Business Vehicle Refinance

Vehicle refinancing involves replacing your existing vehicle finance with a new loan or finance facility. Businesses may refinance to secure a better interest rate, reduce repayments, change the loan term or restructure existing vehicle debt.

When you refinance a vehicle, the new lender generally pays out your existing vehicle finance and replaces it with a new facility. The new loan is then repaid under the agreed rate, term and repayment structure.

Yes, depending on your circumstances. If better vehicle finance rates are available, refinancing may help reduce your interest rate and overall finance costs. It’s important to compare any payout costs and fees against the potential savings.

Yes. Vehicle refinancing may reduce your repayments through a lower interest rate, a different loan term or a different finance structure. Extending the loan term can lower regular repayments but may increase the total interest paid over the life of the loan.

Yes. Refinancing may be available for used and older vehicles, subject to lender criteria. The vehicle’s age, value, condition and remaining loan balance can influence which lenders and loan terms are available.

Yes. Businesses with multiple financed vehicles may be able to refinance several loans at the same time. This can be an opportunity to review rates, repayments and finance structures across an existing vehicle fleet.

Potentially. Some commercial lenders consider vehicle refinancing applications involving previous or current credit issues. Your available options will depend on your credit history, business performance, existing finance and the value of the vehicle.

In some circumstances, you may be able to refinance a vehicle and access additional funds using available equity in the vehicle. The amount available will depend on the vehicle’s value, existing payout amount, your business circumstances and lender criteria.

You may consider refinancing if your current interest rate is no longer competitive, your repayments are putting pressure on cash flow, your business circumstances have improved or you want to restructure existing vehicle finance. The costs of refinancing should always be considered against the potential benefit.

There can be. Your existing lender may charge payout or early termination costs, while the new lender may have establishment, documentation or other fees. We compare the overall cost of refinancing, not just the advertised interest rate, to determine whether changing lenders makes commercial sense.

Yes. If your vehicle finance has a balloon payment approaching, you may be able to refinance the outstanding balloon rather than paying the full amount from your business cash flow. Approval will depend on the vehicle’s value, age and your circumstances.

Current vehicle refinance rates generally range from 6.55% to 15% p.a., depending on your credit profile, business history, documentation, vehicle age, loan amount and wanted finance terms. Our job is to compare 80+ lenders to find the lowest rate and repayments for your credit profile and wanted terms, then negotiate directly with lenders to get you the best deal possible. Rates are indicative only and subject to lender criteria, credit assessment, fees and individual circumstances.