To change the currency of the credit we have, the nature of the credit must be considered, that is, if it is a personal loan, vehicle credit or mortgage loan, since the terms and requirements are different in each case.
It is advisable to change the currency when you have a long-term credit (24 months or more) since otherwise the savings will not be received and the paperwork for the change will be more expensive than maintaining the same loan. You should consider the new rate offered to you, which should be similar to the previous one and also negotiate a preferential exchange rate. Compare your account statements and what you would pay to cancel the loan with the current and new currency, to verify that it really suits you.
In the case of personal loans
The procedures for this change are minor and you can perform them both in the same bank (ask an advisor for your currency exchange) or in another bank, if it is denied.
For mortgage loans the requirements are higher since a new risk assessment is carried out (if you can or cannot pay the installments), as well as the terms and amounts to be paid. It is important to note that in this type of credit the guarantee (the property) is not depreciated.
For vehicle loans, the procedure is a bit more cumbersome, this is because the vehicle warranty does depreciate, that is, it loses its value in a certain percentage over time.
Finally, the terms for this change depend on the type of credit:
Personal loan: 3 to 15 days
Vehicle or mortgage credit: 20 to 25 days.
The exchange rate is always changing and the upward trend presented today may not be the same next year, so it is always good to have this information at hand. Now that you know how to change the currency of your credit, you can request the one you want but always comparing your options so as not to pay unnecessary interest and get all the possible benefits. Compare with our comparator of personal loans, mortgage loans or vehicle credits, and make sure you don’t pay anything else.