Car loan rescheduling - you have to pay attention!

In some cases the Detachment ihres old car loan with a new one. Such debt restructuring can be worthwhile, provided the conditions are right. At high interest rates, one to long term or other bad conditions can do it quickly expensive will. In such a case, the Termination the old loan will be cheaper for you and also a new loan with you better conditions entail. A rescheduling means that you can replace your old loan with a replace new oneIn order to be financially better off as a result. For example, from lower interest rates and a rate that better to your financial situation fits, benefit. When it comes to Combination of several loans comes, the sum of the liabilities is accordingly less. Furthermore, you are financially less burdened and yours is also improved Credit.

Car loan rescheduling

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1. Debt rescheduling - that must be considered!
2. When does debt rescheduling make sense?
3. Compare the offers!
4. Note the notice periods!
5. The vehicle registration document as security!
6. Debt rescheduling: offer from the "old" bank!
7. Termination of the residual debt insurance!
8. All important tips:

Debt rescheduling - that must be considered!

With such a debt restructuring however, there are a few things to keep in mind. You have to do this first pay the remaining debt, so the sum you not yet repaid to have. Depending on how high the total loan is and how long it has been running, this residual debt can be extremely high fail. In addition, many banks require the payment of a so-called prepayment penaltyif you want to cancel the loan before the end of the term. Because after all, go to the bank lost interestthat you would have paid for the rest of the term. From the remaining debt and the prepayment penalty, the Transfer amount for the car loan together. 

When does car loan rescheduling make sense?

If you have a loan reschedule may want you to be relative high additional costs have to pay. Therefore you should check in advance whether the repayment of the loan will pay off at all. Furthermore, the Costs, which are used to finance the new loan, be less than the cost for that Financing of the old loan were to be paid. You should also make sure that the lower interest rates of the new loan for the entire term apply and not just for a certain period. Is this not the case could be that the interest will start at a certain point in time erhöhenWhich ultimately may result in the debt rescheduling not being financially worthwhile or even not being worth it expensive was.

Basically, a debt rescheduling is most worthwhile when the loan at the beginning of its term so that you can benefit from the better terms of the new loan for as long as possible. If the term of the old loan is almost over, rescheduling only makes sense if you already have one new funding have planned for a new car. 

Make sure to compare the offers!

If you have a debt restructuring you should definitely do this beforehand compare different tariffs. You can recognize the bank directly through the different conditions the best offer. You can also use Comparison portals Save a lot of time on the Internet, as the offers are automatically compared for you and the best offer is shown to you within a very short time. However, you have to keep in mind that the loans are often on several conditions are bound. These include, for example Handling fees. So you shouldn't just do that Should- or the nominal interest rate Pay attention, but rather that annual percentage rate, as this is a very good basis for comparison. 

Note the notice period for the loan!

In order for you to be able to reschedule the loan, you must first contact the relevant bank cancel. This termination can lead to the fact that you have already mentioned prepayment penalty have to pay. How high this compensation ultimately turns out is in the Civil Code § 502 regulated: The maximum compensation is one percent of the remaining debt be. When the remaining term of the loan less than 12 months is only entitled to compensation in the amount of 0,5 percent are required.

Some banks also rely entirely on the payment of such Compensation waived becomes. You can see how high the compensation actually turns out in the end Loan agreement check. Here is also the information regarding the notice period noted (if there is one). The reason is that everyone Consumer loans (and that includes auto loans), the after June 11, 2010 have been completed, can be terminated at any time without notice are. If a notice period has been specified in the contract, this may not be longer than be a month, what in Section 500 of the BGB is regulated. For loans that before the deadline have been concluded, the notice period is in most cases three months. 

The vehicle registration document as security for the banks!

Many banks ask for a car loan when taking out a car loan Registration certificate part II, which many also call registration document is known. This ensures better conditions and is for the reason that the vehicle is considered a Safety serves. However, that is no obstacle to rescheduling of the loan, because with the new loan agreement the old loan agreement can be very easily repaid be making the vehicle passes into your possession. If this is the case, you can usually send the vehicle registration document to Admissions office pick it up or you will receive it nach Hause cleverly. If the new bank also requests the vehicle registration document to be on the safe side, you will of course have to hand the letter over to the bank again. Usually you have 1-2 weeks for this. 

Debt rescheduling: request an offer from the "old" bank

If your old credit through a new want to replace, most will have one new bank Come to mind because after all, new customers will usually be one better deal submitted. As mentioned earlier, you should Compare offers from different banks. You can then use the offers found in the process to find your current bank. Ideally, the old bank would like you as a Keep customers and you may be special attractive offer to offer. Additionally, you get the benefit of being less Paperwork comes to you, since everything stays with the old bank, which the general coordination enormous facilitated. It is also advisable to combine several loans, because this the number of your liabilities decreased, which in the end results in a better one Credit rating can result. Still, you should of course only here replace the old loansthat is also about accordingly worse conditions feature. 

Termination of the residual debt insurance in the event of a debt rescheduling!

The Payment protection insurance is there for the borrower or his family to protectif certain circumstances such as Unemployment for insolvency to lead. If the loan is to be rescheduled, so must that Insurance be terminated. These Insurance is generally tied to the creditwhy the termination save should cause further problems. A Transfer The existing insurance on the new loan is however not possiblebut you must have one new insurance complete, which is often associated with high costs. For this reason, you should think twice about whether you really need this insurance or whether the corresponding risk even exists. 

All important tips for rescheduling:

• The rescheduling can make sense, provided that the Conditions better are.
• By the Sum up multiple loans will increase your Credit.
• Be sure to compare several offers.
•   no unnecessarily high credit .
• Think about whether a Payment protection insurance is really necessary. 

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