The perfect lender for your business finance can help you to save thousands of pounds as well as ensuring that you’re dealing with a company that understands your unique business needs.
Whilst of course the rates are important, they aren’t the ‘be all’ and ‘end all’ when it comes to sourcing the right finance for your circumstances. Let’s take a closer look at some of the factors you’ll want to consider when finding your perfect lender, starting with the costs involved.
No matter what type of business finance you decide to opt for, the amount that your business will have to repay will largely depend on the attached interest rates. These will determine how much extra you’ll need to repay on top of the amount borrowed, so the lower the interest rates, the lower and the repayments.
When selecting business finance, it’s important to remember that the final interest rate you receive may be different from the one originally advertised. Each would be borrower will always bring a different set of circumstances to the table and so lenders can only offer an indicative rate up front before making a full and accurate assessment of your business.
Be sure to carefully study the different rates during your decision process when selecting the perfect lender.
Ease of Application
There’s nothing worse than spending hours trying to complete an application form, either in paper form or online, only to then have to wait days or even weeks for a decision.
It goes without saying that lenders need a wealth of information about your business when assessing each application.
They’ll need to know the purpose of the Finance, details about your business finances and what collateral, if any, you’re able to provide. They may also need added information about you and your fellow directors, particularly if a guarantee is needed to secure the funds at a competitive rate.
Most of the finance available through Global Asset Finance Limited can be applied for in minutes with some lenders able to offer an instant online decision in principle. Others may need additional paperwork to verify the financial information you provide, so if you do need funds quickly then its well worth checking out the speed of the underwriting process before you apply.
Speed of Payment
Whilst the speed of the application process is of course important, the time it takes for funds to be transferred can be of equal priority to business owners. Whether you need a bridging Finance to complete a property purchase at auction, or simply need additional working capital for payroll, there are plenty of reasons why you might need capital quickly.
Business finance tends to be more complex so it should come as no surprise that they can take longer to underwrite. However, each provider will be able to give you a clear idea of how long it usually takes funds to reach you once your application has been accepted. Use this information to make sure that they can deliver what you need when you need prior to accepting.
Business finance can be intricate at the best of times and historically one of the biggest concerns for borrowers has been understanding the ins and outs of each product.
In recent years this has become more and more of a priority for lenders with credit agreements now clearly stating exactly how much will be repaid, when the repayments will be made, how the Finance agreement is structured and information on any fees and charges that may be applicable.
Understanding your Finance is essential when it comes to successfully managing your repayments, so take a thorough look at the credit agreements and Finance information when finding your perfect lender.
Begin your search for the perfect lender today by registering for free with Global Asset Finance Limited and find out how we can help you to attract the capital you need when you need it most.
Global Asset Finance Limited, will show you a positive way forward!