Extending Your Business Loan Term’s Length
Spread the cost of a loan across a longer term with refinancingSpeak to one of our experts020 4525 5312
Pay Less For Existing Loans
- Replace existing loans
- Any size of lending
- Pay off existing arrangement
- Take advantage of better rates
- Raise additional funds
- Extend loan terms
- Deal with cashflow shortfalls
- Reduced interest rates
Longer Payment Terms
- Simple to arrange
- Consolidate debts
- Increase borrowing
- Find more suitable finance type
Refinance to extend your loan
The shorter a loan’s term, the more expensive your repayments tend to be. Refinance with Rangewell to extend your business loan term length and ease the burden on your finances.
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Business loans can be a boon to most businesses, providing the cash you need to make important decisions at crucial moments. However, circumstances can quickly change and a loan that was once agreeable can become a burden.
In many cases, businesses can struggle with short-term loan agreements that impose strict timeframes on repayments. Bridging loans, for example, are often offered with 12 or 24-month repayment terms, meaning monthly payments will be high.
If your business is currently repaying a short-term loan, it may be more beneficial to refinance to a longer-term deal. By working with Rangewell, we can help you find a lender that will take over your debt and spread the repayments across a longer term, which reduces the monthly cost and the subsequent demand on your capital reserves.
Refinancing can also be used to change other aspects of your loan such as interest rates, or to raise further capital. Whatever your requirements are, get in touch now and Rangewell can help you refinance your existing loan to something more suited to your business goals.
What is refinancing?
Refinancing is when a lender, either your existing one or a new provider, ‘purchases’ your current debt and offers a new loan in replacement. This is usually done to spread loans across longer timeframes, which gives businesses more flexibility and releases some of the demand on your cash flow.
Refinancing involves a re-evaluation of your business and debt, so it can also lead to significant changes in interest rates and costs. If your business has improved since you originally took out a loan, you’ll be able to leverage this to get a better refinancing deal.
As with all forms of business finance, having an expert team to guide you will ensure you get the best possible deal.
The benefits of extending your business loan’s term length
There are a few different benefits to refinancing and extending the length of your loan term. The most common advantages include:
- Reduces monthly repayments: the longer you spread a loan out, the less your monthly repayments will be. This can be hugely impactful on your cash reserves and is ideal for businesses that perhaps took out a short-term loan to resolve a problem during a challenging period and now requires a more stable financial period.
- Access different interest rates: you can, provided a lender agrees, change between a fixed or variable interest rate when you refinance. This might be beneficial if you need more certainty over your repayments.
- Unlock better offers: if you took out the loan in the past, your business may have improved in terms of financial performance and creditworthiness. Changing loans can help you attract better offers from lenders based on your current position rather than the one you were in when you took on the original loan.
Refinance with Rangewell
To ensure you get the most benefit from extending your business loan’s term length, contact Rangewell today. We’ll talk you through your options, assess your existing finances and help you make a decision that makes sense for your business.
Discover our range of finances
Every type of finance for every type of business
Our goal is very simple - to help businesses find the right type of finance as quickly, transparently and painlessly as possible.
Helping you build your profits
Lending tailored to your businessAt Rangewell we can help you find the most affordable and appropriate finance for any funding need you may have.
Cutting the costs of financeWe can help you find the most cost-effective solution for your finance - you don’t need to wait until repayments become a problem.
Consolidate all types of loanPaying off your existing commitments of all kinds may be possible.
Longer to repayBy spreading your repayments over a longer period, your monthly repayments can be reduced.
Better ratesGetting lower rates may be possible when you refinance - this can mean cutting repayments still further.
Long-term supportAt Rangewell, we want to work with you for the long term - helping you find the funding you need now and for the future.
Download Rangewell’s free and detailed guide to Refinancing
How can Refinancing help your business deal with financial challenges?
What types of Refinance are available?
Why not all providers are equal - finding the one that’s right for you
How we can help you pay less
The downsides to Refinancing - and how to avoid them
How can refinancing help with my monthly payment?
Is refinancing the same as remortgaging?
What loan terms and interest payments can I expect with refinance programs?
What happens to the original loan balance if I choose to refinance?
Is refinancing a good choice if my business' financial situation has changed?
Does refinancing still mean fixed rate loan repaymens?
Can I release cash with refinance products?
Can I refinance a current mortgage on my business premises?
What key terms do you need to know?