FAQs

Applications for refinancing are assessed for the current creditworthiness of the applicant and the condition of the vehicle. Rates are based on used vehicles and individually offered. Where market rates or the applicant’s credit and financial position have changed markedly since the original loan was secured, there may be a prospect of a lower rate with refinancing.

Refinancing may target lower monthly repayments through extending the loan term, securing a lower interest rate or structuring a larger balloon.

The appropriate time to refinance is subject to individual operating conditions and circumstances of the business. It may be where the current loan no longer suits the current position.

A change in credit facility can be made through refinance.

Financing a balloon payment is available.

An existing loan may be changed to Chattel Mortgage, Lease, CHP or Rent-to-Own or an Unsecured Business Loan.

A balloon is an optional inclusion with CHP and Chattel Mortgage.

When refinancing low doc heavy vehicle credit with current full financials, there may be prospects for a more workable financing arrangement.

Where the credit score has improved since a loan was obtained, there is a possibility that a better interest rate may now be offered through refinancing.

Refinancing may be obtained through the same or a different lender.