Business loan refinancing
Fast and straightforward application
Individual assessment of the business
Option for early repayment
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Fast and straightforward application
Individual assessment of the business
Option for early repayment
If an existing business loan no longer fits the company's finances or cash flow, refinancing may be worth considering. This means replacing one or more existing loans with new financing.
Refinancing can also be used to consolidate several loans and credit facilities into one solution, making it easier to keep track of costs, terms and payments.
Knut Arild GustafssonIsbjørn AS,
Business loan refinancing means replacing existing business financing with a new solution. It can also involve consolidating several business loans or credit facilities into one. Always compare total cost, term, monthly payments and any early repayment charges before switching financing.
Refinancing means replacing an existing business loan or other financing with a new solution.
A company's situation may have changed since the original loan was taken out. Revenue may be higher, cash flow may have changed, or the financing need may be different.
In that case, it may be relevant to compare the existing financing with a new business loan.
There can be several reasons to refinance. The current financing may no longer fit the company's cash flow, several loans may be running at the same time, or the business may want a clearer overview of costs and repayments.
The goal should not simply be to change lender. The new financing should be a better fit for the company's current situation.
A lower monthly payment does not necessarily mean that the financing is cheaper overall.
Compare factors such as:
You can read more about business loan interest rates and use a business loan calculator to get a clearer picture before making a decision.
Refinancing can also be used to consolidate several existing loans or credit facilities into one new financing solution.
This may include:
By combining several financing arrangements, the company may get fewer payments and a clearer overview. However, this does not automatically mean that the new solution will be cheaper.
Refinancing can mean replacing one existing loan with a new one.
Consolidating business loans means replacing several existing loans or credit facilities with one new financing solution.
Loan consolidation is therefore one type of refinancing.
A company has an existing loan that was taken out two years ago. Since then, revenue and cash flow have changed.
The company compares its current financing with a new offer and reviews the outstanding balance, monthly cost, term and total cost.
If the new solution is a better fit for the company's finances, it can be used to repay the old loan.
If the need instead concerns new machinery, equipment or other long-term investments, an investment loan may be more relevant.
A different repayment structure can change the monthly impact on cash flow.
A longer term may reduce the monthly payment, but it can also increase the total cost. It is therefore important to look at the full financing picture rather than the monthly amount alone.
If the main need is short-term liquidity, a line of credit or overdraft, business credit or operating credit may be alternatives to full refinancing.
Some businesses prefer financing without pledging assets as collateral. The available options depend on the company's financial situation and the lender's assessment.
Read more about business loans without collateral.
Refinancing may be relevant if the company's finances have changed, the existing loan no longer fits the cash flow, or several loans need to be consolidated.
It may also be useful when older loan terms should be compared with current financing options.
The existing loan may already have good terms, and there may be costs associated with repaying it early.
If a lower monthly payment is mainly the result of a much longer term, the total cost may be higher. The full financing cost should therefore always be compared.
The size and legal structure of the business can affect which financing options are available.
An AS may have several loans or credit facilities taken out at different times. It can therefore be useful to review whether the financing still fits the company's current needs.
Read more about business loans for limited liability companies.
For an ENK, refinancing may be relevant if an existing loan no longer fits the company's income or cash flow.
Read more about business loans for sole proprietorships.
If the need is not about replacing existing financing, other solutions may be more relevant. For smaller capital needs, a microloan may be suitable, while a bridge loan can be used for temporary financing needs.
Qred assesses each application individually based on the company's financial situation.
Provide your company details and the amount of financing you need.
The application is assessed based on the company's finances and ability to repay.
If you receive an offer, compare the total cost, term and monthly payment with your current financing.
If the new solution is a better fit, the financing can be used to repay existing business loans or credit facilities.
Always check whether your current lender charges a fee for early repayment.
It means replacing existing business financing with a new solution.
Yes, new business financing can in some cases be used to repay an existing loan.
Yes, several loans or credit facilities can in some cases be consolidated into one new financing solution.
Not exactly. Refinancing can apply to one loan, while consolidation means replacing several financing arrangements with one new solution.
No. It depends on factors such as term, fees and the total cost of both the old and new financing.
Compare the outstanding balance, total cost, term, monthly payments and any costs for early repayment.
Founded in 2015 by entrepreneurs for entrepreneurs, Qred offers Norwegian entrepreneurs a new and different option for corporate finance. Today, Qred is the market leader in the Nordic region, something we are very proud of.
We launched our services in Norway in 2022 and have helped thousands of Norwegian entrepreneurs. Our friendly and experienced team understands the challenges and needs of business owners and we are proud to be one of the highest rated business lenders on Trustpilot.
We help you find the solution that best suits your business.
