Refinance an Equipment Loan: Lower Your Payments & Save Money
Improve your business cash flow by refinancing your existing equipment loan with better terms.
Refinancing your equipment loan could help you reduce monthly payments, secure better interest rates, or adjust your loan term to better suit your business needs. Our refinancing solutions are designed to improve your cash flow and financial flexibility.
Lower Rates
Reduce interest costs
Adjust Term
Modify loan duration
Reduce Payments
Improve cash flow
Better Terms
More favorable conditions
Benefits of Refinancing Your Equipment Loan
Refinancing can offer significant advantages for businesses with existing equipment loans:
Reduced Monthly Payments
By securing a lower interest rate or extending your term, you can significantly reduce your monthly payment obligations, improving your business cash flow. This frees up capital for other business needs.
Interest Rate Savings
If interest rates have decreased since you took out your original loan, or if your business credit profile has improved, you may qualify for a lower rate. Even a small percentage reduction can translate to substantial savings over the loan term.
Consolidation of Multiple Loans
If you have multiple equipment loans, refinancing allows you to consolidate them into a single loan with one payment. This simplifies your finances and may result in overall cost savings.
Release Equity or Borrow More
If your equipment has retained good value, refinancing may allow you to release some equity or borrow additional funds against the asset while restructuring your existing loan.
"We were paying nearly £2,500 monthly on our CNC machine loan. After refinancing, our payment dropped to £1,800, saving us £700 every month. The process was straightforward and the savings have made a tremendous difference to our business operations."
- Robert Hughes, Manufacturing Company Owner
When Should You Refinance Your Equipment Loan?
Interest Rates Have Dropped
If market interest rates are significantly lower than when you first financed your equipment, refinancing could result in substantial savings over the remaining term of your loan.
Your Credit Profile Has Improved
If your business credit score has improved since taking the original loan, you may qualify for much better rates and terms than you originally received.
Cash Flow Challenges
If your business is experiencing cash flow issues, refinancing to extend the term and lower monthly payments can provide immediate relief, even if it means slightly higher overall interest costs.
Better Terms Available
If you're unhappy with the terms of your current loan (such as high fees, restrictive covenants, or unfavorable prepayment penalties), refinancing can help you secure better overall loan conditions.
Not sure if refinancing is right for your situation?
Speak to our equipment finance specialists for personalized adviceThe Equipment Loan Refinancing Process
-
1
Assessment
We analyze your current loan terms, equipment value, and business financial profile to determine if refinancing would be beneficial.
-
2
Proposal
Our team creates a refinancing proposal showing potential new terms, monthly payments, and overall savings compared to your current loan.
-
3
Application
Once you decide to proceed, we handle the application process with the selected lender, collecting necessary documentation and information.
-
4
Settlement
The new lender pays off your existing equipment loan, and your business begins making payments under the new, more favorable terms.
Ready to Lower Your Equipment Loan Payments?
Check your refinancing options today and see how much you could save