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Redemption of credits can be a credible option to get out of debt. This process makes it possible to collect the loans from the different creditors in an exclusive loan. Debts are no longer scattered, the rate is unique and the monthly payments are lower. The redemption of credits also has the advantage of involving only one interlocutor. It therefore becomes easier to manage cash. In order for this financial operation to be as beneficial as possible, it is important to analyze the various offers on the market. Are there any tips for finding the right buy back of credits? This post gives you some tips.
Find the right organization for its credit pool
Before you start looking for the organization that will grant you a recovery of your credits, it is essential to remember an essential thing: this financing solution is a loan. Borrowing to reduce the value of its monthly payments is an exceptional measure that has an impact on the future: commitment. The best way to get involved is to calculate your debt ratio and check your ability to honor the contract. You can talk to your banker who will give you all the documentation relating to this financial measure that is the redemption of credits.
The repurchase of credits is not a usual loan. Indeed, usually a consumer borrows in order to finance a project:
- Access the property,
- Invest in a vehicle,
- To build his first apartment,
Delivering the luxury of a dream holiday… Here, the consolidation of credits is a device that will reduce the amount of charges borne by a consumer that is accompanied by credit balance among creditors. To resort to a redemption of credits must be a solution to use with the greatest moderations.
Compare and analyze credit buyback offers
To be certain that this financial transaction is advantageous, we must strive to find the agency that offers the best rate with other opportunities (due date, free management fees… ). To achieve this, you do not have many options at your fingertips; we must analyze and compare. Three ideas are then possible:
- Go from agencies to agencies to negotiate contracts.
- Entrust his project to a broker specialized in the purchase of credits.
- Trust the online comparator dedicated to consolidating loans.
If all three ideas are the same, the quickest and cheapest way to find a partner is the online comparator. After answering a few questions about the state of your financial situation, you get free, no obligation quotes. The list is reduced, it is easier to make a choice. The broker can also be a good tip. This expert is responsible for negotiating contracts and interest rates. Finding a buy-back at a low rate is an asset since the total cost of credit will decrease, allowing a borrower to shorten the term of the loan.
To conclude, the online comparator allows you to make different simulations and to quickly know the current promotional offers. It is advisable, however, to remain cautious by reading the various contracts.
A car is a means that we almost all have to use.
Belgium is a real car country where many people use the car even for small journeys. But sometimes you can’t do anything else, for groceries for example. Then the car is so easy because you can load a lot into it. In addition, there is also the daily commuter traffic that we have to face. The hour-long traffic jams are the result every day. An alternative would be public transport, but then you will be on the road even longer and that ensures that many people stay with the car.
Now something about the purchase of a car, because that is also an important part. Many people borrow to buy a car, the amount is often too high to withdraw it from the savings account at once. A loan is easy, you have to ensure that you can pay off the loan for the full duration. Since it is a fairly large amount, the monthly amount is also often considerable. So make sure that this fits within your budget and that you do not get into financial difficulties.
You can search for a loan via the internet.
The banks all have a loan simulation tool with which you can calculate loans, which is useful for knowing how much a loan will cost you. You enter the amount of the purchase of the car there, and you also specify the duration of the loan. With these two data you will already see a result. That amount must therefore be paid monthly. It is a sum of capital and costs that you must pay off in a fixed monthly amount. Is that too high for you or are the costs too high? Then you can look for another loan.
You can do that simply by going to another website of a bank. There you can do the same thing, so carry out a loan simulation. Enter the same data there and see what the result is. If that is higher or lower, you can still choose whether this bank would be a good choice. The lower the monthly amount, the better for you, because you will of course pay less.
A loan from a car is unfortunately not tax deductible. So you have to pay for this entirely from your own pocket. Nowadays there are actions from the government when it comes to electric cars. But the purchase cost of those cars is often so high that it is not yet possible for the average worker to purchase them.
