This time we have again done our best to write a good article about rescheduling loans. Because in many cases it is advisable to reschedule a loan. This allows consumers to save much more money than they think is possible. Why are too few people still taking out their loans? Because they probably just have too little knowledge or are not aware that this is possible.
But more often it is a matter of a little laziness or just call it laziness. But do not be afraid that you will be busy for days filling in the papers. Transferring a loan is a breeze. But of course be well informed and look for a bank or lender from whom you can borrow on the best terms and who does all the work for you.
Bundle multiple loans into 1 large loan!
Many people forget that transferring multiple existing loans and loans is definitely worth it! Do you have a number of loans open here and there? The chance is almost 100 percent that you will save a lot of money if you combine this into 1 larger loan. But even if you have taken out 1 loan, it may also be useful to investigate whether you are not cheaper elsewhere. Sometimes it pays to transfer 1 loan to another provider.
Keep in mind that you have to pay penalty interest. In any case, it is almost always cheaper to turn a revolving credit into a personal loan. And then you have a stick at the door: you have to pay off a personal loan while you can, as it were, do an ongoing loan forever. You can also place a revolving credit (or a personal loan) with your mortgage. This sometimes immediately gives you an interest benefit of 1 to 2%.
Do you save a lot of money by rescheduling loans?
Of course you want to know how much money you save if you transfer loans to another provider or bundle them into 1 large loan. We have done our own research and it is a fact that too many consumers spend too little time comparing loan providers. Maybe you have done too little preliminary research and therefore you now pay too much for your loan.
Closed after 2018
In particular, the interest on loans and loans taken out after 2018 are high. However, since the end of 2016, loan rates have fallen enormously. Now it is worthwhile to borrow or bundle too expensive loans. It is most rewarding to take out larger loans. With small loans up to 10,000 euros, and for which you have to pay a fine if you switch to another provider, switching is not worthwhile. Did you know that many lenders have a free transfer service? They arrange the entire transfer for you. You only have to provide some data.
What should you look for when comparing?
Always compare on the terms and conditions and take out a loan with a fixed interest rate. This gives you the certainty that you can continue to pay off your loan in the future because the interest rate does not rise. And also pay attention to promotional rates.
Because many providers stunt with low loan rates, but sometimes these are so-called promotional interest rates with which they advertise. These interest rates are usually increased after a year, which means that you may be even more expensive in the future than at present with your current provider!
Tips when transferring
► Try to apply for a new loan with a short term to maturity. Loans with a short duration are cheaper.
► You usually pay a higher interest rate for small loans than for 1 large loan. Do you have a number of small loans? Then you can save a lot of money if you put it together.
► Check whether you have to pay a fine if you transfer a loan from a current bank or lender to another provider. With a personal loan you usually pay refinancing costs and with a revolving credit you can switch for free.
How do the big banks deal with this?
If you look at the large banks, which in addition to online providers generally charge a higher interest rate, you can see that they all have a so-called switching service.
Some banks such as ING even have a calculation tool that you can use to calculate how much you can save. You enter the details of your current loan: loan type, remaining amount, current interest rate and how much you currently pay per month, the result will be shown on your screen immediately.