One of the most common reasons for taking out a new loan is rescheduling.
This can be quite useful in many cases. Especially in times of low interest rates and thus low lending rates, new loans are often available on better terms than a few years ago. Who pays out an old loan with a new loan with more favorable conditions, often saves in the three-digit range, depending on loan amount and remaining time. Even if the credit line has been debited from the bank account, rescheduling can lead to significant savings.
Initial situation: Old existing loans, construction loans or credit facilities should be rescheduled.
Objective: The new loan should lead to savings through more favorable conditions
What should be considered: Can the old loan be paid directly by special repayments free of charge? Are there cheaper loans?
Solution: Check credit agreement for special repayment and then look for cheap credit on our credit comparison.
A rescheduling is not always possible, even if usually a significant savings would be possible. Because if the loan agreement does not permit special repayment, the bank has the right to a compensation payment in the event of early triggering of the loan. The bank as lender argues here with contractually assured interest payments that would be omitted by a special repayment.
The representative interest rate
- Multiple current loans can be triggered and replaced by a new loan. It should be noted whether the capital expenditure (repayment + interest) is actually cheaper by a new loan.
- Disbursement loans if these are not immediately cleared immediately revert to a installment loan. Disbursements always have significantly higher interest rates than installment loans.
- With building loans, interest rates fluctuate only to a very small extent. Due to the usually very high loan amounts, but also a small deviation of the interest rates can lead to noticeable savings. Decisive is the right timing.
- Pay attention to the prepayment penalty in the event of a repayment. Only if, despite this payment, the final amount is lower, it is worth rescheduling