Credit buying agency: Finding the best rate.

The repurchase of credits makes it possible to reduce its monthly payments of credit, by regrouping all the refundings in only one and single new credit. Which credit buying organization is best? Who are they ? What are their specificities?

Network banks

Network banks

As a loan repurchase organization, traditional banks are far from the best. However, they are all able to offer it to their own customers. They have the advantage of knowing their customers and in particular the withdrawals made from their accounts as well as their real repayment capacity. Note that banks are generally not the most attractive in terms of the rate offered on the repurchase of credits. Nevertheless, it may be useful to question your bank and compare its proposal to the best offers on the market.

► Get a comparison of loan repurchase rates

Consumer credit companies

Consumer credit companies

These are generally the most well-known brands in consumer credit and customers logically question them as a credit buying organization. However, they do not offer the full range of credit buy-backs and very often try to offer only buy-back of consumer loans. Indeed, there is also the repurchase of mortgage credit which makes it possible to profit from a better rate by putting its real property as mortgage guarantee. This product is generally not marketed by this type of actor. Some of these establishments have also created subsidiaries and / or brands specializing in the repurchase of credit to best meet this need.

All of these brands have a partner credit buyout organization capable of offering the full range of credit consolidation.

Specialized credit buy-back company

Specialized credit buy-back company

These establishments are not the best known because they mainly intervene on the finalization of the files as a specialist in the grouping and financing of credits. Even if their end customer is indeed the individual customer, the credit repurchase organization relies mainly on a network of brokers and traditional credit institutions in order to win customers. The brand is thus barely visible.

We can characterize these credit buyout companies as “lenders”. In fact, it is they who actually lend the money to customers and who will intervene to recover it in the event of default.

The credit buy-back organization is the actual financier of the credit buy-back. It is he who will study each file and who will give a final positive or negative agreement on the credit request.

Brokers

Brokers

Brokers or, more precisely, intermediaries in banking operations (BIOs) are mandated by at least one specialized credit buy-back organization described above. Very often, they reference several of them in order to offer the most suitable proposal to the client. Their goal is to bring qualified customers to the credit buyout organization. The IOB is also mandated by the client to request credit redemptions.

BIOs are particularly active in the field of credit consolidation. As such, the brands are fairly well known to the detriment of the credit buying organization as such. Their missions are to go and win over a client, then build a file with all the necessary documents. These intermediaries propose the file to the most attractive credit buyback companies in terms of rates but also with a high probability of accepting them. The broker’s remuneration takes the form of a commission paid by the credit repurchase organization following the contribution of a new client.

The repurchase of credits is a product apart in the banking ecosystem, because of its complexity and because of the amounts committed. Brokers specializing in the repurchase of loans have therefore generally not diversified into other areas of activity.

The market being important, there are of course a myriad of BIOs, whether web specialists or small proximity agencies. The majority of these players have significant experience in this sector of activity because they had to face the financial crisis of 2008 which particularly affected this sector. The less solid actors disappeared following this event.

The main thing when looking for a loan buyout is to compare offers and take the time to make the right choice. Indeed, in view of the amounts to be grouped together which can be relatively large, the savings to be made on the total cost of the credit can be very significant. It is therefore important to choose the right loan buy-back organization. In order to facilitate this comparison, Sir Credit carried out a comparison of loan repurchases and joined forces with the best brokers of the moment in order to provide the client with the most appropriate response.

► Request a loan buy-back

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