Redemption of auto loans: what’s the point?
A car loan buyback can be subscribed by any borrower. And that, whatever his age or his income. This solution is more suitable for people who already have several credits to their credit such as a consumer credit or a mortgage. If you already have several consumer loans and a home loan, you can opt for the purchase of your car loan. This operation will allow you to collect all of your credits under a single monthly payment. You benefit from a unique interest rate.
The advantages of buying car loans
By buying a car loan, you can take advantage of the many benefits of buying back credits. With the consolidation of your loans, you benefit from real financial relief. Here are the benefits you get from buying back credits:
- A more competitive interest rate: If the interest rates applied to the current car loan are advantageous, you can save a great deal on all your refunds by opting for the purchase of auto loans at the best rate.
- Lower monthly payments: this is one of the main reasons why borrowers turn to the redemption of loans. This operation allows you to spread your repayments over time. Thus, your monthly payments decrease.
- Financial visibility is more serene: by grouping your loans under a single monthly payment, you know how much of your budget is spent on repaying your loans.
- A cost of insurance more advantageous: often neglected, the insurance of loan can represent a significant cost in a loan. By redeeming credits, you will only have one loan insurance to pay.
Loans with which a car loan can be pooled
If the borrower has subscribed for at least two credits, he or she may consider buying back credits. The borrower can consolidate a loan in order to generate additional cash to finance a new project. By repurchasing credits, the borrower enjoys the benefits of a single loan.
As part of a credit redemption, the car loan is compatible with different loans. Here is the non-exhaustive list:
- Another auto credit: two auto credits can be grouped under one and the same monthly payment.
- A mortgage: if you accumulate a mortgage and a car loan, you can combine these two loans under a single monthly payment. To know: if the outstanding property outstanding to be refunded is higher than 60%, the nature of your loan is then a mortgage. Your new contract will then be governed by mortgage loan legislation.
- A consumer credit: even if you accumulate a personal loan, assigned or still renewable with a car loan, you can group all of these credits under a single monthly payment. Since this is consumer credit, your new contract will be governed by consumer credit legislation.
Purchase of car loans with Werther
Do you want to buy a car loan? It is very simple. Just send us your request via our form. You will know immediately if your project is feasible. This service is:
- Without engagement
- Accessible 24 hours a day, 7 days a week