Can we borrow again after buying back credits?
Borrow again after buying back credits
Once a transaction is validated, your purchasing power is improved. In fact, your overall debt ratio has been cleaned up, which once again gives you air and an ability to borrow. You can use this right according to your plans and your abilities. If the debt capacity is sufficient, you can apply to your bank or any credit institution to obtain a consumer loan or a mortgage.
Do you want to carry out work in your accommodation? Do you want to buy an apartment or a house? Do you want to change your car or pay yourself a vacation? As with a classic funding request, you will have to justify your request and present your project to your advisor.
Borrowing again after a loan buy-back is entirely possible. But it is important to remember that the primary objective is to reduce your debt ratio and to bring you a new monthly payment adapted to your profile.
Borrowing immediately after the consolidation is therefore perhaps not a great idea … Especially since you can finance a project with a new loan directly at the time of debt restructuring.
Anticipate your credit need
Rather than waiting for validation to request a new loan, anticipate your need for cash and your new projects. You can totally request a new credit when consolidating the loans. This will be integrated into the global redemption, and you will reimburse it with the other credits previously subscribed. Why integrate a new loan into the loan group?
- To take full advantage of the simplification of your budget. A consolidation brings you a single monthly payment, and makes your accounts more readable. Add the credit you need in this unique monthly payment;
- To treat your debt ratio. As the new credit is integrated into the consolidation, your new debt ratio will be adjusted according to the total amount that you repay. Clearly, you can adapt your debt ratio, by varying the total duration of repayment, and thus borrow several thousand USD for your new project.
- To take advantage of a preferential rate. If you borrow at the time of credit repurchase, then the rate of this new loan will be negotiated at this precise moment. If you prefer to wait, and borrow later, you may encounter higher rate conditions.
Beware of the credits subscribed
This technique allows you to get out of a tense financial situation and give fresh air to your budget. Do not use this solution to boost your borrowing capacity and be able to borrow again repeatedly afterwards. You would then risk worsening your financial situation in the long term.
If you find yourself again in a situation of over-indebtedness with new credits, and an operation validated recently (a few months or less than two years), then it may be impossible to help you again!
Credit agencies can refuse to refinance you if your debt ratio is too high. This is why it is important to anticipate your credit needs well before embarking on a loan buyout.
Contact the Meilleurtauxsolutions.com advisers to discuss your situation and find the most suitable financial package. Should you borrow when buying back credits or after? Our experts will bring you their advice and experience. Do not deprive yourself of their independent advice. A feasibility response will be provided to you in just 24 hours.