The civil service credit buy-back is adapted to civil servants. But when you compare rates, the good surprises are not necessarily there. As much as there was from time to time an interest to be taken in an official loan, as much for the repurchase of official loan this is not the case. Indeed, the companies specializing in official credit did not necessarily appear to be cheaper than the others.
Official credit buy-back: what is it?
There is nothing specific about the official loan buy-back. It is either a credit buyout like the others that will be taken out by a civil servant or it is a credit buyout offered by an organization specialized in civil servant credit.
However for the repurchase of credit, the specialized organizations “public service” are not better than for the “traditional” credit in term of rate. On the other hand, we must not lose sight of the fact that the purpose of buying back credit is to lower the monthly payments reimbursed each month. So the consolidation of credit is expensive, and this is also the case for the repurchase of official credit. It will therefore be necessary to be careful to compare the same repayment durations and application fees. To objectively compare the repurchase of official credit between them, it will therefore be necessary to be based on the taeg rate. The annual effective annual rate is the rate which includes all the charges in terms of consumer credit. Buyers have a legal obligation to communicate this.
It is on this basis that our credit buyback comparator works. But not only. It also takes into account the possibilities of obtaining an agreement. It also allows you to contact several organizations by filling out a single questionnaire. This makes it possible to simply confront the competition and obtain a principled response as quickly as possible.
Employee credit repurchase: who offers it?
As we have just seen, the repurchase of credit for civil servant is not specific at the “traditional” organizations like Bankate or Astro Finance. For the latter, it is a loan buy-back like all the others. The only difference is that the credit is requested by an official. This will be stated in the online credit questionnaire. There will be no influence on the proposed rate.
However, it may be that the official loan buy-back is a little more accepted than the others. Indeed, financial organizations may consider this type of job more stable than the others.
Credit organizations for civil servants
There are organizations that specialize in civil servant credit and which offer official credit repurchase. This bank, set up between Société Générale and mutual insurance companies in the public service, offers a full range of loans. As our investigation on BFM had shown, a bank reserved for public service agents is not necessarily a guarantee of the cheapest rate. We will compare the repurchase of BFM official credit to the best offers on the market.
The other organization which offers a civil servant loan buy-back is the CSF, the Social Credit of Civil Servants. But bad news, no simulation of credit repurchase for civil servant is available on the site. It is therefore necessary to go through other means to know their offers.
Example of civil servant loan buy-back
To find the cheapest official credit buy-back, there are not 36 solutions, you have to compare. However, specialists such as BFM or CSF do not make any official credit buyback simulator available on their website. Only one example of official loan buy-back offered by BFM is available on its website. Here are the methods presented:
- amount: $ 12,000
- duration: 60 months
- fixed taeg: 5.08%
- monthly: $ 223.99
- cost of the purchase: $ 1,559.40
It is objectively a good offer to buy back official credit. But for information, the best personal loan rate for $ 12,000 over 60 months is at the fixed taeg rate of 3.90%.