Guide: rescheduling a loan - simply explained

  • Top conditions with long terms
  • Non-binding offer
  • Guaranteed no upfront costs
save money with rescheduling

Important advantages of the borrower:

  • Combine several loans in one rescheduling loan
  • Reduction of the total rate with a simultaneous extension of the term
  • Clarity of liabilities
  • Shortening the running time with the same rate load

How can I reschedule a loan?

First, the borrower needs to get an overview of his existing liabilities. In addition to the installment loans, this also includes credit cards used and overdraft facilities. Lease contracts may also have to be taken into account. For these contracts, however, an individual review of the terms of the contract is necessary. Once the borrower has got this overview, he can start the comparison because he knows his volume for the loan to be rescheduled.

Rescheduling of installment and consumer loans

When rescheduling installment and consumer loans, the bank may charge a fee. Open credit card balances and the balancing of the current account are usually free of charge. For loans with a fixed interest rate, an individual request must be made to the lender about the amount of compensation. Now that the final financing volume has been determined, a loan rescheduling can be examined.

In the case of real estate loans, it is necessary to check the terms of the contract. There it is regulated whether, for example, early repayment of the loan is even possible or which requirements must be met. In the area of ​​mortgage lending, the calculation of the early repayment penalty differs from bank to bank. The legislator has only specified framework conditions.

When is it worth to have a loan rescheduled?

The bank is obliged to inform the borrower three months before the end of the fixed interest rate, whether the borrower would like to accept a follow-up financing offer. Because he doesn't have to. If the borrower wants to redeem or reschedule the loan before the fixed interest rate expires, he needs the consent of his bank, because the bank is not obliged to withdraw the loan beforehand.

Even if the borrower wants to change banks after the fixed interest rate has expired, everyone should be aware that the change involves costs. For example, if the debts are rescheduled, the entry of the land charge must also be changed.

If the loan is canceled before the fixed interest rate has expired, a kind of penalty fee may be due as the bank loses income in this way. The penalty fee is also called early repayment penalty and is calculated quite complex. In some cases, the early repayment penalty may also be waived, for example if the fixed interest rate was over ten years. However, if the fixed interest rate is longer than ten years, the full payment can then be terminated with six months' notice without a prepayment penalty being required.

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