We can buy back 2 credits, 3 credits….but how much can we take back? There is really no principle that limits the number of credits to be redeemed. This limit is set rather by the repayment capacity.
On the other hand, conversely, it is not possible to redeem 1 single credit. The legal minimum stipulates that a minimum of 2 credits or one credit and one other debt must be redeemed. The buyout is planned to deal with situations where there are too many credits.
On the other hand, one should not confuse the renegotiation of a mortgage rate which can pass by the repurchase of a mortgage by a new bank. In this case, we buy 1 loan, a mortgage.
Finally, the repurchase of 2 credits can very well be composed of a mortgage and a consumer credit.
Redemption of 2 or more credits
Redeeming credits is a practice designed to consolidate all the credits into one new loan over a period long enough to lower what you have to repay every month. A redemption of 2, 3, 5, 10 credits is therefore a solution to rebalance a budget in the red, it is not a solution to lower the cost of a credit (except in a case that we will see after ).
Indeed, the longer the duration of repayment of a credit, the more expensive the credit is. It is normal, the loaned money is made available longer.
The most important thing when you decide to opt for a loan buyout is to determine the monthly payment that you are really ready to repay each month. Once determined, it is then necessary to carry out a credit buyback comparison to find the cheapest. This is exactly what our credit buyback simulator offers:
How many credits can you buy back?
As we have seen, we can proceed to a minimum of 2 credits redemption but we can go up to… well there is no upper limit. We can therefore buy back 5, 6, 10 credits or more. And we also did not find a maximum amount in the consumer credit credit legislation since the latter governs loans up to 75,000 USD but that in the event of consumer credit consolidation, it continues to apply regardless of the amount.
You still need to know that on average this type of transaction allows you to buy back 4 to 5 credits. The average amount is a buyout of 30,000 USD.
Save by buying credit?
As we saw earlier, don’t count on it too much, credit consolidation is not for that. But there is still a case where it is possible.
In the case where one has several revolving credits, it can be much more interesting to settle them thanks to a repurchase of credits. For example, if you used the money reserve of a store credit card and a revolving credit account held at your bank, it can be much more profitable to buy back 2 revolving credits.
Buy back 1 mortgage and consumer loans
Last case, it is a mixed buyout. This type of product makes it possible to buy back 2 or more credits but will be subject to the constraints of mortgage. To put it simply, the mortgage is assigned to a property, it is necessary for example to go before the notary for this type of transaction.