Credit buyback is a straightforward solution aimed at individuals to consolidate their loans and reduce their monthly expenses.
Simulate a credit buyback online
What you need to know about credit buyback to save money
It’s a practical way to fund projects. Given the borrowed amounts and the repayment term, unforeseen events can arise. Unemployment, a disabling illness, or a drop in income can lead to payment failures.
Principle and advantages of credit consolidation
Buying back one or more existing credits serves to consolidate all your loans to finish repaying them with a single monthly payment.
The borrowed capital corresponds to the total remaining balances of previous loans. The repayment terms will consider the total amount requested, the refinancing duration, and the monthly payments you can afford without risking over-indebtedness.
This credit refinancing formula covers consumer loans and loans dedicated to buying a motorcycle or a car. If your financial situation allows after rescheduling your loan, it’s possible to include project financing in the credit buyback.
One of the advantages of this operation is the possibility to benefit from more advantageous rates. You can therefore make savings. It also allows for lowering the monthly payment amount and, consequently, your expenses.
Credit buyback: How to proceed?
Getting a loan buyback involves a case study to determine if your profile is eligible. The economy monitoring authority ensures that operations are handled fairly. The granting depends on your age, financial situation, and your debt capacity.
Lending institutions can also consult the Centrale des Crédits aux Particuliers (CPP) file, a service attached to the National Bank of Belgium, to know your current credits. This listing shows the credits you have taken out and your repayment status.
When considering buying back your loans, some precautions are necessary to avoid mishaps. You should inquire about the offers and legal notices concerning the conditions proposed by banking institutions.
You can make an appointment with various credit organizations or use an online simulator to compare options and benefit from a loan buyback at the lowest interest rate.
At Credafin, we will present offers likely to suit your profile, the advantage of choosing a fixed or variable rate, and we will assist you in credit application procedures.
You will be accompanied by a dedicated contact throughout the procedures, including compiling the file. Credafin’s services are entirely free.
The cost of credit refinancing
Relatively high fees, including taxes, are expected for subscription to a credit consolidation.
