If you’ve taken out a loan with us, you’re already on the path to building stronger financial footing. At C1, we’re committed not only to helping you meet your current financial needs—but also to empowering you with the tools and flexibility to make smarter money decisions in the future.

One of the most powerful outcomes of consistent, on-time repayments is the ability to refinance your loan, often at a lower interest rate.

 

Why Refinance?

Refinancing means replacing your existing loan with a new one—typically from another lender—ideally with better terms. The most common motivation? Lower interest rates. By showing 12 months of reliable repayments, you may qualify for more competitive offers that reduce your monthly payment or shorten your loan term.

 

How a Year of On-Time Payments Helps

Lenders view borrowers with proven repayment discipline as lower risk. This can:

  • Improve your credit score
  • Boost your eligibility for better interest rates
  • Increase your borrowing power
  • Unlock refinancing options that weren’t available before

 

We’re On Your Side

While some lenders try to discourage refinancing, we take a different approach. Our goal is to support your financial growth—even if that means helping you move on to a better loan down the line. If you maintain a strong repayment record over the next 12 months, we encourage you to explore all your options, including refinancing with another provider if it better serves your goals.

 

Things to Keep in Mind

Before you refinance, consider your credit position. If you still fall into a poor credit category, applying for other lenders to refinance your loan can hinder your credit score further. 

Consider using a broker who has access to multiple lenders and experience in the industry to place you with a new lender without leaving credit enquiries until they have placed you with your new lender.

If you need assistance sourcing a broker, please reach out to us and we can recommend one to you!

 

Ready to Start Building Your Path Forward?

Your next financial milestone may be closer than you think. Stick to your repayment plan, and you’ll be in a strong position to explore lower-cost options next year—whether with us or another lender.

Have questions about your current loan or future refinancing possibilities? Get in touch