You can consider refinancing your business loan every two to four years. This way you can always remain in a competitive interest rate and reduce your repayments.\rPlease note though that it all comes down to your objectives. Refinancing is essentially taking out a new business loan. This means you'll be applying for a mortgage all over again.\rIt may be a bad idea to refinance in certain situations. For example, if you're on a fixed rate you may have to pay expensive break costs when switching lenders.\rThere are many reasons to refinance your mortgage, especially if you have a bad credit business loan. However, also consider all of the costs that may be applicable when refinancing such as borrowing costs, loan application fees, valuation fees and discharge fees.\r