Guide: rescheduling loan - redeem credit early

  • Consolidation of existing loans in one rescheduling loan
  • Clarity of liabilities
  • Financial relief
  • new financial opportunities
  • Guaranteed without upfront costs
Loan from your house bank or direct bank

Repay a loan early with a rescheduling loan

Some borrowers who took out a loan a few years ago are annoyed by the current low interest rates. There is a high probability that he is paying too much interest. But that need not be. With a cheap rescheduling loan, it is very easy to replace existing expensive loans. Particularly when rescheduling overdraft or installment loans with high interest rates, borrowers can save up to several hundred euros - depending on the loan amount. With mortgage lending, you can even save four-digit amounts by rescheduling. But you can't just reschedule a loan. If you have several loans running in parallel, you should in any case summarize all loan liabilities at a monthly rate. This not only saves money, but also helps to bring order to your own finances and even to improve your credit rating, which in turn has a positive effect on the interest rate on the rescheduling loan.

Interest savings through debt rescheduling

The rescheduling loan is particularly useful if the current loan agreement is still running for a very long time and the remaining debt is still quite high. Anyone who has chosen a long loan term must also expect the interest rate level to fall during the term. If interest rates fall sharply, this is initially annoying for the borrower, but by rescheduling the remaining debt, the monthly burden can be reduced significantly. Especially when it comes to very high loan amounts - such as real estate financing - borrowers can save four-digit amounts with a rescheduling loan. After ten years, but at the latest at the end of the fixed interest period, real estate financing can be rescheduled without any problems.

But also with other types of credit - such as an overdraft facility - a rescheduling loan can be worthwhile. Because the interest rate difference between an overdraft facility and an installment loan can be very high. Currently, the overdraft interest in Germany is around 10 percent on average. Installment loans, on the other hand, are granted from three percent APR (creditworthiness required). Anyone who regularly makes use of their overdraft facility to a large extent is therefore usually better off with a cheap rescheduling loan. Before a loan is rescheduled, however, you should precisely calculate the potential savings. To do this, the savings achieved by rescheduling must be compared with any costs.

The right procedure for a debt rescheduling

Before you redeem your existing loan, you should find out the following things in order to be able to calculate the savings precisely:

  • Exact amount of the remaining debt on the desired rescheduling date
  • Costs that the old loan still causes during the remaining term
  • Amount of the early repayment penalty

You can roughly determine whether or not a rescheduling is worthwhile with the help of online loan calculators. To do this, enter the sum of the remaining debt and compensation into a loan calculator. You should select “Debt rescheduling” as the intended purpose. As a result, you should find the total cost in addition to your loan installment. If these are far below the cost of your old loan, the rescheduling is definitely worthwhile for you.

Now look around for a cheap rescheduling loan and get at least two or three specific offers from various loan providers. Most rescheduling loans are dependent on the creditworthiness of the applicant, so you will only find out your definitive interest rate after a credit check has been carried out. If obtaining several written offers is too time-consuming for you, you can alternatively contact the Best Credit loan experts, who will do all of this work for you and find the rescheduling loan that is best for you.

If the right loan offer has been found, nothing stands in the way of debt restructuring. When choosing your lender, make sure that no processing fees are charged for the rescheduling. According to a ruling by the Federal Court of Justice, these are inadmissible. Processing fees that have already been paid can possibly even be reclaimed.

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