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3 refinancing benefits that help you save

Refinancing – your financial obligations on better terms

Refinancing is becoming increasingly popular in recent years, as reflected in SAVY loan statistics: in 2022, the total amount of refinancing loans grew by 15% compared to previous years, and in 2023 – by 25%. Last year 2024, the amount of refinanced loans continues to follow an upward trend.

Why are more and more people choosing refinancing as a way to improve their financial situation? Here are three main benefits of refinancing that every borrower should know.

1. Lower monthly payments

One of the most important reasons to refinance is the opportunity to reduce monthly payments. If your original loan had higher interest rates and additional fees, refinancing can allow you to take advantage of better conditions. Another way to lower monthly payments is by extending the loan term. Reduced monthly payments ease your budget and provide greater financial freedom.

2. Improved loan terms

Refinancing allows you to adjust your loan conditions to better fit your current needs and financial situation:

  • Loan term: You can extend or shorten the repayment period depending on your needs. This provides greater flexibility. For example, when refinancing with SAVY, you can extend the repayment term up to 120 months.
  • Lower interest rates and fees: Refinancing can help secure better conditions for your existing financial obligations. Lower interest rates can save you a significant amount over the life of the loan. Additionally, refinancing may reduce or eliminate extra fees, such as loan administration fees associated with the original loan.
  • Deferred first payment: Refinancing may allow you to postpone the first payment. On the SAVY platform, you can defer your first payment for up to 3 months, which is particularly useful if you have other major expenses or want to reduce financial pressure during the transition period.

3. Opportunity to borrow additional funds 

When refinancing existing obligations, you can consolidate them into a single loan and simultaneously borrow additional funds. SAVY offers refinancing loans of up to €35,000, flexibly tailored to clients’ needs.

Refinancing can be an important tool for optimizing your finances on better terms. Lower monthly payments, improved loan conditions, and the ability to borrow additional funds are the main advantages you can take advantage of when refinancing your loans. SAVY always provides comprehensive refinancing consultations, helping you understand your options and find the best solution for your individual needs.