Refinance Your Business Debt

By QuickBooks Canada Team

0 min read

Debt refinancing usually happens in a declining interest rate environment. When you refinance your debt, you take out a new loan – usually a larger loan – at a lower interest rate to pay off an existing loan. This allows you to take advantage of the lower interest rate and reduces your interest expense. Taking out a larger loan gives you extra cash to invest in your business.

If you have multiple loans, you can pay them all off by taking out a large loan. By consolidating all your loans, you’re left with only one loan payment, which can make financial management much easier. Also, you can save a lot on interest expenses if the new loan has a lower interest rate than all of your existing loans.

References & Resources

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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