Do you have one of the following loans? Then you can see if it is cheaper to repay your loan.
Why take out a personal loan?
- A debt on your credit card
- You are red on your checking account
- You have a credit with a mail order
- A revolving credit or personal loan
When is it advantageous to transfer a loan?
To determine whether your loan re-borrowing is beneficial, a number of things are important. First, the outstanding amount of your loan. In addition, the interest rate and the remaining term are important. It is also good to find out whether you can pay off without penalty. This is probably not the case, since your lender will then miss out on income from the interest that you would otherwise pay. In that case, you can contact your lender to inquire about the amount of the fine. This is calculated on the basis of the loan amount, duration and interest rate. If you have all this information, you can calculate the total amount that you still have to pay if you let your loan run in this form.
Calculating the costs of your new loan
The next step is to look at the options for closing your loan. Have you found a cheap lender? Then you request a quote for transferring your loan. The new lender will probably calculate the difference with your current loan for you. You can also calculate this yourself by calculating how much you have spent on your new loan based on the new interest rate, the loan amount and the term. Add your fine to this and calculate the difference with the costs of your old loan. You then immediately know whether it is cheaper to take out your loan.
Transfer a revolving credit
This calculation is not so easy if you have a revolving credit. In that case you do not know what the future costs will be because the interest is variable. In that case you can look at the current interest rate. Is it lower than the interest that you pay on your revolving credit? And are you sure you no longer want to take out credit? Then you can also fine-tune a revolving credit. One of the benefits of a revolving credit is that you can always pay off in the interim. You therefore do not have to pay a fine. You can also repay without penalty if your account is red. Even then it is best to compare the interest that you pay on your checking account with the interest on your new loan.
If you have a debt on your credit card or a credit with a mail order, it is best to inform the relevant lender about the options. Mail order companies are known for their sky-high loans, so it is definitely worth paying off as quickly as possible.
When is re-transfer not beneficial?
Sometimes transferring a loan is not useful. For example, because the term is only short, or because you have a low-interest loan . For example, do you have a loan from DUO? Then there is a good chance that you will pay a low interest rate. The interest rate of a new loan will then be significantly higher than what you now pay.
Refinancing a mortgage loan
It is also possible to take out a mortgage loan. But in that case you do that with a new mortgage and not with a personal loan. With a mortgage loan you have a tax advantage because you can deduct the interest on your income tax return. You can check with your mortgage provider about the possibilities for this. Because this form of relocation is very specific and depends on many different factors, we will not comment further on this.
Transferring a loan with a free (telephone) consultation
One of the parties where you can go for a loan refinancing is Geldshop.nl. With your application you can indicate that you want to refinance your loan. With the application you not only provide proof of identity, proof of income and an account statement with your housing costs. You also need a copy of your current loan. This mainly concerns the payment balance. The advantage of Geldshop.nl is that you can opt for a consultation with your application. This is completely free and you will be called by an adviser. He will go through your loan and your financial situation with you. The consultant then maps everything out and will find the most advantageous way to take over your loan based on your situation. That saves you a lot of work and it is nice that someone who knows it will look with you. That way you know for sure that you are making a good decision.
Testing at the Credit Registration Office
There will also be a review at the BKR when your loan is transferred. Your loan has already been registered here and you have already received a loan based on an earlier assessment. Have you incurred payment arrears with your current loan or have you failed to meet your obligations in another way? Then a new loan can still be refused if the new lender considers the risk too high. Another possibility is that a new loan is refused because your income has changed. Perhaps you had a higher income when taking out your first loan, so that you can now borrow less. If the lender does not consider it justified or the risk is too great, he may refuse your application. However, in most cases no major changes will have taken place and if you have also properly met your payment obligations then the transfer of your loan will not cause any problems. Facebook Comments