The credits that accumulate over time? Daily budget management can become sensitive. The repurchase of credits is then presented as a good alternative. But before launching it, it is important to inquire and know in advance your future monthly payments to see if the operation is worth it.
The consolidation of credits: all you need to know
Over the course of a lifetime, new projects appear. Some are chosen, others are essential. But the amount of loans taken out previously does not change. A complicated period can quickly happen. The redemption of your current credits not only makes it possible to lighten your monthly budget but also to take stock of your current financial situation.
Credit consolidation is a reliable long-term solution to better manage your budget. Bringing together your home loan and your consumer loans in one credit allows you to group all your monthly payments.
Advantages? Less difficult ends of the month, better management of your finances, easier understanding of your monthly payments, a new rate applicable.
The grouping of credits also gives the opportunity to open up cash to carry out your small or large projects. Whether traveling, new purchases, financing your children’s studies … Each project needs funding.
To find out if credit consolidation may be the right solution for you, we have made available to you online simulation tools that allow you to obtain free concrete data on your future credit consolidation, such as calculating your monthly relief for example.
Use the calculators for more concrete answers
The loan redemption calculators provide an overview of your potential for consolidation.
At Lite Lenders Finances, three types of calculators are available to provide you with answers to help you make your decision.
Doing a simulation is a free and non-binding operation. It can be a first step towards taking information. In addition this operation is very fast and intuitive.
The calculation of debt
The debt ratio corresponds to the amount of an individual’s expenses (including loans to repay) in relation to his income. The debt ratio should in principle not exceed 40%.
A loan buy-back makes it possible to reduce this debt ratio by reducing the amount of monthly payments. This calculator allows its user to know his own debt ratio and to know if he can be eligible for a new loan.
The calculation of monthly payments
Using this calculator, you can enter your data (salary, charges, loan amount, insurance, etc.) to obtain a list of proposals for new monthly payments in the event of a grouping.
You therefore get the amount of a new monthly payment which varies exponentially depending on the duration of the new repayment.
These figures give a very real overview of what a credit buyback can do for you. But getting closer to an advisor will allow you to deepen this first step.
The calculation of depreciation
The buyback simulation also makes it possible to make an inventory of depreciation.
Amortization refers to the current share of capital that is repaid monthly.
At Lite Lenders Finances, the simulation tool provides a detailed answer concerning depreciation.
Various elements are taken into account in order to obtain an exact balance sheet: total amount of the loan to be repaid, amount of the rate and of the borrower’s insurance, duration of the loan. A summary table allows you to take note of the amortized capital as well as the capital remaining due year by year.
These tools provide some initial answers. But only an advisor will be able to study your file in depth.
A tailor-made solution for personalized answers
The advantage of a specialized agency is the simplification of the procedures. Once your file has been validated, it is your dedicated advisor who takes care of contacting the various banking partners. The implementation of credit consolidation is operational once all these steps are validated by the different banks, and by yourself.
The advisers in charge of your file always carry out a personalized assessment. Each person is different and deserves the best of follow-ups.
The quality of our customer relationships is one of our main assets. Performing the various simulations beforehand using the three calculators allows you to anticipate the meeting. You will have in your possession encrypted data allowing you to better target your requests to specify your expectations.
Are you interested in credit repayment but would you like to know more before you start? Advisors are there to answer all your questions. Contact Lite Lenders Finances.