Best Loan Consolidation Organization
To get the most advantageous loan, or at least the one that best suits your situation , you need to know who to contact and find the best organization to meet your needs because there are several consolidations of loans. However, there are different organizations that can be approached for this approach, which have policies and offers that are different from each other.
The different types of organizations for a loan surrender
Intermediaries (brokers) : They are growing more and more, including on the Internet. As the name suggests, they act as a bridge between you and the organizations that can accept your loan buy-back. However, the cost of loan will be higher if you go through this because these intermediaries receive a commission. Also check if you are speaking to a professional and that they do not privilege this or that organization according to their acquaintances and not your situation.
Banks : In this case, you turn to a professional and recognized organization with an adviser available to follow your file. However, you are not required to contact your bank for this consolidation. It is also advisable to play the competition between several banks.
Other financial institutions : Some organizations have specialized in the purchase of loan. They will therefore be more demanding about the quality of your file and the stability of your financial situation.
How to find the best organization?
Many clients do not specialize in buying back loan when they begin the process. It is for this reason that intermediaries such as loan comparators or brokers exist, to better guide and assist them in this task. The two are often in direct contact with these organizations and will be able to give you a personalized feedback to tell you which ones are best suited to your situation. In the case of loan comparators, do not hesitate to compare the results of each to ensure their reliability.
Remember that the interest rate of banks and loan organizations may be temporary and likely to change over months and years. Also, some organizations will only accept the consolidation of consumer loan or real estate loans where others can bring the two together.
How to negotiate?
You have to know that you can negotiate several elements for a consolidation of loan. You can change the interest rate of the loan, the broker’s commission, the consolidation fees, the expenses of file or insurance . You can also push the organization that accepts your purchase to make a commercial gesture by threatening to leave after signing. Thus, it is always advisable to play the competition by studying several offers at once and presenting them to other organizations to encourage them to react accordingly.
That being so, everything also depends on your situation and your file because the more you offer guarantees regarding your reimbursement and your income, the more you will be able to ask for these adjustments. They must therefore be presented with all the elements likely to tip the balance in your favor, your last statements of account or the mail of the person who guarantees your loan. An individual who has mismanaged his expenses or has only a temporary contract will be viewed less favorably. This is to prove the seriousness of his file.
Note that it is generally simpler to negotiate fees rather than rates since this last point is as important to you as it is to the organization.