Globally, the repurchase of credit makes it possible to regroup one or more credits (real estate, consumption, car, works, decoration, etc …) in one and only credit to decrease your monthly repayments of repayment.
Repurchase of credit
The repurchase of credit consists in grouping one or several already existing credits into one and only credit, at a rate which is lower, if possible, than the previous one. Borrowers can find a viable solution and avoid a situation that could lead to over-indebtedness.
The repurchase of credits or the repurchase of loan, is open to any employee, pensioner or independent profession able to justify regular income or a positive balance sheet of the last three years. With the purchase of consumer credit you combine all kinds of credits, including revolving credits, your auto credit, a credit work, etc …, the goal being to have only one monthly repayment each month that is less than the sum of the monthly payments currently reimbursed.
There are several types of credit redemption, here are the most common:
- The purchase of a single loan to redeem an existing loan with a new loan in order to have a cheaper credit and lower monthly payments in the future. This is generally the case for a home loan when rates fall but it is also possible to do this operation for a consumer credit, for example a revolving credit with an exorbitant rate bought back by a classic depreciable consumption credit much cheaper.
- Consolidation of credits, which consists in fact of repurchasing several credits simultaneously by one and the same credit, is a common financial transaction for individuals wishing to significantly reduce the monthly payments of all their loans.
- Credit restructuring is identical to buying or pooling credit, it is a more global term often with the aim of reducing the debt to make a decrease in income or to be able to contract a new loan to finance a new project.
These operations can target all types of credit, be they real estate, consumption, auto, works, personal or renewable …