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What to Know About Refinancing a Loan, According to Loan Brokers Positive Lending Solutions

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MELBOURNE, Australia, Aug. 17, 2021 /PRNewswire/ -- Australians have been taught that taking out a loan is a very important financial decision - borrowers are advised to take the time to find the perfect loan to suit their personal needs. But over time, financial situations change and a loan that once suited a borrower's needs perfectly may no longer be viable. This is when refinancing a loan may become a consideration, say experts in the lending industry Positive Lending Solutions.

Refinancing a loan involves consolidating debts or searching for a brand-new loan when the conditions of a loan are no longer suitable, explains Positive Lending Solutions. Refinancing often happens when the borrower is struggling to pay off their loan or they want to find a better deal. If a borrower has multiple debts - for example, a car loan as well as two or three credit cards - they may look into consolidating the debts so they are only making one repayment instead of three each month.

Professionals say that steadily paying off a loan over time can improve a borrower's credit score, making them eligible for a new, better loan. According to the expert loan brokers, sourcing a new loan is a great option for many borrowers as it can offer more appropriate conditions and repayment amounts.

Positive Lending Solutions advise borrowers that the first step of refinancing is to know their current loan inside out: repayment amounts, interest rates, outstanding loan amount, and applicable fees payable. This can help deduce what is needed out of a new loan and what a borrower may be willing to compromise on. However, experts warn that it's imperative to make sure a new lender is exactly the right fit to avoid further headaches. Some lenders may match another loan offer to avoid losing a customer. Industry experts remind borrowers that it never hurts to ask their current lender to match another offer.

Where can borrowers begin? Use Positive Lending Solutions' handy loan calculator and comparison tool to compare loans and find the best car loan, personal loan, or equipment finance to suit any borrower's needs. Borrowers can also utilise Positive Lending Solutions' free credit checks to get an idea of their credit standing. Whether looking to refinance a loan, searching for the best car loan Australia-wide, or anything in between, Positive Lending Solutions can help - contact them today to learn more.

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SOURCE Positive Lending Solutions