Not Happy with Your Current Business Equipment Financing? - PowerPoint PPT Presentation

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Not Happy with Your Current Business Equipment Financing?

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If your current equipment financing isn’t meeting your expectations, it’s time to explore better options. Don’t let poor financing hold your business back. Make the change today! Everything you need to know about business equipment loans. Learn more now at Biz2Credit! Read more : – PowerPoint PPT presentation

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Date added: 20 December 2024
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Provided by: biz2credit247
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Title: Not Happy with Your Current Business Equipment Financing?


1
Not Happy with Your Current Business Equipment
Financing
  • Business Equipment Loans

2
What If Im Not Happy With My Current Business
Equipment Financing?
  • Its not uncommon for new startups to make a
    rookie mistake and finance equipment with a
    shorter life span than the length of the loan. Or
    maybe youre a solid six months into paying back
    your loan and have started looking around to find
    better terms with business equipment financing
    companies. When interest rates change, it can
    also feel like you got a bad deal if the current
    rates are lower than you were previously quoted.
  • Whatever your scenario, if youre not happy with
    your current loan, its time to look into
    refinancing. There are various considerations
    regarding this. First, youll want to get a copy
    of your credit report to make sure nothings
    changed or gone South since the last time you
    applied for a loan.

3
Determining the Best Business Equipment Financing
Deal From Your Viewpoint
  • So what factors play into which loan is best and
    offers the best deals for you and your business?
    Once you have your loan, which things should you
    look at to see if youve gotten the best deal?
    Ideally, these are things youd look at before
    you sign and agree to the loan terms. But, it
    doesnt hurt to evaluate your deal after the
    fact.
  • The things you can assess to determine whether or
    not you got a good deal are
  • Did the loan amount cover all your needs so you
    could get all the equipment needed?

4
  • Were the upfront costs of the loan, including
    application and origination fees, reasonable? How
    did they compare to other lenders?
  • Was the loan application process timely and
    streamlined? Or did a delay in receiving your
    funds hurt your business operations?)
  • Do the repayment terms make sense for the type of
    loan? Are you able to make monthly payments with
    ease?
  • Did you receive the best competitive rates
    considering the type of loan, your credit, and
    the lenders underwriting criteria?

5
How a Lender Determines Business Equipment
Financing Terms
  • Once youve decided to evaluate whether or not
    youve gotten the best financing deal for your
    new equipment, it might help to know what a
    lender looks for. A lot of it has to do with the
    lenders underwriting criteria. Many lenders will
    evaluate the following
  • How long youve been in business
  • Your credit history, including your business
    credit score and personal credit score
  • Whether or not you have enough cash flow or
    working capital to meet the repayment terms and
    the rest of your business expenses
  • Your businesss financial statements, including
    tax returns
  • The loan-to-value (LTV) ratio of the equipment
    being financed

6
Eligibility Criteria
7
Why Choose Biz2Credit?
  • Trusted partner for franchise funding
  • Biz2Credit was founded in 2007 and has provided
    more than 10 billion in loans.
  • Dedicated support team
  • Tailored financing solutions

8
  • Thank You
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