Consolidating your existing loans into a single facility on your home can potentially help you save thousands and help you pay off your loans sooner. Not all lenders will let you consolidate debts and there are certain lenders which specialise in this type of finance. Gerry Bosco can help you find out whether consolidating your debt is right for you, how much you can save and more.
If you’re looking to consolidate your loans Gerry can help find out:
- How much you can borrow to consolidate your loans
- what types of loans you can consolidate – including credit cards, car loans, personal loans, tax debt etc
- Whether fixed rates or variable interest rates are better for you
- How to reduce fees and have access to lower interest rates
- What lenders will look your debt consolidation scenario and what is the best for you
- What is the best way to structure the loan for you to ensure you benefit the most from consolidating your loans
How Does Debt Consolidation Work?
Debt consolidation is the process of refinancing or ‘merging’ an existing mortgage with other debts, commonly higher interest rate credit card, car loan or personal debts. This process will allow you to potentially reduce the interest rates on your overall loans, freeing up more of your money to be used to pay these loans off faster. Depending on your situation, consolidating these debts can also mean you will be able to significantly reduce your repayments.
There are rules with debt consolidation which change depending on each lender – so getting specific advice from Gerry will ensure you have the best option structured for you. Some lenders do not favour debt consolidations and will restrict the types of loans and interest rates available to you, so getting the right advice can mean you save thousands over the life of your loan.
Can I consolidate debts if I have bad credit?
Yes you can! Gerry can assist in determining whether you can qualify for a debt consolidation and whether it is beneficial for you.
Depending on the level of bad credit (defaults, late payments, judgements etc), this will determine what type of loan may be available for your circumstances.