Our advice for making your online credit redemption simulation.
What is a repurchase credit?
The repurchase of credit is an operation which allows to reunite several credits in a single repayable each month in a progressive way by paying a single milking. Indebted people can thus adjust their reimbursement expenses to their income.
This operation has its advantages and disadvantages. Indeed, it makes it possible to lower the monthly indebtedness and to pay a single monthly payment instead of several. However, the credit becomes longer, more expensive and you have to pay many fees ( fees, warranty,.) before you can benefit from the credit redemption.
It is applicable to certain debts of private order ( donation, payment following a divorce, recognition… ), to the tax debts ( right of donation, tax of dwelling, taxes on the income ) but especially with the loans with the consumption and to real estate loans.
However, not all situations are conducive to credit redemption. For example, if the debt ratio of the borrower exceeds the limits set by the banks, his request for redemption of credit will surely be refused. Similarly, there is no point in making a credit surrender as the end of repayment approaches.
Thus, the decision to request a credit redemption can not be made anyhow. It is necessary to plan well and in this sense, it is possible to make a simulation of repurchase of credit to better see what it is possible to do.
There are many online credit redemption simulators.
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All banks that offered a special credit follow roughly the same simulation scheme. Here is an example.
As a first step, it is a question of defining your need by first specifying if you are owner, tenant or hosted. If you are an owner, you must indicate the value of your property. If, on the contrary, you are a tenant, you will indicate the amount of your rent. Subsequently, you will specify the cash you want, the number of consumption and real estate credits you have, if you have already made a credit surrender and if you are already stuck in a bank of France. If yes, you have consumption and / or real estate credits, you must indicate, for each, the amount of the monthly payments and the capital remaining due.
The second part of the simulation consists of indicating your professional status, your family situation, the number of children you have and the presence or absence of a co-borrower. If you work, you will have to report your monthly net income and other income. If you redeem credit with a co-borrower, you will have to provide the same information for him.
Thirdly, you will be asked for personal information such as: sex, first and last name, date of birth, profession, address, postal code and city, telephone, e-mail.
Once all your information is validated, you can request the results of your simulation. You will then be provided with an estimate of the reduction in your indebtedness and your monthly payments that would result from a redemption of your credits according to the loan buyback rate or the duration of the buyback loan. You can then vary the rate and duration of the loan buyback to see how your monthly payments and your debt after redemption will evolve.
In most cases, after you have obtained the simulation, you will be contacted by a specialized advisor who will take care of making a personalized quote that adapts to your needs.
It should be noted, however, that simulations are independent of bank acceptance criteria.