Everyone of course! A loan for your home is not just about the purchase. For example, it can also be about repairing it, and that is especially nice if you have an old (er) house. For these types of projects, the figures can also increase considerably. It is therefore an advantage if you can borrow the largest possible amount at the lowest possible monthly installment. But let’s start from the beginning. That is the home loan or the mortgage loan.
Take out a loan
You bought a house 15 years ago with a mortgage of 100,000 USD. You took out the loan in a period that the interest rate was significantly higher. Up to now, 80,000 USD have been paid off, but now the house needs repairs, or you want to add a piece, for example. Did you know that you can re-use your existing (non-expired) mortgage for those changes or renovations? You don’t have to pay a mortgage or notary fees, and that saves a lot of money. If the house is older than 10 years and not rented out, you can rebuild at a favorable VAT rate. Because most home loans provide a tax benefit, you do not lose this benefit with a new loan. The credit is still ongoing.
Home loan interest rates
The new home loan will be taken out at the current interest rates and your current credit (usually at a higher interest rate) has no impact on that. You can also switch from a financial institution to repay your home loan and transfer your credit at a lower interest rate. So there are all kinds of ways to reduce your costs. With so many banks and institutions, it’s a good idea to do your homework by comparing them. We are usually familiar with the bank where we have been banking for years, but you certainly have to compare several institutions and play against each other. A bank may indicate a basic interest rate to the outside world, but in practice there is room for negotiation with you. So be smart and use it.
For a quick and easy overview to get a good idea of rates, go to the websites of the providers, especially those with the lowest APR (annual percentage rate). There you will find a simulator tool where you can enter some data. The simulator lets you know very quickly whether you are eligible for the mortgage loan and what your monthly payment will be. Check every provider for a license (issued by the Belgian government), always read the conditions carefully and ensure that the low APR is not an entry campaign that ends next month.
You can also go to a financial consultancy to get information there. Armed with as much information as possible, you can then start negotiating with the various credit providers. Don’t be afraid to return a few times to a financial institution to get the most out of it. The kick-off is up to you to score the best possible home loan.
As its name indicates, Credither Credither belongs to the Credither group. This financial organization’s basic activity is the management of credit cards for the financing of purchases at the group’s different partner merchants. Credither bank also collaborates with the online portal. In order to offer new financial products to its customers, Credither bank has partnered with Mutual Credit. She is now able to offer credit and buy back credits. This release focuses on the solution of credit buybacks to balance your budget.
Credither and the mechanism for buying back credits
Every responsible person tries to balance their budget so they can have fun while paying their bills. Unfortunately, life is expensive. It is sometimes difficult for a consumer to pay for boiler repairs or finance the next vacation. The redemption of credits can be a possible solution if you want to recover purchasing power. Indeed, the principle is based on the consolidation of loans in progress in order to extend the repayment period and, mechanically, to reduce the amount of repayments (called the monthly payment by the credit institutions and / or the banks).
Credither bank offers the purchase of consumer loans (real estate loans are not part of its product portfolio ). It is therefore possible to:
- Gather at least two consumer credits ( consumer code).
- Request a loan ranging from 6,000 to 75,000 $.
- Spread the loan over a period of 1 year to 12 years.
- To include a new financing project in the global loan.
- To benefit from a fixed or variable rate (the rate is to be defined at the time of the loan offer).
Terms of purchase of consumer credit?
Here is a relevant question that deserves a fair answer.
Above all, it is important to know that a request does not mean acceptance. To know if you can claim it, it is imperative that a financial expert of the Credither checks your information and studies your file. It can not override the laws and regulations that govern the redemption of credits. In fact, it is not 100% sure that your project gets a positive response. If the home’s debt ratio is too high, the file will be considered inadmissible. It will be necessary to turn to the commission of over-indebtedness or to a relative to get out of the spiral of over-indebtedness.
