If you took out a loan when your business was just starting up, it\u2019s likely that you\u2019ll now have access to a wider range of business financing possibilities than you did back then. <\/p>\n
Since applying for your original loan, your business may have grown and become more established, you may have built up a business credit history, and you may even have some collateral to put down for a new loan. <\/p>\n
As a result, your business is likely to be much more attractive to lenders and you\u2019re more likely to get accepted for more competitive business loan<\/a> rates and terms, making now a good time to refinance. Here, we explain all you need to know about refinancing a business loan. <\/p>\n When you refinance a business loan, you simply take out a new loan to repay your existing one. <\/p>\n There are many benefits to doing this. For a start, it could allow you to take advantage of lower interest rates, making your new loan much cheaper than your existing one. Alternatively, refinancing could enable you to choose a longer loan term and reduce your monthly payments, or it could allow you to borrow more to improve your cash flow. <\/p>\n Refinancing can also enable you to consolidate or combine a number of different loans into one loan with one lender and a single monthly payment. This can make managing your business finances much easier. <\/p>\n To decide whether refinancing is right for your business, it\u2019s worth asking yourself the following questions\u2026<\/p>\n Not sure whether you should refinance? With our refinance calculator<\/a> you can estimate the savings and costs associated with refinancing.<\/p>\n If you decide to go ahead and refinance your business loan, here\u2019s your five-step plan to guide you through the process. <\/p>\n Firstly, compile a list of your business debts, including the amount owed, the annual percentage rate (APR), your monthly payments, the remaining term of the loan(s) and any fees you will have to pay to get out of your loan(s) early.<\/p>\n Not only will this information come in handy when you come to compare your options, it will help you to determine whether refinancing is definitely the most cost-effective option for you. <\/p>\n To improve your chances of getting accepted for a new loan, before you make your application it\u2019s advisable to have the following documents to hand to help speed up the process:<\/p>\n Next, take the time to compare your loan options via Swoop<\/a>. Make sure you compare interest rates available, as well as the term of the loan and whether there are any application fees. This should help you to weigh up which option suits your needs best.<\/p>\n Once you\u2019ve made your decision, you\u2019re ready to make your application. The documents you\u2019ve gathered together in step 2 will help you with this. <\/p>\n You\u2019ll also need to provide proof of ID such as a passport or driving licence, proof of address such a utility bill or bank statement, and your company registration number (CRN) if it\u2019s a limited company, plus the registered address and details of company directors. <\/p>\n If you\u2019re approved for your loan, you can use the funds received to repay your original loan(s) and you\u2019ll then make monthly payments to your new lender. If you\u2019ve consolidated more than one loan, you\u2019ll only need to make payments to one lender each month rather than several.<\/p>\n The team of experts at Swoop will be happy to explain the best way for you to go about refinancing and to support you throughout the process. Get in touch today by registering an account for free.