Research and then Request a credit consolidation loan
Financial charges can be difficult to bear in the short term, especially when the borrower has received several loans. This situation does not at all simplify the repayment of loans contracted because of the difference in borrowing rates and maturities. To reduce the financial burden strategically, it is possible to consolidate the payday loans contracted into one in order to pay a monthly payment over a longer period. We at consolidationnow has a wealth of information and content. We deliver you the tricks to obtain a better rate for credit consolidation loans.
The repurchase of credit is beneficial for the borrower only if he manages to obtain a much more advantageous rate. Given that current economic conditions are marked by a downward trend in interest rates, the advantage is therefore in the hands of borrowers because of the strong competition that exists between financial institutions. For your credit consolidation, you must, therefore, compare the different rates charged by the banks. You can also consult the average rates provided by the bank. The institution’s statistics indicate that the best real estate loan repurchase rate is 1.60%. Consumer credit is estimated at 2.45%.
The criteria for setting the rate
To get a better rate, you can hire a credit repurchase broker. You also have the possibility of carrying out a simulation taking into account certain criteria. The first criterion reports to the profile of the borrower, more specifically its repayment capacity. To benefit from an advantageous rate, your debt ratio should not exceed 30% after the buyback operation. You should also have a fairly stable financial situation. Then, it should be specified that the repurchase rate fluctuates according to the nature of the loans (real estate, consumption, etc.).
Finally, the last criterion is the financial policy applied by the bank. Some are much more stringent than others. But in all cases, borrowing a bank at a given interest rate is not the best solution to finance an operation. Alternative financing such as leasing is much more flexible and less restrictive. Dependence on bank loans is not desirable.