If you have a loan that has been in existence for several years, it makes sense to check the terms of your loan agreements now in times of low interest rates. Many old loans are overpriced and you can potentially save a lot of money by replacing your existing loan. This is very simple: you compare the terms of current loans and choose a provider that offers you a cheaper interest rate. When applying for the loan, state that you want to use the amount to repay another loan by choosing the purpose of “debt rescheduling”. It is important that you indicate the amount of the loan, the lending bank and the remaining amount. Then it is possible to make an offer tailored to your needs.
Almost any loan can be rescheduled
Regardless of whether you have taken out a car loan or a personal loan for any other purpose, it is possible to reclassify it. Even if the rescheduling in your old loan agreement is not provided, you can replace the loan early. Eventually, the bank will ask you for a prepayment penalty. This increases the loan amount that you need to replace, but you can still benefit from debt restructuring. A repayment of the loan is usually beneficial, as the rate will decrease in any case due to the low interest rates. The longer the old loan is still running, the higher the likelihood that you will save a lot of money when rescheduling.
A credit comparison allows you to quickly and easily determine the cheap offer. Contact the provider and get information about the exact conditions. Before you replace your old loan, you should also contact your lending bank and explain the intention to replace the loan. Before you sign the new loan agreement, it is important that your bank knows and, in the best case, agrees that you would like to repay your loan.
Borrow an existing loan
If there are major purchases that you can not finance from your savings, it makes sense to replace an old loan and top up the amount you are reposting. You then repay a single cheap loan and have the necessary funds for your new investments.
Use our loan calculator to view the conditions of current offers and to compare them
If you would like to repay your loan – sometimes called an annuity loan – we would be pleased to advise you.