<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" If you took out a loan when your business was just starting up, it\u2019s likely that you\u2019ll now have access to a wider range of business financing possibilities than you did back then. Since applying for your original loan, your business may have grown and become more established, you may have built up a business […]<\/p>\n","protected":false},"author":22,"featured_media":8928,"comment_status":"closed","ping_status":"closed","template":"","category":[59,367,307,41,250],"class_list":["post-36966","blog","type-blog","status-publish","has-post-thumbnail","hentry","category-blog","category-sme-support","category-loans","category-funding-resources","category-savings"],"acf":[],"featured_image_urls_v2":{"full":["https:\/\/swoopfunding.com\/na\/wp-content\/uploads\/sites\/10\/2021\/01\/refinancing--scaled.jpg",2560,1709,false],"thumbnail":["https:\/\/swoopfunding.com\/na\/wp-content\/uploads\/sites\/10\/2021\/01\/refinancing--150x150.jpg",150,150,true],"medium":["https:\/\/swoopfunding.com\/na\/wp-content\/uploads\/sites\/10\/2021\/01\/refinancing--300x200.jpg",300,200,true],"medium_large":["https:\/\/swoopfunding.com\/na\/wp-content\/uploads\/sites\/10\/2021\/01\/refinancing--768x513.jpg",768,513,true],"large":["https:\/\/swoopfunding.com\/na\/wp-content\/uploads\/sites\/10\/2021\/01\/refinancing--1024x683.jpg",1024,683,true],"1536x1536":["https:\/\/swoopfunding.com\/na\/wp-content\/uploads\/sites\/10\/2021\/01\/refinancing--1536x1025.jpg",1536,1025,true],"2048x2048":["https:\/\/swoopfunding.com\/na\/wp-content\/uploads\/sites\/10\/2021\/01\/refinancing--2048x1367.jpg",2048,1367,true],"image_blog":["https:\/\/swoopfunding.com\/na\/wp-content\/uploads\/sites\/10\/2021\/01\/refinancing--408x252.jpg",408,252,true],"image_blog_full":["https:\/\/swoopfunding.com\/na\/wp-content\/uploads\/sites\/10\/2021\/01\/refinancing--1775x660.jpg",1775,660,true],"image_podcast":["https:\/\/swoopfunding.com\/na\/wp-content\/uploads\/sites\/10\/2021\/01\/refinancing--397x298.jpg",397,298,true],"image_banking":["https:\/\/swoopfunding.com\/na\/wp-content\/uploads\/sites\/10\/2021\/01\/refinancing--30x20.jpg",30,20,true],"image_blog_internal":["https:\/\/swoopfunding.com\/na\/wp-content\/uploads\/sites\/10\/2021\/01\/refinancing--840x480.jpg",840,480,true],"image_blog_medium":["https:\/\/swoopfunding.com\/na\/wp-content\/uploads\/sites\/10\/2021\/01\/refinancing--1024x500.jpg",1024,500,true],"image_single_banking":["https:\/\/swoopfunding.com\/na\/wp-content\/uploads\/sites\/10\/2021\/01\/refinancing--80x53.jpg",80,53,true]},"post_excerpt_stackable_v2":" If you took out a loan when your business was just starting up, it\u2019s likely that you\u2019ll now have access to a wider range of business financing possibilities than you did back then. Since applying for your original loan, your business may have grown and become more established, you may have built up a business credit history, and you may even have some collateral to put down for a new loan. As a result, your business is likely to be much more attractive to lenders and you\u2019re more likely to get accepted for more competitive business loan rates and terms,…<\/p>\n","category_list_v2":"Blog<\/a>, SME support<\/a>, Loans<\/a>, Funding resources<\/a>, Savings<\/a>","author_info_v2":{"name":"Rachel Wait","url":"https:\/\/swoopfunding.com\/na\/author\/rachel-wait\/"},"comments_num_v2":"0 comments","_links":{"self":[{"href":"https:\/\/swoopfunding.com\/na\/wp-json\/wp\/v2\/blog\/36966","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/swoopfunding.com\/na\/wp-json\/wp\/v2\/blog"}],"about":[{"href":"https:\/\/swoopfunding.com\/na\/wp-json\/wp\/v2\/types\/blog"}],"author":[{"embeddable":true,"href":"https:\/\/swoopfunding.com\/na\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/swoopfunding.com\/na\/wp-json\/wp\/v2\/comments?post=36966"}],"version-history":[{"count":0,"href":"https:\/\/swoopfunding.com\/na\/wp-json\/wp\/v2\/blog\/36966\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swoopfunding.com\/na\/wp-json\/wp\/v2\/media\/8928"}],"wp:attachment":[{"href":"https:\/\/swoopfunding.com\/na\/wp-json\/wp\/v2\/media?parent=36966"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swoopfunding.com\/na\/wp-json\/wp\/v2\/category?post=36966"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}How does business loan refinancing work?<\/strong><\/h4>\n
Is refinancing right for your business? <\/strong><\/h4>\n
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5 steps to refinancing your business loan<\/strong><\/h4>\n
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