The first question to ask is whether it is possible to make a second loan repurchase? YES, make a second loan repurchase or a new credit consolidation and even see a third loan repurchase it is quite possible under certain conditions.
Your Good Finance credit repurchase broker will explain to you when it is possible to redeem your credits a second time and why to ask again for credit consolidation.
The definition of loan consolidation
Is to consolidate several credits in order to have a single loan and at the same time lower its monthly payments. As a result, the duration of the reimbursement will be extended. Borrowers who have already had their loans redeemed are very often interested in repeating the same transaction.
Namely if as a borrower you have already redeemed your credits from your bank or a financial institution and that the initial amount of your initial loan redemption did not exceed $ 20,000 then this is not considered to be credit consolidation with our lenders.
We note that in the fourth quarter of 2019, the 43% requests that we received already included the first buyout. The demand for a second buyout is very strong.
When to make a second grouping of credits?
We often talk about the delay between two credit consolidation operations. Legally there is no minimum delay, but the shorter the duration between two operations and the more the request must be motivated and serious because making two groupings of credits a few months apart is not necessarily seen by banks or our lenders.
- Making the second grouping of loans is advantageous for the borrower at the rate level if the new operation has a better annual effective annual rate (APR). This credit consolidation operation reduces the cost of interest and has a lower maturity.
- If the borrower has contracted several credits since his last transaction in credit consolidation, the fact of making the second transaction in credit consolidation allows the borrower to get out of the infernal spiral of credits.
- If the borrower needs cash for a new project, to carry out work, or buy a car or to finance the children’s studies or for any other reason, the second grouping allows to take over the loan (s) outstanding and provide the cash the borrower needs for his new project.
In all cases do not wait until it is too late to make a second or third time to group your credits because often the longer we wait and the more the situation deteriorates.
How to make a second loan repurchase?
Nothing could be simpler, you just have to do an online study to apply for a second loan repurchase. Do not forget to check the box ” yes ” to the question ” Have you ever made a credit buy-back?” ” You want to make a third redemption it is possible.
In 2020 almost all of our lenders are in favor of a third loan repurchase. Beyond that, you have to recognize that it will be difficult, but not impossible if you have very good reasons, a good mortgage guarantee and a very good record with no outstanding payments.
An answer will be given to you within a few minutes, on the feasibility of your request (subject to opening hours and days). We remind you that our agency is open Monday to Friday from 9:00 a.m. to 7:00 p.m. Upon receipt of your file, it will be analyzed by an analyst specialized in the second loan repurchase. You must provide all the explanations on the reasons and motivations for your new request so that your file is more likely to result in a loan offer.
The documents to be provided are the same as for your first loan repurchase without forgetting the loan offer for the first repurchase as well as the document “information on the terms and conditions of implementation of the proposed loan repurchase” which you was delivered during the first redemption with your loan offer.