Consolidating credits to pay only one monthly payment at a more advantageous rate with a single organization has today become a fairly common banking operation today. However, it should be noted that it is perfectly possible to combine your credits while carrying out a personal project, whether it be carrying out the work, buying a car or financing leisure activities. In all cases, remember that the redemption is a commitment and must be reimbursed. This is why it is important to carefully analyze your financial and personal situation before starting the process. A point on the repurchase of loans with new project.
The buyback option
At any time, any borrower can request a loan repurchase, in order to renegotiate the rate, reduce the monthly payment and lengthen the repayment period. However, lengthening the term can lead to an increase in debt. That said, it is better to determine your repayment capacity before getting started. In addition, when requesting, it is also possible to include the amount intended for the new project. The principle is simple: you must establish a loan consolidation request and specify the amount of the new project. During the feasibility study of the project, the professionals will take into account your request, and will offer you a financing plan, according to your financial and personal situation.
Purchase of loans and real estate project
Most of the time, the project concerns real estate, whether it is the completion of the works or the purchase of new housing. In all cases, it is always possible to request financing from an organization offering loan consolidation. Only, before that, to have an idea on the next debt, the best will be to carry out the simulation. The latter is in fact a tool made available to borrowers to enable them to determine and verify borrowing capacity. Thus, it is much easier to determine the budget for the purchase of the house based on its financial state.
Purchase of credits with auto project
Most consumer-related credits report to car loans. Of course, borrowers who already have outstanding loans can request credit consolidation while including the affected project. And whether it is for a new car, a used car, a motorcycle or even a utility vehicle, anything is possible as long as it is adapted to your personal and financial situation. Note that LOA type credits can also be grouped in the transaction.
Purchase of loans with leisure project
But it’s not only! When requesting loan consolidation, it is also possible to request funding for a wedding, a birth, a vacation, back to school, a move or any other project. The principle is simple: instead of taking out a new loan, one can take advantage of the loan consolidation request to request financing for the personal project. Of course, by opting for this principle, it is possible to obtain financing for your project, while benefiting from the advantages of the loan.