Refinancing Existing Loans
You can successfully refinance your business loan with Finance IT Forward.
The need for refinancing arises under different circumstances. A common reason could be that the loan you obtained didn’t come with your ideal rates and terms. As well as you may have faced limited options due to the age of your business or your credit history. You may have simply not had adequate time to shop around for a better option.
Whatever the reasons that led you to the decision to refinance your loan, we will help you choose the option that is most beneficial for your case.
Generally, lenders will pay a lot of attention to your personal credit score, business’s age, and your business’s annual revenue. So when you see a marked improvement, you should consider refinancing your existing business loan with a better alternative.
How Loan Refinancing Works
Refinancing business loans can be broken down into logical steps that will help to understand the essence of this process:
- To take out a brand new loan
- Immediately using the capital you obtain from that loan to pay off your previously held debt
- To make payments on the new loan going forward
So this happens at the time of refinancing the loan, and in the future, you will repay your new more profitable loan.
The benefits of refinancing
- A lower annual percentage rate
- Lower monthly payments
- Less frequent payments
The terms a business owner may qualify for depending on several factors. We will help you with the selection considering this criterion.
When you’re refinancing a loan, you’re essentially paying it off early. At first glance, this may seem like a benefit. And it can, but some lenders may actually penalize you for paying off a loan ahead of schedule.
We will guide you to deal with these and other nuances of this process.
Finance IT Forward will elect the optimal conditions for refinancing the loan for you.