It is possible during a grouping of credits to reduce its monthly payments and to finance a new project, here are the modalities to know concerning this financing.
Projects, monthly payments: buying back credits
Borrowers with monthly payments deemed too high or wanting to facilitate the management of their budget turn to the repurchase of credits in order to readjust the amount of the maturities to the financial capacities of the household.
The principle is simple, with this banking operation the borrower has the possibility of grouping part or all of his outstanding amounts in a single loan with reduced monthly payment. The reduction of the monthly payment is possible thanks to an extension of the duration of the loan.
When assembling the file, it is possible to include a sum which will be allocated to a new project. The feasibility of funding should be checked beforehand.
Include new project in loan repurchase
Today, the owners as the tenants engaged by their credits (real estate, with the consumption) do not dare to carry out their new project for lack of financial means and for fear of losing the control of their budget.
It is obvious that nobody wants to find themselves in a complicated situation, this is why the repurchase of credits makes it possible to readjust the charges of credits and to profit from an additional sum for the realization of a project on condition that that -It is affected (works, furnishings, purchase of a car, travel).
In other words, when the loan consolidation is carried out, the borrower will be granted an additional sum for the realization of his defined project, this sum is recorded in the total amount of the loan. The customer can then agree on the monthly payment that best suits his needs, the most in line with his income to allow him to honor the terms of the contract.
The online simulation allows you to quickly know if the project is feasible and then to know the amount of the reduced monthly payment and also the amount granted for the new project. Ideally, the loan has a lower interest rate than your existing debt and allows you to pay off the debt faster.