Business finance – 4 ways to save thousands of pounds.
There is hardly a day, where I do not think about businesses paying far more than they need to, and I wonder do I just care too much?
Here are 4 ways to save thousands of pounds a year on your business finance.
1) Out of the 100 odd finance companies and banks, choose the right lender for your requirement, business credit rating, industry sector and amount you wish to borrow.
At this precise moment in time when you apply.
Finance companies like a balance on their books, over all their lending categories,which is why an identical company will pay different rates at different times of the year.
2) Package the loan application, in the way that the underwriting team, of the finance company that you have chosen, wishes to see it.
If you get this wrong, the rate will increase, you could be quoted an interest rate of 10%, but we could get 5% by getting this right.
For example, some underwriters will wish, more explanation on past issues or they might not like the purpose of the loan ( this can be a real issue at the last moment, when the underwriter rings you up on the day of draw-down) and you are expecting the funds to hit your bank account except they don’t.
3) When you apply for the loan, make sure you speak to a decision maker or a senior person, who can let the underwriting team know about an issue that they will see when they review the case, as this will have a big impact on the interest rate you will pay.
Trying to explain any past, present or future information to an online form, or a clerical form filler is normally next to useless, hence speak to a can-do senior person.
4) Try and make sure you introduce multiple loan applications, to the finance company, when you apply for finance ensuring you receive the best service and rates, as they will not want you taking your bulk business elsewhere.
It’s the same in any business, best clients get the best service and deals.
Go into a car dealership of the street and you will be offered a different deal. Than a business ringing up a senior salesman and buying 3 cars for his business, at the exact time the dealership has to hit their performance target.
Well the choice is yours, you can believe the finance companies advertisements, a decision in 30 minutes and rates from 3%(which will ensure plenty of applications).
Which allows them to pick what they want and explains why 7 out of 10 applications are turned down when businesses apply direct.
Or you can be part of our 84% success rate.
If your business is looking for any type of finance that is what we do, including, any business in the construction sector.
Why not pick up the phone and tell me what finance would ideally suit your business, you are very welcome to call me on my mobile 07710 466166.
PS. If your business is really struggling in the present market and you cannot secure finance or see a way forward, please call me as there are more options than you think!