In addition, we would like to offer you two useful tips. In fact, to reduce the monthly repayment, it is necessary to extend the duration of the loan. We remind you that the loan is subject to an interest rate that increases its cost. It is therefore imperative to choose a loan offer based on its repayment capacity and not on the amount of the monthly payment. In addition, opt for a variable rate is not necessarily beneficial since the latter may fall as increase depending on the index. The fixed rate, meanwhile, will remain the same throughout the duration of the loan.
To borrow money, three factors are important: the purpose for which you borrow, the term of the loan and the lowest possible interest and costs. Let’s work that out for you. First you start from what you are going to do with the credit. This can for example be a new car or a refrigerator, but also buy or repair a home. As you can see there are quite a few differences between the goals and therefore also the amount that you are going to borrow. And of course you are looking for a cheap loan, the cheapest there is.
Take out a car loan
For expenses such as a car, you generally take out a car loan. This is a personal loan for a somewhat higher amount – soon a few thousand USD. The lender needs some information, but usually the money is in your account within 2 weeks and you can drive that clean car. The repayment (duration) usually takes a couple of years. A loan for a refrigerator is even faster: the amount is usually relatively low and there is almost time. A mini loan is a good option here, as it can be paid off with the next salary (or 2). A mini-loan will be in your account within 24 hours, or sometimes even after 10 minutes. Handy to keep the milk fresh.
A mortgage loan for a residence will take a little more effort and time. It is therefore usually the largest credit you will receive in your life. Because the amount is large, the duration is usually from 10 to 25 years. In this way the installment is spread well and you can continue to live without having to feel excessive in your wallet. With a home loan you should definitely go to different banks and play them against each other. Banks will negotiate the payment with you, but you have to come up with it yourself. To find a cheap loan – and that also applies to a personal loan or mini credit – you sit down to compare the money providers.
Every provider uses its own rates.
The differences are often small, but even a difference of 0.1% in interest and costs can save you a lot of money at the end of the trip. The longer the duration and the greater the amount, the more you save. You can quickly see online who comes with the best rates and conditions. This is indicated as the APR (annual percentage rate of charge); this way you immediately know what the interest rate and the costs are for the loan. You can request a free quote by surfing to the website of the provider. You enter some information via the loan simulator and you can quickly see what your monthly payment will be, including the APR. You can find a cheap loan by comparing various providers and making your choice. And that is of course the most advantageous loan. Log in and you will see it automatically.
Finally another day with the sun and you sit on the terrace. With those sun rays on your back it starts to itch again; you naturally start thinking about vacation. A holiday where you can enjoy the sun every day for 2 weeks. There is only 1 problem: your account is a bit lean. You just moved and things had to be bought. That cuts in and now there is no money for vacation. Or is it? With a loan simulator you can calculate a loan and you will be surprised at the options you have.
In this example we use the holiday feeling, but it could just as well be a new car, house, renovation, study and so on. There are all kinds of loans that give you the space to implement your plans now and not to save for years. In addition, this is a great time to borrow, because interest rates have never been this low. This means that saving yields almost nothing extra, and conversely that debts entail low costs. How complicated is it to calculate your loan? Not at all! And you don’t even have to put on your jacket.
Today almost everyone takes out a loan at one time or another.
In Belgium, 81% of the loans currently consist of home loans. Consumer loans, such as the purchase of a new car, television or bedroom, are also on the rise. The Belgian is therefore positive about taking out a loan and uses a loan simulator for this. First you have to calculate how much you can pay per month. You do this by deducting your monthly expenses – all fixed costs, hobbies and things that you do not want to give up – from your income. That could therefore be your monthly payment amount.
Cheapest possible credit
Now you probably want to find a provider that offers you the cheapest possible credit. Log in to your laptop where you will find a large number of providers. And there are often (large) differences between lenders when it comes to paying off. And even minimal differences can have an impact at the end of the ride. So you have to make a comparison and you do that by clicking on multiple providers. On their websites there is a free loan simulator where you enter the loan amount and the term and, depending on the amount, sometimes some other data. After a few seconds you already know how much you will pay per month and that includes the annual percentage rate (APR).
