The grouping of loans can be set up by any financial organization, its setting up is done independently of its own bank.
Repurchase of loans elsewhere, in another bank
The repurchase of credits is a banking operation which makes it possible to group several loans into only one, which involves an extension of the duration and a reduction of monthly payment. This financing does not force the borrower to change his direct debit and he is not obliged to ask his bank to obtain a reduction in his monthly payments.
Thus, the borrower is completely free to resort to the financial organization which it wishes to obtain the best offer of repurchase of credits, whether it is a bank, a banking intermediary or a credit institution directly.
Credit repurchase: bank, intermediary or credit institution?
Few borrowers know this, but there are indeed three types of structures allowing them to group their loans and therefore reduce their monthly payments :
- The bank
- The banking intermediary (or more often called a “broker”)
- The credit institution
The bank is based on its own funds, it will define its commercial strategy and therefore propose or not the repurchase of credits. In some small agencies, clients will not find loan buy-back offers because advisers are not trained to offer this financing. In large agencies, they favor the best files and make a selection of requests.
The banking intermediary
The BIO or broker is a specialized body. Some only offer loan repurchase and have mandates with specialized credit institutions, which allows the borrower to benefit from the best offers without changing banks.
The more production the broker or intermediary achieves, the more attractive conditions and therefore advantageous offers for the borrower, it is a channel to be taken seriously because good solutions are possible.
These structures are in fact subsidiaries of large banking networks only specialized in the financing of loan buy-back projects. Most do not deal with the client directly but study requests on a complete file, so you have to go through a broker or bank intermediary.
That said, we have seen in recent years that more and more establishments are opening their doors to borrowers, customer service may not be ideal but it is possible to save on costs.
Consolidate your loans: choose another bank
The loan buyback simulator allows you to quickly find out if the loan buyback project is feasible. He will probe several financial organizations before offering a free estimate of the new reduced monthly payment. This process is completely free and without obligation. Just complete the form and validate it, the result is quick.