When it comes to loans, refinancing is an option you may not have considered. Yet, it is available for more types on loans than you may think.
The Benefits of Refinancing
- Achieving a better interest rate, ultimately reducing the size of your loan
- Reducing your repayments, as well as restructuring your repayments to better suit your current needs.
- Consolidating debt into one monthly repayment.
- Getting a competitive interest rate by refinancing to a different lender. This is most especially true, should past credit issues be fixed.
- Accessing equity to help with renovations, upkeep, repairs, holiday plans, big purchases and more.
How You Can Refinance
iCREDIT’s experienced team of financial consultants can help you:
- Shop around and make enquiries with alternate lenders.
- Submit applications for refinancing with chosen suitable lenders.
- Compile and provide standard supporting documents, as refinancing is in many ways similar to applying for a new loan.
- On occasion, revaluation and reappraisals may be necessary for the object of your loan (i.e. car, house, trailer, etc.).
- Submitting all necessary documentation to close off old loan account, if your refinance was submitted with an alternate lender.
- If an alternate lender was selected, your new loan funds will be used to pay off your old loan.
- You begin paying your new refinanced loan, based upon the agreed repayments terms.
The Things you Need to Consider Before Refinancing
- Is your loan already giving you the best deal possible;
- Are there any costs involved with your existing loan if you switch to a new one; and
- What are you trying to achieve by refinancing your loan: lower interest rate, better service, lower fees and costs or new features or options?
iCREDIT can help you find a low cost, tailored loan solution or refinance option. By comparing and choosing loans and finance Australia wide with national buying power, they can competitively compare interest rates to source the best finance option for you.