What is it exactly?
If you want to aggregate your credits, does that mean that you only have 1 loan left? About. Suppose you have several loans. And you wish to open another one. Until you suddenly lose track of your payments and administrative formalities. Many families have multiple loans (with or without installments). This can be a mortgage loan, a green energy loan or something else. That usually varies per family. The point is, you want to avoid chaos. So your credit institution thinks along with you.
Therefore, most lenders and financial institutions offer you the opportunity to bundle your current repayment plans into a new loan. By combining credits , you can see the status of your loan and repayments at a glance . Useful! Interest will also be a lot lower, which will also play to your advantage.
“But what if my credits don’t all go to the same bank?” you may think. There is a solution for this: you can buy it off. Perhaps there are some – almost negligible – costs involved. But merging your credits is still a strategic move.
When is this of interest to you?
- You have more than one loan
- You would like to save on the costs that loans sometimes entail
- You wish to change the monthly repayment amount
- You need a clear overview of all your credits
Merging credits, how does this work in practice? Well, once you have submitted an application to your bank or credit institution, it will carry out an analysis. Are your credits held together in one central point? This usually concerns the National Bank of Belgium and your bank can quickly find out how much you pay monthly. And to which credits your repayments belong. Although it is wise to map out all your loans and credits beforehand. Also consider revolving credits, personal loans and other installment loans. Bundle them with your credit cards, mail order credits and outstanding lease contracts.
By combining the correct data, you gain clear insight into important parameters:
- How much is that interest exactly?
- Which remaining term applies?
- What additional costs should you take into account?
- What is the monthly installment amount?
Would you like to get a helicopter view of all these things? This facilitates the analysis and the application for your bank and at the same time offers you a reassuring feeling. Usually, a credit institution will also verify the status of your repayment capacity. Chances are she will check your payroll data for this. Based on this, a proposal is made with regard to the aggregation of your credits.
Do you need expert advice? Completely tailored to your profile? Please contact the Good Finance! We listen to and understand your wishes and needs like no other. We are happy to advise you and look for the most economical solution with you. This makes merging credits a real relief. So do not hesitate and reap the benefits of this financial solution today: contact us and request a proposal!
Whether that can be done with any credit? Well, that depends. Every financial institution has different conditions. But at the Vlaams Krediethuis we guarantee a flexible approach, completely tailored to your wishes and expectations. This way we ensure that you get the most out of your bank account!
And what if you do nothing? Do you have some current loans and wish to take out an additional one? All well and good, but if you have multiple loan types (one or more credit cards included) you may run into some problems:
- Your monthly expenses are skyrocketing, which is obviously not a good sign
- It is very easy – and perhaps tempting – to revoke past repayments of a revolving credit. Result: you will pay more interest and the amount owed will increase
- Rates, interest rates, installment plans and the like are different for each loan. The main features may even be so different that you lose track
More about Good Finance
Are you planning to build or renovate? Are you dreaming of a new car, just because or because your previous vehicle failed? Did the weather gods cause disaster, damage to your home or one of your vehicles? Unfortunately, setbacks almost always cost money. And most of the time it is about more money than you immediately have available.
Whatever situation you are in, the Good Finance offers you tailored advice. In addition, you will always receive support regarding the options for different types of credit. The Good Finance is a recognized credit broker with headquarters in Willebroek. As credit experts, we are happy to work with you to find out which loans may be of most interest to you. You will receive clear and transparent information from us – without small print and therefore also without worries.