The APR provides a good overview of the cheapest credit providers. The providers with the lowest APR usually offer the cheapest loan and you see that when you perform the simulations. Almost every provider has such a simulator so you can compare them. Always read the conditions. Once you know where you stand, a decision is made quickly. Easy right?
Compare loans: quickly and easily find the cheapest!
We can compare many articles with the advantages of the internet. If you need a new TV, you go to different web shops to see where you can buy the cheapest. And with almost everything that you want to buy, you have made a comparison of prices and conditions in a few minutes. You can do the same with loans. This is about getting money or getting the opportunity to buy something, such as a car or house. But you can also get the cheapest with loans.
If you buy something from electrical then you know that it is a one-time purchase and that no monthly payments have to be made. The amount is still low and you do not feel it in your budget. But for more expensive items, such as furniture or even renovations, the price tag can quickly reach thousands of USD. If your savings book looks poor, you will unfortunately have to borrow. In some cases, such as a home loan, you still have a tax benefit. Unfortunately not with other loans. With a renovation you can still get premiums from the government, that might also be something to keep in mind.
But you have to borrow. What should you pay attention to?
Are there small print if you want to apply for a loan and what will a bank need from you? The bank will first of all want to know who you are, what kind of work you do and for how long and how much income there is. If you have a permanent job and can present a wage slip with a full-time income, then you are already on the right track. If there are no other loans to pay off or alimony for your children, then a bank will most likely give the green light for your application.
If you borrow together with your partner, you have an even greater chance of success. Since both wage tokens will then be added together, you have a larger basis for borrowing. A bank calculates as follows: you can borrow up to approximately 40% of the joint income. If you still have income from rental income or an independent activity, then you can of course also have this included. But an income from employment counts for 100%.
Are there any other expenses such as car loans or mortgages for other homes and such. Then you should definitely mention this. You also have to report this for alimony. A bank will then examine what the options are and give an approval based on the data or not. Some banks let the head office decide, other local banks make the decision themselves. It depends on where you want to go. On the internet you can already perform a loan simulation and see for yourself what a loan will cost you every month. A simulation displays an amount that includes the Annual Cost Percentage. But of course you are not connected to anything yet. This is to give interested parties the opportunity to do a first calculation without contacting the bank.
If you have found a cheap loan, you can always complete the application via the internet. But if you prefer personal contact, you can always go to a bank in your area and request a meeting there. Make sure you do the necessary comparison to arrive at the cheapest loan at that time. You still want to save on your loan costs and keep as much money as possible for other expenses. Then a comparison is definitely something you should keep in mind.
The lower the APR, the more money you can keep in your portfolio. You do not have to spend that part on a loan and you therefore do not lose it. Because a loan is about being able to make the purchase. You receive money, but the bank charges you a fee for this. The money is the same at every bank, but the costs may differ. So make sure you have the cheapest loan in your hands and sign the contract.
The search for a loan can be the most labor-intensive of all. Once you have found something with low costs, submitting the application and signing the contract is actually just a formality. Thanks to the internet it all goes so fast and you can have a loan in a few days. Everything to the benefit of the customer, so make it easy on yourself. A bank makes big profits on loans, so you have to make sure you get the cheapest loan. Do not give in to nice talks or nice advertisements in the newspaper or TV. It is all about your money. Then a loan comparison is necessary, it’s about your future. Your budget must remain in order every month and you still want room for other things.
CreditAskMe belongs to CreditCole. It is a brokerage firm that advocates the following philosophy “A vision, solutions”. This establishment wishes to be attentive to its customers by proposing customized solutions according to the situations of each one. Leader in the credit buyback market, CreditAskMe is constantly looking for the best buy at the best fixed rates. Discover his solutions!
