Glossary
Replacing an existing agreement with a new one on different terms.
✓ Checking what you qualify for does not affect your credit score.
Replacing an existing agreement with a new one on different terms.
A new agreement pays off the old one. The goal may be a lower payment, a different structure or more cash.
It can ease the month if the new total is acceptable.
An advance with $30,000 left is refinanced into a $36,000 total at 9% of monthly revenue.
Refinancing makes sense when the file has improved or the structure no longer fits.
A refinance is read from the payoff figure forward: what is owed now, what the new agreement totals and how the payment and structure change. Reviewers check that the borrower is not simply restarting a long term for a small payment relief.
A refinance does not restart your credit history. It is a new agreement with a new reading of the file.
Ask for the payoff letter, the new net cash, the new payback and the end date, and compare each with your current position. If the improvement is only a lower payment with a later end date, make sure that trade is what you want.
Often, though some agreements have conditions. Ask for the payoff.
See the related guides and the comparison pages, or apply and ask.
No. It is educational information, and agreements vary.
Educational information only. It is not legal, tax or accounting advice.
Same-day decision. Applying takes a few minutes and will not affect your credit score.
