Replacing a more expensive financing: is it possible?
Replacing a financing already running with another is presented like any file, with the balance to repay declared. The lender decides, and nothing says in advance that its offer will cost less.
Choose my amountThe answers
- Can a more expensive financing be replaced?
- A refinancing file can be presented: if a lender makes an offer and you take it, the amount disbursed goes to repay the balance of the earlier financing. The lender sets its cost in its written offer, which you compare with what you already pay.
- What should I read in my current contract?
- The balance to repay and what an early repayment costs. Those terms are written in your contract, and they change the comparison.
- Will the new lender see my current payments?
- Yes. Payments to other lenders show in your statements and count as commitments.
- Several advances are running: can they be combined?
- Such a file can be presented, with each balance declared. The lender decides; it may propose another amount or decline.
What the lender looks at
- Payments to other lenders
- The financing to replace shows in the statements, payment after payment.
- Actual deposits, month by month
- The lender compares the payments already running with what the business takes in.
- Trend over the period
- Deposits that hold despite the payments already running support the file.
- NSF cheques
- A payment returned to a current lender weighs on the file.
$0 upfront · 7% only if funded
An intermediary, not a lender.
The lender sets the final amount and its cost in its written offer.
Choose my amount