A CreditAskMe broker at your service!
Before explaining the benefits of a credit buy-back, it’s good to take a look at CreditAskMe. CreditAskMe is an organization specializing in the solution of credit redemptions of all kinds. However, it is not possible to go directly through them to obtain a solution for loan purchases. It is the professionals who put you in direct contact with CreditCole’s advisors.
What are the offers offered by brokerage CreditAskMe? The property reviews all requests, whether you are a landlord or tenant, employed or retired. His goal is to put his professionalism at your service to help you out of a stormy situation. We remind you, purely for informational purposes, that being in a debt situation is not a scourge. Moreover, according to the studies conducted by the Banque de France, the main causes of indebtedness are the accidents of life ( dismissal, divorce, disability, long illness… ). The redemption of credits is a solution that can allow you to rebalance your financial budget without going through the debt overhang deposited in the Frome Bank.
CreditAskMe offers several consolidations including:
- The collection of consumer credit.
- The renegotiation of real estate loans.
- The loan to cover bank overdrafts and unpaid debts.
- The restructuring of consumer credit with real estate loans.
- The consolidation of credits to finance a brand new project.
- Consolidation of credits to access the property.
Is it necessary to give guarantees?
Depending on the type of redemption, you will have to give guarantees or not to the brokerage firm. The combination of real estate loans and the consolidation of mixed loans ( consumer loans and real estate loans ) do not have the same value. In fact, for all redemptions including at least a mortgage will have to be guaranteed. This is most often mortgaging his property.
As a bonus, we must know that a solid file is more likely to succeed. In fact, we recommend that you surround yourself with a co-borrower. The co-borrower is a creditworthy person on a permanent contract who can take care of the payment of the monthly payments in case of financial problems on your part. In addition, a creditor insurance can earn you points.
Are you going to build or buy a house? These are large expenses that require a lot of money. For these types of amounts, we therefore usually take out a loan that often has a long duration – on average 22 years. In our example, we assume the convenience of real estate, because you usually pay the longest on a housing loan. And interest and borrowing costs must be paid on a loan. The interest rate is therefore important when choosing the cheapest provider. Some institutions only offer a fixed interest rate, with others you have the choice between a fixed and a variable interest rate. But what exactly does this mean for the interest on your mortgage?
Fixed interest rate
Like everything in life, both types have advantages and disadvantages. With a fixed interest rate, the same interest rate is always used as when you signed the home loan. During the term, you therefore pay the same amount each month. That way you can also plan better for your other expenses. It is precisely when the interest rate is high that variable interest rates are chosen more often in the hope of a fall. At most financial institutions, the variable interest rate for a mortgage is currently 1 or 2 decimals lower than the fixed interest rate, but it can rise again at any time. Your payment will increase with a variable interest rate, and that is less fun. Because the variable interest rate can fluctuate, you will never know in advance what the final repayment amount of your loan will be at the end of the term.
Fortunately, the Belgian government has limited the rise in the variable interest rate. For example, the variable interest in the second year may not increase by more than 1% of the original interest rate. In the third year this is at a maximum of 2%. Larger fluctuations can only occur afterwards, but the interest rate can never more than double for the duration of your credit. Yet a relatively small increase can cost you thousands of USD more at the end of the term. So do some research and go to the website of the providers to compare them via their simulator tool. That way you can find the cheapest provider at the lowest interest rate.
3 in 4 Belgian borrowers opt for a fixed interest rate, because it is currently historically low. In this way you will not be faced with any surprises in the future, because you will certainly play. You pay slightly more than for a variable interest rate, but the difference is often only a decibel or one and a half (0.15%). At the age of 20 or 25 that of course makes a difference, but most of us prefer to sleep on two ears at night rather than worry about it for years. So do your homework and calculate who can offer you the cheapest loan. Via this page you can make a fixed calculation of your installment by comparing the cheapest providers. Simulate it!