Finance question
Should I refinance my asset finance?
It depends on whether the rate or structure has moved against you. Refinancing your asset finance is worth it when a cheaper lender, a better term or a simpler structure leaves you clearly ahead. If your current deal is already competitive, staying put can be the right call.
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The short answer
Worth it when the numbers have shifted
Asset finance is not set and forget. Rates move, your business matures, and a deal that suited you two years ago may now be pricier than what the market offers. Refinancing is worth considering whenever your circumstances or the market have changed enough to leave room for improvement.
The honest test is whether you come out ahead. A lower rate, an easier monthly repayment, or folding several facilities into one can all justify a move. But a longer term can raise the total interest even as it eases the monthly figure, and any exit cost on the current loan has to be counted too, so the saving has to be real once every cost is in the picture.
A broker makes the comparison for you. We pull your payout figures, put the asset in front of 40+ lenders and line the fresh offers up against what you have. If refinancing leaves you better off, we do it. If it does not, we tell you to stay, because there is no upfront fee riding on the answer.
Do you qualify?
When a refinance is worth a look.
A financed asset
Equipment or a vehicle with a loan still running.
A changed situation
Better credit, a track record, or lower market rates.
A payout figure
The current balance to compare against new offers.
An active ABN
Sole traders and companies both qualify.
Why it can pay to re-shop
The market moves
Rates and lender appetite change, opening room your old deal missed.
Your profile improves
A track record can earn better terms than a newer business got.
Honest advice
No upfront fee, so the recommendation is to move only if you gain.
A real example
An operator took asset finance as a new business at a high rate. Two years of clean trading later, the same asset is re-shopped and a lender offers a materially lower rate, so refinancing clearly pays. Had the offers matched, staying put would have been the advice. Illustrative only.
Common questions
Frequently asked questions
When is refinancing asset finance worth it?
When a cheaper rate, better term or simpler structure leaves you clearly ahead once all costs are counted.
When should I not refinance?
If your current deal is already competitive, a switch may not save enough to justify it.
Does a longer term help or hurt?
It can ease the monthly repayment but raise total interest, so we weigh both.
What does it cost to check?
Nothing upfront. The lender pays the broker on settlement, so a review is worth doing.