What is the best rate for my credit repurchase?

  • February 13, 2020

 

 

The repurchase of credit, like a repurchase of mortgage, makes it possible to make a grouping of credit in only one loan. You only pay one monthly payment. It is more respectful of your budget.

The repurchase transaction concerns several types of loans such as those linked to real estate, works, cars, consumer loans and a bank overdraft. A new loan can generate an additional contribution for a project for example. In addition, when several revolving loans are combined you can negotiate the best rate.

How do I find the best rate for my credit repurchase?

How do I find the best rate for my credit repurchase?

To find the best rate for a loan buy-back, start by requesting a buy-back from a bank intermediary. It is a financial organization which acts as the interface between your credit institution and yourself. It is a broker who works on mandate and who receives compensation only if your file is approved. It allows you to obtain the best repurchase rate of credit and draws a percentage based on the total amount of repurchase.

Even by having recourse to these professionals it is very important that your borrowing profile is taken care of. Your financing request file must be complete and include, among other things, your bank accounts, your income and your credit documents. Do not hesitate to wait a few months so that your accounts no longer show overdrafts and traces of unpaid bills. These favorable signals increase your chances of applying for credit.

The repayment tenure is essential for determining the rate. The shorter it is, the lower the loan buy-back. Depending on your financing needs, therefore, choose the shortest possible duration.

Please note, your advisor must ensure that your household does not suffer in any way from the consequences of the redemption on the financial balance of your household. Having a CDI is essential to obtain an advantageous credit rate by a banking establishment. Civil servants must be permanent and the self-employed must present their last three balance sheets. The more positive they are, the more they will gain from the negotiation.

When to buy back credit?

When to buy back credit?

The best time to buy back credit is when you can earn more money on interest and related insurance.

The date of subscription of your loans from a credit institution does not matter. Check your repayment schedule carefully and ask yourself how much time you have left to repay and at what rate. You can compare it to the current rates over this remaining term to establish the relevance of the credit repurchase. Be aware that rates have never been lower for a new personal loan.

How is the credit buyback rate set?

How is the credit buyback rate set?

The interest rate on the loan repurchase is the result of a calculation. It determines the amount received by the banker in order to lend you money.

Each credit consolidation offer is personalized according to financial situations. The financial institution takes into account your repayment capacity. It’s your debt ratio, your income and your banking history. Beware of too many or too recent banking incidents!

The credit repurchase rate and the duration of the repayment spread are just as decisive. To get an idea of ​​what you can expect, use an online credit buyout simulation tool. You will only have to enter your monthly income, your rents, your monthly mortgage repayment or consumer credit contract repayment for example. You then get an assessment of your credit repurchase capabilities.

What are the advantages of online credit?

  • February 10, 2020

 

In the digital world, online credit is becoming popular. You can from an electronic medium (PC, tablet, smartphone, etc.) take out a loan online. Why is it so successful? Elements of the answer below…

Get better time savings

Get better time savings

Online credit saves considerable time. Unlike conventional solutions, there is no need to make an appointment with an adviser or wait in the bank hall. From your browser, you can access the specialized site and follow the procedures.

Furthermore, said procedures are also simpler. Depending on the type of loan (car, personal or work credit), you just have to follow the procedures displayed on your screen. In less than an hour, you will have made your request. For workers, this is a completely advantageous solution.

Saving financial resources

Get better time savings

Subscribing to a conventional loan generates in addition to administration fees and ancillary expenses. Travel to collect the requested information can quickly become significant and costly for the requester. Added to this is the cost of printing all of the documents (employment contracts, pay slip, invoices for monthly charges, insurance documents, etc.).

On the other hand subscribing and simulating your credit online saves you all these hassles. From your PC, warm in your chair, you can send your scanned documents directly and finalize your request. Via the secure electronic signature, you can also sign your contract without even leaving your apartment.

Access to more attractive rates

Saving financial resources

Betting on an online loan offer also allows you to take advantage of very low interest rates. On a site specializing in online credit, you will be offered the lowest bank rates on the market. At certain credit institutions, you will benefit from offers with an annual effective annual rate (APR) starting from 0.8%. By betting on the right platform, you will be able to perform simulations in real time. Thus, you will have a better understanding of the total cost of the loan online.

 

The benefits of having credit are: The option of buying something today and paying the money back over time, rather than having to wait. The flexibility to act on major purchases and life opportunities that may require more money than you have on hand right now, like buying a computer, or borrowing for college.

Loan Payments – What you should know?

  • February 7, 2020

When you need money and you think it may be time to take out a loan, it’s okay to think about paying off that loan first. How much will it be? How often should you pay them? And of course, is there any way to reduce them?

In this article, our partners answer the most common questions about loan payments and give you the information you need to keep your loan under control.

What are my payment options? What can I do to find the option that works best for me?

What are my payment options? What can I do to find the option that works best for me?

Generally, lenders offer you three payment options for your loan. When it comes to choosing your own, you need to consider factors like how often you pay and how you prefer to settle your current bills. Depending on your preferences, you might come to the conclusion that one of these options is more suitable for you:

  • Monthly payments: you make one payment per month, on the same date, which represents 12 payments per year. This option is great for people who are paid once a month or who like to have a predictable payment schedule, as payment will be made monthly on the same date.
  • Two payments per month: you make two payments per month, one in the middle of the month, and the second at the end. This represents 24 payments per year in total. This option may be suitable for you if you prefer to make smaller payments more frequently, on the same dates each month.
  • Bi-weekly payments: You make a payment every other week, for a total of 26 per year. Not only is this option suitable for people who are paid every two weeks, but it saves over time by reducing the interest paid. Learn how biweekly payments reduce the interest you pay here.

How much will my payments be?

How much will my payments be?

You can use a generic loan calculator to estimate the amount of your loan payments, but it is best to go directly to your lender. Not all lenders agree to produce estimates, but luckily you can go to Fairstone.ca for a no-obligation loan quote. You will find out the potential amount of your loan payments by entering the amount you wish to borrow. And guess what? It’s free and has no impact on your credit score.

Your interest rate is determined by several factors, including the type of loan you choose, the amount of the loan, and your credit history. Not sure how interest rates are determined? You can find more information on interest rates on this web page.

You can reduce your interest costs by opting for a shorter loan term and payments every two weeks. In addition, any additional payments you make on your loan will reduce interest costs. If you want to prepay or make additional payments, it is important to check with your lender about prepayment penalties. Fortunately, unsecured loans have no prepayment penalties.

What can I do to keep my loan payments under control?

What can I do to keep my loan payments under control?

 

If your lender offers this option, automatic payments can help you stay in control of your loan payments. Once you have established your payment schedule, they will be drawn from your bank account regularly, without your having to intervene. With automatic payments, there’s no risk of missing a payment and having to pay late payment penalties or additional interest charges.

One of the key factors when thinking about getting a loan is its affordability. It is important to make sure you get a loan that suits you and the amount meets your needs and your budget. Sure, it can be beneficial to explore your options online, but perhaps it would be even more beneficial to sit down with a specialist to review your financial situation and understand the loan options available to you. you. You can get both a free no-obligation quote and a meeting with a knowledgeable loan specialist at a branch near you.