* It could cost more if you need to pay early repayment fees.
* Some loans have useful features and additional services that could be lost if you refinance.
* You will need to submit a new funding application.
* Risk of reducing your credit score if you don’t check your eligibility first.
Fortunately, if you do your research and ensure that the new finance facility is preferable to your existing one and that you are eligible, you will avoid many of these disadvantages and will benefit from the support of a better deal.