Key highlights
- Refinancing may secure a more competitive rate
- Can reduce repayments or restructure the term
- Check payout figure, exit costs and remaining term first
- Works much like a new application, subject to lender criteria
- Your loan reviewed against a panel of 80+ lenders
If your existing car loan no longer suits your business, refinancing could improve it. Reviewing what you have against current options is a sensible move.
Why refinance a car loan?
Common reasons include seeking a more competitive rate, reducing repayments to ease cash flow, or restructuring the term. If your credit or business position has improved since you first borrowed, you may now qualify for better terms with another lender.
What to check before refinancing?
Look at your current payout figure, any exit or early-termination costs, and how much of the term remains. Refinancing makes most sense when the savings outweigh those costs. A broker can run the numbers so the comparison is clear.
How does refinancing work?
It works much like a new application, subject to lender criteria. Have your existing loan details, ABN, and recent statements ready. Ask your accountant or registered tax adviser about any tax implications of refinancing.
Simon Kendrick can review your current loan against a panel of 80+ lenders. Request an obligation-free Overdrive quote. It is a soft check that won't affect your credit score.
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