Just because you’ve had some challenges doesn’t mean you’re not a straight shooter. It doesn’t mean you don’t do business the right way and it certainly doesn’t mean you deserve to be treated like a second class citizen. So why do so many business lenders look down on you or deliver 2nd rate experiences. Why can’t they just be straight shooters? If this is your experience, it’s not uncommon…but you’re looking for financing in the wrong places. Here’s a few tips:
Look out for the guy who says he can do everything.
After the initial application, they may talk through some of your challenges and leave you feeling confident about getting things done. They might even say they can do almost any deal. Beware. No one can do almost any deal. Every lender has rules and guidelines an no one can do it all. If they can’t clearly define where the lines are, how can they know what they can or can’t do? So ask where the lines are…that’ll flush the talkers out pretty fast.
The long maybe.
Finance companies can leave you with a long list of maybes and what ifs. For equipment financing…that’s silly. It’s not that hard. In most cases you should be able to get a decision pretty quickly once they have all the information they need. So, if you are working with someone who is stringing you out…stop. They probably just don’t have the guts to tell you no.
The ‘ole bait and switch.
After speaking with the salesperson, you are amazed that you can have rates in low 8’s with some of the challenges you’ve had. And then days turn into weeks. You are on the edge of losing the piece of equipment you desperately need and then…voila...approval! Only problem is your rate is now considerably higher. You’re in a corner now and no matter what you do…you’re pretty mad. How much different could things have been if they were just up front with you about the kind of rates your background will get approved for. Fair options start with a little honesty…even if it hurts
Forget those guys. At Dakota, we have offered asset-based equipment finance solutions with a process that is simple straightforward and consistent. We can move beyond the tax lien, bankruptcy or poor credit history just by leveraging the asset base of the company. And we treat everyone the right way…the first time…every time. Let’s talk.