Can you renegotiate your car loan as you negotiate a home loan? In other words, can we lower the rate and therefore the monthly payment to have better repayment terms? Explanations.
Auto loan renegotiation: is it possible?
A car loan is a consumer loan that allows you to finance the purchase of a car, that is to say that the credit is only granted if the borrower uses it to finance the acquisition of an automobile.
The car loan cannot be the subject of a renegotiation of credit because only real estate loans are concerned. It is therefore necessary to consider other operations to review the repayment conditions such as for example the grouping of credits (also called the repurchase of credits).
The repurchase of loans allows simply to combine several loans into one to review the repayment terms, that is to say, reschedule the repayment period, renegotiate the rate and finally reduce the monthly payment. It can be a car loan or several credits of different nature, consumer loans as home loans.
Renegotiate the terms of the car loan
The car loan can therefore be bought back as part of a loan group, it is therefore necessary to carry out a comparison, that is to say to carry out a simulation which will make it possible to know the loan conditions with a buyout of loan ( rate, duration, monthly payment) and compare them with the car loan currently being reimbursed.
It is possible as part of this operation to include an amount that is allocated to a project such as the purchase of a vehicle, that is to say that the borrower can redeem his car loan and change vehicle while continuing to repay the loan (this can lead to an increase in the debt, to be taken into account in the simulation).
Good to know, the simulation for buying back credits is completely free and without obligation. In just a few clicks, the result is obtained. No need to travel, everything is done online, which lets you know right away if the car loan can be bought. Take out a car loan now.