If you currently have a business loan, you can explore refinancing options to see if you are able to get a better loan — this could include additional capital, lower payments, different repayment terms, lower rates, or reduced fees.
Should you refinance your business loan?
What Factors Determine Refinancing Options
To understand if refinancing your business loan is a good option for you, use the business loans refinance calculator above. Just enter information about your business and current loan to see if you could quality for a rate reduction on your outstanding balance.
Time in Business and Annual Revenue:
How long you have been in business is an indicator of the business’ resiliency. Provide the month and year you started your business. Your business’ annual revenue is also an important factor to understand your cash flow to determine if you can make payments on your loan. Remember to enter your gross annual revenue – which is the total amount of money your business earned before deducting any expenses.
Personal Credit Score:
Enter your estimated personal credit score range. If you have good or excellent credit, you have a greater likelihood of favorable refinancing options with lower rates or fees because of the credit you have established over time. However, having fair or poor credit, may make it more difficult to improve your current loan term.
Current Business Loan Terms:
You will also need to provide information about your current business loan: starting loan balance when you first got the loan, loan term in months, and the total loan repayment amount, which includes interest, fees, and other costs associated with borrowing. You can easily find this information in your original loan agreement.
After you enter this information, the refinance calculator will help predict if you could get a rate reduction by refinancing your loan. If you are likely to reduce your rate and which could save you money, you can use SnapCap to help you shop for small business loans and view business loan offers.
We Know Small Business
Over the last decade, we’ve helped secure nearly $1B in total funding, and we’ve learned a thing or two about business financing. In our experience, this process works best when you’ve got a partner. That’s us. SnapCap was created to support growing businesses by connecting them with credit when they need it — without the hassle. Let’s see what we can achieve together.
Get pre-qualified for up to $1M
Searching for financing is free and won’t affect your credit score