not all financial companies offer this product. The main players are brokers such as Partners Finance, CAFPI, etc. or credit organizations such as Bankate or Viloan.
The repurchase of mortgage is a complex product. In particular with regard to its rate which can depend on your profile and not only on your need as for the other consumer loans. Our credit comparator provides the best deals. If you want to buy a mortgage with other loans, it is really “Credit buy” that you have to choose. For a renegotiation of mortgage rates, go to the “Real Estate Loan” section.
The repurchase of credit integrating a mortgage is an operation which requires an in-depth study and the rates which will be proposed to you depend on this study.