Car loan redemption or car loan redemption is a form of loan that your banker will allow you to reduce the impact of your initial car credit on your everyday life. The principle is simple, ensure that your current loan is as livable as possible and that it does not come to affect your purchasing power too markedly and thus allowing you to continue to consume normally and to conserve leisure.
How to buy your car loan as cheaply as possible?
As with any type of loan or loan repurchase, it will always be highly recommended that you compare the different offers in the market. Indeed, depending on your debt ratio with your possible other current credits, you will always have to try not to exceed a certain debt ratio and to be able to benefit from the best possible rate, any condition being equal, of course.
To do this, making numerous requests will be one of the solutions, the other being to call on a credit broker. The latter, which it will be the mission, but for which it is also, inevitably, a habit, will be able to get you a loan or loan repurchase at a better rate than the one you will get by searching for yourself, if only because of its extensive network of contacts in the industry.
If you decide to take it on your own, three tips that we can give you and that may well help you get your car loan buyout at the best rate are:
Take the opportunity for a more complete buyout
If you are looking for a car loan repurchase because it is the loan of your vehicle which comes to burden your household budget too strongly, perhaps you could consider a more general credit repurchase or grouping of credits which could allow you to concentrate your car loan and one or more consumer loans in order to, by extending the duration of your repayments, regain purchasing power.
How to choose between two similar offers?
In terms of credit like many other things, it is sometimes difficult to choose between two offers that seem similar and when we say similar, we are actually thinking here especially of the amount represented by the car loan repurchase, that is to say the cost of credit. If you end up with offers for which the cost of credit is similar, how to go about it and how to choose?
Indeed, if you have two or three lending organizations that are substantially aligned in terms of the cost of credit, the difference must therefore be made in terms of the conditions offered. Is there an organization that offers more advantageous conditions than the one or two others? If the conditions do not allow you to decide and decide in favor of a loan proposal, you may be able to continue trying to compete.
Either you play it on the rate that will impact the cost of credit, or, if you feel that the rate can no longer be lowered and if necessary you try to negotiate at the level of the conditions. The advisor you will be dealing with when making your car loan buy-back request may not necessarily lower the rate more than the one he offered you in the initial offer, however, he may be able to make a gesture another (conditions, booking fees offered, etc.) that will make the offer more advantageous than another competing offer.
How to get the best offer from your current bank?
If you need to buy a car loan, you will most likely be tempted to contact your current bank for reasons of obvious simplicity. If so, how do you get the best rate from them? Depending on the commercial period encountered by your bank, the latter may not be in imperative search for customers and therefore will not be at the lowest of the rates charged. However, she will never be very happy to lose it! In fact, if you suggest that you may be tempted to take advantage of your auto loan repurchase to change banks, you may be able to offer yourself certain advantages, on the repurchase of credit in question or otherwise, advantages which could make a difference.
After, it will be up to you to choose if you choose simplicity and if you want to maintain a good business relationship even if you lose slightly financially or if you prefer to save on your various credits.