Despite an often uncertain socio-economic context (reform, elections, economic crisis, etc.), the French continue to save. However, is savings an asset in the context of a loan consolidation? Here are some answers.
By definition, the repurchase of credit is a banking operation making it possible to repay in advance the capital remaining due of its credit (real estate and / or consumption) in order to replace it by a new loan with reduced monthly payment and adapted to its finances and its projects.
Enabling the borrower’s finances to be reorganized efficiently and sustainably, the repurchase of credit, which concerns all borrower profiles and all socio-professional categories, and savings can have several common objectives, namely: anticipating the unexpected, achieving one or more projects without increasing its debt ratio or improving its borrowing capacity. In addition, unlike a mortgage application, savings cannot be used when buying back credit.
Is savings an asset when buying back credit?
A borrower with one or more savings is considered someone serious in the eyes of the banks during a credit consolidation. He will always be in a better position to negotiate the best financing offers in force.
However, if having the agent aside can be a pledge of confidence during a credit buy-back, you should know that having one or more savings is not always synonymous with obtaining a credit buy-back. .
Namely, the financing of a grouping of credits is subject to several criteria, namely: a stable professional situation, a reasonable debt ratio (less than 33% of net income), absence of filing (FICP, FCC). The applicant for a credit buyout must also have a healthy banking behavior during the months preceding his request.
Saving credit for savers: deleveraging or saving?
Borrowers with one or more savings must ask themselves several questions before making a credit union. The first reflex is to compare the interest rate proposed for the repurchase of credit and the remuneration of savings.
However, if the level of the interest rate is significantly lower than the interest rate on savings, it is recommended to invest your money and make a loan repurchase. On the other hand, this banking operation is not financially attractive if the rate proposed for the operation is very high. To know that the repurchase of credit can have, all the same, other motivations that the obtaining of better conditions of financing compared to its initial conditions of credits.
In addition, to assess the need to buy back credit when you have one or more savings, it is recommended to seek the services of a bank intermediary specializing in the subject. The free, no-commitment simulation of credit consolidation offered by this professional makes it possible to assess the interest of such an operation or even to preview the state of its finances after a consolidation of loans (real estate, consumption)