Discover our tips and advice for contracting your loan buyout at the best rate . Browse our guide, he is there to help you and guide you in the steps to be taken to carry out your credit repurchase.
Credit buyback: definition
The repurchase of credit is neither more nor less than an installment loan like all the types of loan met on our comparator of loan. Even if its purpose is credit consolidation, it is an unrestricted loan . It is also governed by the Consumer Credit Law of June 12, 1991.
It can be used to repay the following credits:
- Personal loan
- Financing of all kinds (car, motorcycle, …)
- Installment sales (UNIGRO, …)
- Credit card
- Credit opening
- Overflow on authorized account
Can you repay any credit?
You will never be able to combine the following credits in your credit buy-back request:
- Mortgage credit for furniture or real estate
- Personal loan for real estate (concluded before 01/04/2017 and having as aim the financing of notary fees)
In this regard, since 04/01/2017 , you can no longer take out a personal loan for the following purposes:
- Finance notary fees to acquire real estate
- Pay the deposit of a sales agreement
- Buy land
However, you can include notary fees in a credit buy-back if the percentage representing these fees is less than 50% of the total amount requested.
Do you have to consolidate all your credits into your credit repurchase?
Of course not !
You are even strongly advised not to refinance the following loans:
- Car and motorcycle financing
- Caravan, mobile home, motorhome financing
- Renovation credit
Why do you wonder? It’s simple, it never pays to combine a new car loan at 1.49%, new caravan financing at 2.99% or a work loan at 2.34% in a credit combination at 9.99 % or even 5.95%. If you do this, you will lose money.
What should you do before applying for a loan buy-back?
When you make the decision to submit a credit buy-back request, you are advised to follow the following steps:
- Check the rate of each of your loans to find out whether or not it is worth refinancing them
- Request a repayment statement from each credit company or bank concerned
- For credit lines and cards, have the latest expense report received
- For bank overdrafts, prepare the last bank statement mentioning the negative
- As soon as everything is in your possession, add up all that there is to reimburse
- If you need additional liquidity, add the
You now know the amount you need to borrow to make your credit buy-back.
No need to borrow more!
Also read on the SPF Economy website: grouping credits.
Who should you contact to request a statement
It all depends on where you took out your credit.
You can request your statement:
- At your credit broker
- In the bank branch where you signed your credit agreement
- By contacting the bank or the credit company concerned
Regarding credit lines, you must not contact anyone, the statement of expenditure is sufficient.
Steps to follow to submit your request for credit repurchase
- Accurately calculate the amount you need to borrow (see above)
- Go to our page dedicated to the credit group comparison
- Select the desired amount
- Select the desired repayment period
- Click on the “COMPARE” button
- Compare the different offers
- Click on the “REQUEST AN OFFER” button next to the chosen partner
- Submit your request on our partner’s website
We advise you to make at least 3 requests for offers .