Many companies boast savings of -40% or even -60% thanks to the repurchase of credit. Does this solution which consists in grouping its commitments really allow such savings on its monthly invoices? How much can we really hope to save? Our explanations and advice.
On the internet, there are many websites that boast substantial savings thanks to this solution. Thus, HiMax Credit promises savings up to -60% with the repurchase of credit, while other sites such as Superfund Credit advance a reduction of -40% of the monthly payments with this same method.
How much can we really save?
Everything will depend on the initial situation of the borrower, and the contract offered to him. Indeed, the potential for monthly savings depends on several factors: amount to be grouped, new rates proposed, and new proposed repayment duration. If the borrowers mainly focus on the rate, it is really the fact of being able to reschedule their loan over a longer period which allows the main savings in terms of monthly cost. By playing over time, it is very easy to make considerable monthly savings, and figures of -40% or -60% are quite realistic.
An example of savings: -65% on monthly payments
A borrower took a loan of 20,000 dollars over 2 years with a rate of 8.9%. He still has around 10,000 dollars to reimburse for 1 year, with a monthly payment of 872 dollars. He wishes to reduce the latter and therefore requests an offer to buy back credit from a specialized agency.
The agency offered him a new contract with a rate cut to 6.9% instead of 8.9%, and a repayment duration re-spread over 36 months instead of 12. The monthly payment then dropped to 307 dollars! more than almost 65%! By increasing the repayment term to 48 months or more, it would even be possible to further reduce the monthly payment! The savings potential is therefore real.
In terms of procedures, requesting a loan repurchase is similar to applying for “normal” private credit. It is therefore better to avoid making too many requests and to focus on a single specialized service provider. The latter will be able to advise you and negotiate for you the best possible offer. If necessary, Superfund Credit offers redemption / grouping credits and can take charge of any request intended to redeem or group commitments such as a private loan, a leasing or the unpaid balance of a Visa / Mastercard card.