The consumer loan is a credit that can be granted freely or under allocation, this type of loan can be concluded over a more or less long duration. Can we get a consumer loan for over 20 years? Reply.
Consumer loan over 20 years: is it possible?
The consumer loan is financing that can be used to purchase capital goods and/or a service offered by a third party or a company. This loan is capped at 75,000 dollars, beyond, it is not possible to borrow with this credit, it is necessary to favor the mortgage which must be accompanied by a guarantee. The repayment term of a consumer loan can range from 3 months to 84 months, the equivalent of 7 years. Beyond that, it is therefore not possible to borrow.
The consumer loan over 20 years is therefore not possible, simply because this long term only applies to home loans, where banks have much better guarantees to provide large funds. It is, however, possible for a borrower with credits in progress to find a solution to finance his project over 20 years, provided that he has at least one mortgage in progress.
Finance a project over 20 years with the repurchase of credit
A consumer who has at least one mortgage in place and who wishes to take out a consumer loan over a period of 20 years will not find any offer from banks and credit organizations. He can, however, ask to redeem his home loan and include the need necessary to finance his project and then smooth the new credit contract over a period of 20 years.
This financing solution is very specific since it requires first checking the creditworthiness of the borrower but also determining the nature of the credit consolidation that will result, that is to say, that the financing may be based on the legislation of the real estate loan only if the part of this loan to be taken back constitutes more than 60% of the total amount to be financed. The only solution to obtain an accurate estimate is to carry out a loan repurchase simulation online.
Simulate project financing
To verify that the financing of the project out of 20 is possible with the repurchase of one or more loans in progress, it is advisable to deposit a financing request by using the simulator. This allows you to receive several loan buy-back offers and to be able to compare the loan conditions offered on the market.