Where you go for financing is a big deal, and probably something you’re not going to pick up on your lunch break from some guy selling leases from a mall kiosk. You’ll want to take some time, do a little research, and find a financial provider you can feel good about and trust. But where do you begin with so many options to choose from out there?
Direct Capital has compiled a list of some of the biggest things to look for in a finance company:
1. Flexible terms. The right provider will have flexible terms and programs that can be customized to fit your unique needs. If you operate a seasonal business and you’re looking for seasonal payments, or even if your credit is less than perfect, find a company that will work as advisors to find the right solution for your business.
2. The application process should be a piece of cake. If you’re lucky, you’ll find a finance provider that provides an online application portal. This makes for lightning fast approvals and access to your application status a breeze. The entire process should be painless with minimal documentation required to get started.
3. Competitive rates. Don’t spend a lot of money to get your money – shop around until you find a rate you can feel comfortable with. Keep in mind, with almost any finance company, the rates will depend on your credit history, time in business, or even your industry.
4. A solid business history. Stay away from those finance companies that seem to have just set up shop last week. You’ll want to know that whatever provider you select really knows their stuff and can be trusted. Ask to see a list of other companies they’ve worked with. You’ll want to see a good mix of some big name companies, as well as some lesser known, smaller brands that they have a solid relationship with.
What other criteria do you look for when seeking out a finance company?