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Equipment Finance: Blind date or campaign office?

2019-04-09 Finance No comment

Applying for equipment financing or working capital loans should not be like a blind date. You only tell each other your best things and omit the less good ones. The analogy of the application process should be more like running for a public office, where everything hidden in these closets appears. It makes sense to put all the cards on the table, because tax liens or defaults are discovered late, and even years ago, it may undermine your chances of approval. It also reduces your chances of working with the financial agent again.

This way you will not waste your time and the lender's time. When applying for commercial financing, you will disclose all negative news from the beginning. Include detailed descriptions of these events where possible; medical issues or key customer departures may be valid reasons for financial downturns in your business and can sometimes be overcome when approved. If you have documents, letters, statements, etc. to support your explanation, this will strengthen your chances of clearing the case for the negative things that happen. At least it will show the effort and establish the "role" part of your request, and many applicants underestimate this part. Keep in mind that this is a business for people, and perception still adds equations.

In the case of very serious negative impacts, they cannot pass, it is best to know as early as possible to save your time and effort so that you can start the plan "B". There is always a “B” plan… including the use of high-risk lenders to specifically approve customers with mild to severe credit problems. If the offer made by a high-risk lender is unacceptable, in addition to time and effort, you can still choose to keep it out of the door without any fees.

In business, as in most other parts of life, the goal is to achieve positive results quickly and efficiently. The sooner you know if your device acquisition or expansion is approved, you can adopt other strategies faster to achieve business success. We know that the pain points of many companies are experiencing the paperwork process, which is unavoidable in most cases, but if you share the problems you have encountered in the past, many financial agents can predict your information without providing credit or Request complete If you can get approval, then provide financial services before you have a good idea. This way, if you have to shuffle through paper, you know that it is moving in the direction of possible approval.

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