If a loan is to be taken despite existing credit, you are usually in a financial or emergency situation. To find the right solution, you should exactly compare the financial income and expenditure. This is the only way to prevent people from becoming hopelessly over-indebted or making wrong decisions. There can be different reasons for the renewed Kreitaufnahme, which make a restructuring necessary. Considering some basic things, a loan can also have benefits for the monthly burden, despite the existing loan.
Credit despite existing credit – reasons
Often, real estate is financed with debt capital and costs that are difficult to calculate (such as additional renovations or follow-up costs for the garden design) are under- or over-inclusive. If these costs are incurred, it will be necessary to refinance or increase the additional monthly burden. In such cases, one should first negotiate with the bank concerned whether the current loan can be increased by the necessary amount.
If the institution agrees to the increase, there are usually no renewed costs in the form of processing fees. For the higher credit limit, either the monthly installments increase or the term is extended accordingly. However, renegotiations with banks when it comes to credit increases are usually difficult and cost a lot of persuasiveness. The need must be well documented and the additional burden should be on income. In order to avoid these discussions, one should always consider an upholstery before financing for real estate, which can cover any additional costs.
Another reason is urgently needed purchases, which can not be paid at once with the available financial resources. This could be, for example, a car that is essential for daily work or the computer that is needed for school and work. If a loan has to be taken despite the existing loan, you should get various offers. Often companies offer interest-free loans for consumer goods, which are the cheapest solution with the appropriate credit rating. In any case, it is advisable to check whether it is worthwhile to summarize the current loans and to take a slightly higher loan. So only one creditor has to be paid each month, which can mean a lower monthly burden.
Credit despite existing credit – possibilities
Basically, with a positive credit bureau information and corresponding monthly income, it is no problem to take out another loan. However, you should give truthful information and not conceal the existing loans. At the latest, when the credit bureau information is obtained, the lender learns of the current loans, which would seriously damage the credibility.
If you place a renewed loan application with an institution with which you already have contracts, the demand for a pooling of the loans is worthwhile. In most cases, the bank already makes a new offer in its own interest, which includes a longer term. In this way, solvent customers can be tied to the institute, which ensures long-term revenue.
If the situation is hopeless, because there is a negative credit bureau information, there is still the possibility to apply for a loan despite existing credit without credit bureau information. Although this is offered in most cases only up to 3,500 USD and includes a higher interest rate, but can be a solution in very difficult situations.