Have you taken out multiple business loans with different lenders? Or are you paying too high interest rates for a current business loan? Then you can save a lot of money by merging or lending these loans. Compare the different lenders to determine which business loan can save you the most money.
You may have taken out a business loan at a time when the interest was not favorable. You then pay much more interest than is necessary. If you meet the conditions, you can refinance the current business loan. You then take out a loan with another lender. The new lender fully repays the current loan for you. Before you proceed to transfer a loan, you must carefully read the general terms and conditions used. The old lender can charge a penalty interest of a maximum of 1%, so that your financial advantage may be canceled out. Transferring a business loan is not always the cheapest solution.
Merge business loans
If you have several business loans, you can quickly lose the overview. It is clearer if you can combine these loans into one credit. In most cases you will also save a lot of money because of the sharp interest rates. Pay close attention to the applicable general terms and conditions, which can ensure that a penalty interest is imposed. After all, the early repayment of loans means that the lenders miss out on interest. This loss is compensated by a penalty interest. Not all lenders charge penalty interest rates, some loans can be repaid without penalty. By combining business loans you create more overview and save monthly costs.
Transfer a personal loan
It is not possible to transfer a personal loan to a business loan or vice versa. The lender uses different assessment criteria for personal and business loans. In many cases it is possible to transfer a personal loan to a cheaper provider. However, it is important that you meet the conditions and that you are creditworthy. It is often more difficult for the self-employed to take out a personal loan because of these strict conditions.
Retract the benefits of a business loan
It pays to regularly compare the interest rates of different lenders. By taking out a business loan, you can save on interest. You can also shorten the term of a loan by taking out a business loan. In this way, you not only save on monthly charges, but you are also released from the payment obligation earlier. A shorter-term also means that you pay interest over a shorter period so that on balance you lose fewer interest costs.
Where can you refinance a business loan?
Do you also want to take advantage of the benefits of transferring or merging a business loan? At Hardy Boys.nl you will find an overview of reliable lenders with whom you can still transfer your loan today. These lenders offer loans at competitive interest rates and good conditions, so that you can save on the costs of your business loan today.