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Here are three reasons why now is a great time to refinance your small business loan.
If you took out a small business loan when you first started your business, you may be due for a refinance. Interest rates are at historical-time lows (even though they are rising and may seem high right now as compared to a year ago), and if you qualify, you could save yourself a significant amount of money each month. Here are three reasons why now is a great time to refinance your small business loan.
1. You can lower your monthly payments.
One of the primary reasons to refinance your small business loan is to lower your monthly payments. By obtaining a lower interest rate, you'll be able to free up some cash each month that can be used elsewhere in your business. In addition, if you have good credit, you may be able to extend the length of your loan, which will also lower your monthly payments.
2. You can get cash out for other purposes.
Another reason to consider refinancing your small business loan is because you may be able to take cash out for other purposes. If your business has been doing well and you have some equity built up in your property, you may be able to use that equity to get cash out for other investments or expenses.
3. You can improve your business credit score.
One of the best things you can do for your business is to make sure you have a good credit score. Your credit score not only impacts your ability to get loans and lines of credit, but it also affects the interest rates you'll pay. If you have a high credit score, you'll likely be able to get a lower interest rate when you refinance your small business loan.
4. You can improve the terms of your loan.
The final reason to refinance your small business loan is that you may be able to improve the terms of your loan. If you originally took out a variable-rate loan, you may be able to lock in a lower interest rate by refinancing. Or, if you have a balloon payment coming due, you may be able to refinance and extend the length of your loan so that you don't have to come up with a large sum of money all at once.
If you're considering refinancing your small business loan, now is a great time to do it. Interest rates are at all-time lows and there are numerous other benefits that come with refinancing, such as lower monthly payments, the ability to take cash out for other purposes, and improved terms on your loan overall. So what are you waiting for? Contact National Legacy Capital Group today to see how we can help you refinance your small business loan.
