The answers to your questions about credit consolidation.
Buyback of Cetelem credits
Who has never heard of Cetelem? This credit company is all the rage with its mascot of the big green man (called CREDITO) or its signature "more responsible, together" . Did you know that Cetelem has existed since 1953? This financial group, which is a partner of BNP Paribas, offers various products to finance the projects of French consumers, but also European consumers. Cetelem offers the repurchase of credits. Why turn to this financial product?
Purchase of Cetelem loans: why and under what conditions?
If you are interested in the financial transaction that is the repurchase of credits, it is because you encounter a pitfall to subscribe to a new consumer credit or that you have a vacuum from a point of view of your finances. Indeed, the repurchase of credits was developed to lower the debt overhang ratio and, thus, allow consumers to fully enjoy their remainder to live .
What is the rest to live for?
This term designates the resources remaining to a consumer after payment of monthly charges (invoices, loan reimbursements, conventional charges such as foodstuffs, etc.). To put it simply, it is the money left to a consumer to save money , to face an unforeseen event ( breakdown of a vehicle for example) or simply to enjoy life ( leisure for example).
With or without mortgage; All financing solutions for loan repurchase are possible according to the Cetelem organization. To better understand the principle, it is good to determine the concept. Cetelem redeems your current credits by providing you with the sum of money corresponding to the accumulation of the remainder due from the various organizations. This money will make it possible to make an early repayment (termination fees included) with the organizations. Result: there is only one loan at a rate defined in the loan offer agreement proposed by Cetelem.
The decrease in the interest rate generates, initially, a decrease in the amount of monthly payments to be repaid. To reduce the maturity a little more (and mechanically increase the purchasing power), it is possible to play, in a second step, on the duration of the loan . The term of the loan can greatly reduce the amount of the monthly draft. While the offer may be tempting, it dramatically increases the total cost of credit. We must therefore remain very careful.
Note that if the repurchase of credits includes real estate loans, it is necessary to mortgage real estate . The mortgage must pass by a written deed at the notary. It is therefore necessary to think about integrating the notary fees in the total amount of the loan.
Request a personalized study
Good news for fans of online simulations ! Cetelem offers a practical tool that allows applicants to get an idea of the advantages of repurchasing credits on their purchasing power . The simulator is free and does not engage anyone. Following the simulation , the applicant, if he wishes, can send a request for an estimate . For more information, get in touch with Cetelem by dialing 08 20 71 08 30 (0.09 € per min + price of the call) from United States.