Over time, you have accumulated multiple installment loans, with the risk that sooner or later the overall rate will become too high. Bundling all loans at one rate can be the solution if your borrower profile is compatible with the conditions of the selected bank. With an installment loan rescheduling, existing loans can be optimized.
Debt rescheduling is always worthwhile if the new loan is significantly cheaper than the current loan. There are three options to choose from. You can shorten the term at a constant monthly rate. Or pay a lower rate if the term is constant. Or receive an additional payment at a constant rate and term.
The easy way to retrain installment loans
Installment loan rescheduling pays off when the new loan is available at a significantly lower interest rate than the existing loan. Then take out a new loan and use it to repay the old loan. You can easily find out whether you are getting a new loan at significantly more favorable terms using the calculation tools on Astro Finance.
There are many possible reasons why the new installment loan is cheaper. Interest rates may have decreased since the first borrowing. Maybe your credit rating has also improved. This is to be expected, for example, if you have successfully made installment payments, are longer employed at your current job or if previous negative characteristics no longer exist.
Debt rescheduling is possible at any time. Consumer loans can be repaid early at any time and without notice. The bank must then waive all interest that would have accrued after the repayment. The new bank automatically replaces the existing loan from its old bank and takes care of all the formalities. Any remaining credit insurance will also be canceled automatically. Banks may then demand a prepayment penalty of up to one percent of the amount repaid early.
However, the interest savings from the installment loan rescheduling usually exceed these costs significantly. In the installment loan comparison, make sure that the new loan is used for debt rescheduling. Otherwise, other banks assume that you will have to service two loans in the future. This worsens your credit rating and can lead to interest surcharges or even cancellations.
Finished faster, paying less or more liquidity?
How you use your installment debt rescheduling is up to you. Use an installment loan debt rescheduling calculator to go through the different options. You can keep the monthly loan installment constant and use the interest savings to shorten the term: Then you are debt-free faster.
If you want to relieve your current budget, you can agree on a lower credit rate with a constant term. This is also financed solely by the interest savings achieved with the debt rescheduling.
The third option: you take out a loan that slightly exceeds the transfer balance. Due to the lower interest rate, you get this loan with a constant monthly rate and constant term. The part of the new loan that is not required for the transfer can be paid out to you as additional liquidity.
When is a debt rescheduling possible and when is it worth it?
A rescheduling of existing installment loans should only be initiated if there are no additional costs after deducting all costs. An overall loan is often clearer than multiple loans from different banks. Nevertheless, the overall concept of debt restructuring must be calculated exactly in order to avoid additional costs. Any prepayment penalty for old contracts should also be taken into account.
Ideally, the new installment loan should be cheaper than all existing loans combined. In the case of a debt rescheduling, comparison portals help to find new loan offers with the installment loan calculator. You can see at a glance which banks are currently offering low interest rates. If you are convinced of a new loan offer, you can apply for the new installment loan online. For a smooth debt rescheduling, the cancellation terms of the old contracts should be carefully observed.
Repay the old loan with a new loan
Older loans can become expensive over time if the interest rate is fixed and the current lower interest rates are not taken into account. Anyone who took out a loan with installment payments a long time ago, which would now be much cheaper due to the lower interest rates, has the opportunity to benefit from installment loan rescheduling, which may be cheaper due to the current interest rate developments.
The installment loan calculator on the comparison portal Ratenkredit.de shows which bank has the right offers. Before rescheduling, you need to think carefully about whether rescheduling after deducting costs such as early repayment has the financial benefits you want.
If, after calculating all the redemption costs, it is worth rescheduling the old installment loans, a new total installment loan can be applied for online. The responsible bank will then promptly decide whether your application can be met. Stay flexible and use a current loan comparison to find out about the amount of current interest despite an existing installment loan.
If interest rates are low, you can immediately reschedule the existing installment loan after checking the current conditions of the bank as a binding online application if you have significant savings from the rescheduling. Ratenkredit.de uses the loan calculator to show you which bank is currently offering the best interest rates.
The overdraft facility is only worthwhile for a short time
You have discovered a chic coat while shopping and would like to buy it, because you are short on cash at the moment, use the disposition credit. If you balance the amount again as part of the next salary transfer, the short-term overdraft facility is just right. Long-term use becomes too expensive because the disposition interest is relatively high due to the immediate availability.
In the event that a large overdraft facility has accumulated, the installment debt rescheduling is the way to benefit from low-interest installment loans. With this loan, you have constant monthly installments and can use the calculator to plan the installment payments in advance as part of the debt restructuring.
If necessary, request information from the Credit bureau to claim any incorrect entries before applying for the debt rescheduling loan. Our debt rescheduling calculator shows you which bank has interesting loan offers for your purpose. The debt rescheduling of the real estate loan can quickly reach its limits with simple installment loans, here you can search for a direct conversation with the desired bank to find an ideal solution.
Conclusion: Debt rescheduling loan is almost always worthwhile
If you find an installment loan that is significantly cheaper than an existing loan, debt rescheduling is almost always worth it. Very often, better conditions can be achieved because the interest rate level has dropped in the meantime or personal creditworthiness has improved. Debt restructuring is straightforward: the new bank will redeem the loan and take all the necessary steps. You decide how to use the interest savings. You can permanently relieve your budget, get out of debt faster or get additional liquidity.