After a few years of mistrust, many people have been seduced by online banks. Some have taken time to offer financial operations such as mortgage loans; but it is now a common financial act for the vast majority of them. But what about buying back credit?
What is a credit buy-back?
A loan repurchase can occur when a household has taken out several consumer loans and wants to see them grouped into one, to have only one monthly payment.
This operation aims to regain a certain serenity when an accident in life, for example, threatens the financial situation, while credits are in progress.
This can also be done for a mortgage. When the bank with which the loan was taken does not want to renegotiate the latter to give us the benefit of a lower rate, it is possible to turn to the competition, to ask it to buy back the loan.
Do online banks offer credit buyouts?
Online banks are dematerialized entities. You cannot go to a physical counter. This is, in part, what has held back many people. But online banks have proven their effectiveness, especially with efficient customer service, and this on staggered hours.
They often offer reduced operating costs; which ended up attracting people interested in this device.
Online banks can offer credit buyouts, whether consumer or real estate. It is therefore important to make the right choice, to have the best offer.
How to find the best online bank for a credit buyout?
Like physical banks, online banks are all very different from each other. If they all offer similar banking operations, the conditions are not all the same. Some have more attractive offers than others, to attract new customers, but there are other criteria to consider, such as account maintenance fees.
In the case of a loan buy-back, it is the same thing, in particular, if it is a mortgage buy-back, borrower insurance.
You need to find the online bank that will best meet your expectations. This is why it is useful, even essential, to go through a comparator.
This tool is free and simple to use. By entering your financial data (resources and expenses), your family composition and the nature of your project, you know which online bank is going to make you the best proposal for your loan buy-back.
When you have found the ideal online bank, you will submit your request to them. The answer in principle is very quick to obtain. Your credit buyback request will then have to be studied carefully to find out if you have all the criteria, especially financial, to be able to benefit from this banking operation.