At present, such a banking service as refinancing is very popular, because loans have become noticeably cheaper. Refinancing is the registration of a new loan in order to reduce the payment amount or term. Re-lending is possible in the same bank, but most often they turn to another credit institution for this service, since banks are reluctant to refinance their loans.
Have you decided to refinance an existing loan? In order to profitably get a new loan at interest, you need to responsibly approach the search for offers. In addition, you need to understand how the monthly payment and the amount of overpayment will change. Sometimes on-lending only at first glance seems to be profitable. How do you know if the game is worth the candle?
Step one
First of all, you should clarify the terms of your current loan. Contact your bank and ask a specialist to provide you with information about the interest rate, the remaining principal and interest. You can also get this information from the loan agreement. The payment schedule, as a rule, is divided into months, opposite which all the above data are written. When assessing a loan, do not forget about insurance premiums (if any), a monthly commission for maintaining an account. Some loans contain conditions according to which early repayment of the loan is impossible or permissible, but only after the payment of a fine.
Step two
Having received full information about your current loan, you can proceed to study the offers of banks. Be sure to calculate, together with a specialist, the amount of the monthly payment, as well as the overpayment. Check the availability of insurance, because often it consists of an impressive amount.
Please be aware that the originally quoted rate may increase during the checkout process. Sometimes banks increase the rate if a person confirms his income without applying a 2-NDFL certificate. Learn about all the pitfalls.
Step three
You have evaluated all the costs and conditions and came to the conclusion that you will significantly save money by re-crediting. To get started, prepare a standard package of documents, which consists of an application form, passport, SNILS, certificates from the place of work, an old loan agreement and a payment schedule. If everything is in order with the documentation, the bank will refinance your loan. Do not rush to immediately sign a new loan agreement, because by law you have 5 days to study it. Once again, read all the terms carefully, and if necessary, consult with an independent lawyer.
note
You can refinance several loans at once. Let's say you monthly transfer payments for three loans at once to different banks and days. Agree, this is inconvenient. In this case, all loans can be collected in one loan, that is, they can be consolidated. Firstly, it saves time, and secondly, money.
If you want to refinance, first check with your bank about the availability of such a service as "rate reduction". Please note that this is not a re-lending, but a change in the terms of the loan agreement. The main advantage of the service is less formalities and lower costs.
It is impractical to refinance small loans, as the procedure will entail additional expenses. Most often, the costs are justified for long-term and large loans.
