|You may be able to lower your monthly payments, reducing the stress on your business’s cash flow.
You may be able to secure a lower interest rate and pay less over the life of the loan.
You can sometimes customize a new payment schedule to better fit your business’s needs.
You may be able to avoid a looming balloon payment or other adverse terms and conditions.
You can streamline your bookkeeping by consolidating multiple loans into one payment.
You might find it easier to pay a single loan on time and in full, which is crucial for building credit.
|You may not find a better loan if benchmark rates have risen or your credit score has dropped.
You will likely incur loan origination fees and other costs when you refinance.
You may find that your current loans have prepayment penalties that would offset savings.
You could end up paying more in interest over the life of the loan, even with a lower interest rate.
You might see a short-term dip in your credit rate due to hard inquiries and changes in the average age of your credit accounts
You could be tempted into “debt creep” if you unlock more credit.