On behalf of all employees of From Good finance, first of all, I wish you a happy new year! Also in the new year, we are ready for you and we help consumers to borrow responsibly. Therefore now A good intention for 2015. A financial plan that allows you to save hundreds of euros per year. Namely: transfer your existing loan.
Resend loan = save money
When you take out a loan, you often enter into a commitment for several years. Certainly if you opt for a loan with a fixed interest rate and duration. But interest rates are always evolving.
For example, interest rates fell sharply last year. To take advantage of a lower interest rate, you can retrofit your existing loan. It may seem like a lot of work, but in reality it is arranged that way. And, thanks to the savings it delivers, it is well worth the effort.
Benefit from more favorable conditions
In addition to the lower interest rates, you also sometimes benefit from better conditions at another bank. The conditions of your current loan are tailored to your situation at the time. There is a good chance that your situation has changed in recent years and that the conditions of another bank match better.
For example, we recently offered a Personal Loan that you can repay free of charge. Or think of a shorter duration, so that you are debt-free faster. Or a longer term if, for example, you started working less. Thanks to a longer term, the monthly charges will be lower, which may fit better with your current income. However, keep in mind that a short duration is always cheaper in the end.
So first see if you can take advantage of better conditions or lower interest elsewhere. Is this the case? Then delve into the possible costs of transferring a loan. Sometimes the bank charges a fine if you transfer the credit. Your current loan is repaid by the new lender, who takes over the current loan.
As a result, the bank misses out on interest income. The bank often charges a fine as compensation. This penalty interest is never higher than 1% of the amount you repay. Is the fine still higher than the benefit that results from reshuffling? Then it is a shame to close your credit.
Transfer your credit online: this is how it works
Usually the benefit is a lot higher than the fine. Then it is certainly smart to opt for resizing. Through us you can easily transfer your loan online without advisory and closing costs.
This is simply possible with the quote request form, at a time that suits you. Even if your loan does not run through us. We then arrange the settlement with your old and new bank. You only have to sign the new loan contract and enjoy the savings it provides.
Ongoing Credit transfer
You can always transfer to Continuous Credit free of charge. Because the term and interest are not fixed, the bank does not take the income over a fixed period into account. If you have a Continuous Credit, it is wise to keep a close eye on the offer from other banks. And switch banks if you can borrow cheaper elsewhere.
Recently I have seen many customers who have several loans. In such a case it is cheaper to combine the various loans into a new loan. We can arrange this for you online and without errors. Indicate in the application form that you want to combine loans. Then we will send you a suitable offer.
I advise everyone who borrows money to closely follow developments at banks. Only in this way will you stay up to date with smart alternatives and can you make immediate decisions. I notice that many consumers are reluctant to transfer a loan to a new bank. I understand that. The old family always feels safe. But it’s a shame if it costs you unnecessary money. It is a small effort to submit an application. Certainly if you save hundreds of euros per year. Just do it!