Refinancing an existing light truck loan can free up cash flow or better suit your business as it changes. Overdrive compares 80+ lenders so ABN holders can see whether a switch makes sense before they commit.
Signs it's time to refinance your truck
If your current repayments are straining cash flow, your interest rate feels high compared with what is available, or your business has grown since you first borrowed, it may be worth a look. A change in circumstances, such as improved trading or a cleaner credit profile, can open up better terms for eligible applicants.
What can refinancing a truck achieve?
Depending on your situation, refinancing may lower your repayments, shorten or extend your term, or consolidate finance on more than one vehicle. It can also release equity where the truck is worth more than the balance owing, subject to lender criteria. The goal is a structure that fits where your business is now.
What does refinancing a truck cost?
Refinancing is not always the answer, since there can be exit fees or setup costs to factor in. It pays to compare the full picture rather than just the headline rate. Any tax implications of refinancing should be confirmed with your accountant or registered tax adviser, and Simon can run the numbers across the panel for you.
Wondering if refinancing your light truck stacks up? Ask Simon Kendrick at Overdrive for an obligation-free quote. It is a soft check that won't affect your credit score.
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