Refinancing Expensive Debt

[MarkB]

The vast majority of businesses will at some point need to take on debt to expand or even see them through short term cash flow issues. We are currently in an environment where debt is historical cheap which begs the question, have you considered refinancing debts taken on at relatively high interest rates in the past?

There may be an opportunity to reduce interest payments or even make the same loan repayments and pay down you debts quicker thereby reduce accumulated interest charges.

 

[lookingforadvice]

There are even more options when it comes to cheap funding at the moment with an array of coronavirus funding schemes announced and then we have base rates in the UK currently and 0.1%. If you’re able to lockdown a fixed rate for the full term of your loan and you invest wisely then the potential benefits could be significant.

It is also the perfect time to refinance older more expensive debts.