FAQs

You do not have to refinance with the same lender you worked with for your original loan. If another lender is offering a better rate, you shouldn’t feel like you have an obligation to go to the same lender. Choose the lender that is offering the best deal for your circumstances.

Refinancing involves moving from one type of loan to another with a different rate or terms. It can be with either your current lender or a new lender. When refinancing, the terms of the existing loan are revised. Refinancing is typically done when interest rates fall.

Yes. Refinancing can occur for a variety of reasons with more beneficial repayments, rates, and terms a key part of what it entails. Typically borrowers will refinance to lower their monthly repayments over a longer term, but it can also be done the opposite way by increasing payments over a shorter term.

Some costs that could be associated with refinancing your truck loan could include exit/break fees, application fees, and valuation fees. Depending on your circumstances and who your lender is, you could incur additional fees and charges so be sure to take these into account before refinancing.

The best time to refinance your truck loan is when interest rates are low. This will enable you to save money on a new loan compared to your original loan.

Jade offers a variety of commercial finance products available for refinancing including chattel mortgage, truck leasing, CHP, and rent to own. Each of these lending products have key benefits with regard to GST, tax deductibility, and depreciation.

When establishing your existing truck loan, you would have hopefully achieved the best loan for your business at that time. Since then, your current financing may no longer suit your operations and a refinance could be your best option.

Refinancing allows you to change your truck loan product. For example, if you currently have truck CHP, you could change this to a chattel mortgage.

One of the main reasons borrowers may choose to refinance a vehicle like a truck or car is because they want to enjoy a lower interest rate and/or better loan term. By using one of our experienced brokers, you can enjoy the ease and accessibility of securing a lower rate for your truck loan.

If your credit score has improved, you have changed careers, want to add or remove a co-borrower, or your situation has changed in other ways, refinancing could be something to consider. Your changed circumstances may help you secure a lower interest rate with another lender, thus reducing your payments. If interest rates have dropped, its also a good time to refinance.

The terms available on refinanced truck loans can vary depending on several factors including your credit score, the lender’s policies, current interest rates, and the value of your truck. Generally speaking, terms can include interest rate, loan length, monthly payments, fees and charges, loan amount, and down payments. When looking to refinance your truck loan it is important to shop around to determine if you are getting the best deal available. By partnering with a broker at Jade Finance, we do the hard work for you to secure the best deal possible for your circumstances.

Balloon payments are sometimes offered as an option on refinanced truck loans. It is a larger, final payment due at the end of the loan terms that exists to reduce monthly payments on a loan. Balloon payments mean you will owe a significant amount at the end. This option when refinancing might be available depending on the lender and the terms that they offer.