The automobile has taken a very important place with households, they are therefore very numerous within a family to buy 2 cars. In order to reimburse a single monthly payment for the two purchases, it is possible to carry out a grouping of car credits. Explanations. A critique at http://www.jimgrabowskipro.com/best-loan-for-car-with-bad-credit-can-i-assume-a-car-loan-with-bad-credit/
Combine 2 car loans in a single loan: how it works
The operation which allows a borrower to group his bank financing into one is commonly called grouping of loans or repurchase of credit. This financial solution consists in assembling 2 car loans in a single consumer credit to have only one withdrawal from your bank account per month.
The home can request an intermediary in banking operations who will be able to offer several loan offers according to the profile of the borrower and his financial needs. Depending on the level of its income and the stability of its employment, the establishment will offer several repayment periods in order to vary the amount of the monthly payment.
Note that the longer the duration of the loan, the lower the maturity to be repaid. In the event that the transaction meets the needs of the borrower, the organization will reimburse all of the remaining capital due from the two car loans in order to assemble a single car loan.
The advantages of buying a car loan
This operation has two main advantages. It initially makes it easier to manage your bank account since there will only be one direct debit for the two financings. The borrower thus reimburses a single reduced monthly payment for the two acquisitions.
After the funds are released, the household benefits from a reduced monthly payment thanks to the increase in the duration of the loan and the total debt ratio is therefore reduced. The latter gives the debtor the possibility of taking out again a consumer credit or a mortgage in order to become a homeowner, the percentage of household debt is no longer an obstacle to their life plan.
In addition, if the borrower wishes to have only one direct debit per month, it is possible to buy a car loan for a real estate project by integrating the necessary sum into the single loan.
As a reminder, the loan grouping can integrate several types of debts such as personal loans, housing loans and certain other debts (rent, taxes, bank overdrafts, etc.). To find out your eligibility and the different possibilities, it is recommended to carry out a car loan buy-back simulation.