If you have multiple loans then it may be advisable to merge all loans, this could save dozens of euros every month. Another big advantage of merging loans is that you only have to deal with one financing company and therefore have only one contact point.
In addition, it is also much clearer and you do not have multiple payment moments per month. Do you have one loan but also an outstanding balance on your credit card then there is also the possibility to join these loans together, especially in this case you could save a lot of money. The interest rates with a credit card are high and almost in all cases you will save money if you combine the outstanding balance with the loan you already have.
However, it may also be advisable to consider the possibility of merging if you have multiple loans or credits. Just look at the interest rates and you will see that you will be much more profitable with one loan. You also have the option of adding an additional amount when you combine a loan. The latter is of course dependent on your financial situation.
Always ask for a quote before merging
We would like to advise you, however, to ask for a quotation before merging the loans. On a quote you will see clearly what the term is and the monthly repayment amount, in addition you will also see the additional costs.
Indeed, there are finance companies that make it obligatory to take out insurance when you start borrowing money. Naturally you do not want to incur unexpected costs and with a quote you are informed of all costs in advance. In addition, requesting a quotation is entirely free of obligation and also free of charge. If you are satisfied with what you see on the offer, you only have to sign it and return it, after which the application process will be put into operation. So combining all loans can result in a monthly savings, if you have multiple loans, then it is advisable to regularly check whether you can not go out a lot cheaper on a monthly basis.