Find out how to redeem your LOA credit agreement with loan consolidation.
LOA and repurchase of credit: principle
The rental with option to buy is a leasing based on the consumer credit legislation, this simple definition is enough to allow to include an LOA in a credit repurchase file, allowing to reduce its monthly payments. Rental with an option to buy has a particularity, that of offering a rental vehicle to a motorist, therefore the latter does not have a huge solution since the termination of the contract implies to reimburse all rents.
Proceeding to buy back LOA credit automatically terminates the leasing contract and especially to become the owner of the vehicle, in fact, by paying the amount requested by the lender, the motorist becomes the owner of the car but will have to reimburse the sums due in the credit consolidation, with which more is a lighter monthly payment.
How to buy back LOA credit?
It is possible to redeem only a LOA credit contract with a new project or to combine several credits at the same time, including LOA credit. You just have knowledge of redemption specificities for a leasing contract, in fact it is possible to make this operation as from the 13th month. For LOA contract signed below this time, the driver will wait for the 13th month to claim the credit redemption.
The credit repurchase request can be made to a specialized organization, either a bank, a credit institution or a broker. The advantage is to take advantage of the grouping of loans to include different debts, whether consumer loans or home loans. With a single monthly payment and above all a terminated LOA contract, the motorist sets out on a healthier financial basis. When setting up, the bank that buys the credits is responsible for sending a settlement to the lender, which leads to the termination of the contract.
Can we simulate a LOA credit buy-back?
It is not easy to project yourself into a credit buyout including a LOA leasing, this is why it is possible to carry out a credit buyout simulation. It is enough to specify the amount of the LOA (amount remaining to be reimbursed) as well as the rent as a monthly payment. With the other financial and personal information, the simulator can quickly inform the motorist of the possibilities of repurchasing credit with the rate, the duration and the monthly payment proposed. The advantage of the simulator is to offer several proposals for buying back credit and to be able to compare the offers for free.