For a business, the importance of making wise financial decisions is key. One of the most significant investments you may make is purchasing essential equipment for your company. But what do you do when you’re struggling to keep up with payments? Refinancing your equipment purchases may be the solution. In this blog post, we’ll cover everything you need to know about how to refinance your equipment purchases through WestWon.
What is Equipment Refinancing?
Equipment refinancing is the process of replacing your existing financing arrangement for a lower interest rate. It will also improve cash flow, and reduce monthly payments. It involves securing a new agreement with a different financier to pay off the existing outstanding equipment balance at a lower repayment rate and extending the payment terms of the lease agreement.
Why Refinance your Equipment Purchases?
Refinancing your equipment purchases could be ideal for your business if you need to:
Increase cash flow: Refinancing can free up cash that was previously tied up in equipment payments. This increased cash flow can be used to reinvest in your business, pay down other debts, and meet other financial obligations.
Reduce monthly payments: By refinancing your equipment purchases, you can reduce your monthly payments,. Therefore this will make your business more affordable and more profitable.
Why Choose WestWon?
We are a UK leading finance lender specialising in equipment financing and refinancing. With over 40 years of expertise in the finance industry and knowledge of the equipment market, we can help you tailor a financing solution that best meets your business needs. Here at WestWon we offer several benefits for equipment refinancing, including:
Flexible finance terms: WestWon provides terms to suit your requirements, ranging from six months to five years, ensuring you end up with the configuration that best suits your needs.
Reduced paperwork: WestWon’s online application process reduces the amount of paperwork required to refinance your equipment purchases.
Fast Approval: WestWon’s quick approval process ensures you almost always receive a decision within 24 hours of your application’s submission.
Equipment refinancing can be an excellent way to help your business access a new line of credit, benefit from lower interest rates, reduce monthly payments and improve cash flow. WestWon’s flexible finance terms, reduced paperwork, and fast approval make the equipment refinancing process stress-free. If you’re looking to refinance your equipment purchases, here at WestWon we offer an excellent solution to help you achieve your business goals. Contact us today to learn more about how to refinance your equipment purchases through WestWon.