15 Year Credit Purchase (180 months): Tips and Solutions

Do you want to reduce your monthly payments? Find out how to qualify for a 15-year or 180-month credit redemption.

The repurchase of credit makes it possible to regroup several debts in order to rebalance its budget. The new credit is based on a new term that can be 15 years and a new rate. What are the features of a 180-month credit redemption? All the explanations.

Credit buyback over 15 years or 180 months: the benefits

Credit buyback over 15 years or 180 months: the benefits

The 180-month credit redemption is aimed primarily at homeowners wishing to combine their mortgage and consumer loans to gain purchasing power and / or obtain additional cash.

This operation has several advantages. Firstly, it makes it possible to reduce the amount of monthly payments thanks to an extension of the borrowing period. This longer repayment period also gives borrowers the opportunity to save more. Having a single, stable repayment rate greatly simplifies financial management. Finally, the purchase of credit is the opportunity to take out a loan insurance more interesting with the new credit institution.

The 15-year credit redemption covers all types of amortizable loans (including revolving loans and bank overdrafts), personal loans and debts (eg rent arrears), the mortgage when its share does not exceed 60% of the total amount to be repurchased.

How to buy a 15-year credit redemption?

How to buy a 15-year credit redemption?

Depending on the age of the borrower, this operation can be implemented without mortgage guarantee. In some cases, it may be useful to guarantee the repurchase of credit in order to reassure the lender without putting his property in guarantee.

Before you apply for a 180-month credit redemption, you need to take stock of outstanding credits and the repayment of which is problematic. You will then have to define your needs by determining the total amount of credits you wish to redeem, the amount of the monthly payment that you are willing to pay for this operation, the amount of your income. It is advisable to gather all necessary documents including amortization schedules, bank statements, the latest payslips, proof of residence and tax notice, before contacting the credit repurchase organizations.

Why use a credit redemption simulator?

Why use a credit redemption simulator?

Contrary to popular belief, setting up a buy back credit is not always wise. The feasibility study makes it possible to know if this project is possible with the amounts of credits to be bought back and the capacity of repayment of the borrower.

Get an idea of ​​the monthly payment you could get based on your situation and your projects using an online credit redemption simulator. For that, you just need to complete a quick questionnaire. The use of an online simulator is an essential step in determining the interest of such an operation.

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