Using an experienced finance broker to prepare your business (or equipment) finance application can offer several advantages over a DIY approach. Here are five reasons why it’s beneficial to engage a knowledgeable professional for this purpose:
- Expertise and Knowledge: Finance brokers specialise in understanding the intricacies of the finance industry and possess extensive knowledge of various lenders, loan products, and application processes. Their expertise allows them to navigate the system cleanly, ensuring that your application meets the specific requirements of the lender, is accurate, complete, and optimized for approval. This is especially true if your broker specialises in funding within your industry.
- Access to Multiple Lenders: Finance brokers have established relationships with a wide range of lenders, including banks, credit unions, and alternative finance providers. This network allows them to compare multiple lenders simultaneously, increasing your chances of securing the most favourable terms and rates for your finance needs. They can leverage their connections to negotiate on your behalf, seek beneficial exemptions, include value adds and find the best financing options available.
- Time and Efficiency: Preparing a finance application can be a time-consuming process that requires gathering and organizing various documents, researching lenders, and completing paperwork. By using a finance broker, you can save valuable time and effort. They handle the legwork, streamline the application process, and ensure that all necessary documents and information are submitted within deadlines so you can focus on your core business activities.
- Tailored Solutions: A good finance broker takes the time to understand your current and future business needs. They discuss your financial situation, unique requirements, and repayment capabilities. With this information, they can recommend suitable financing options tailored to your specific circumstances. Brokers can provide customized solutions that align with your business objectives and help you make informed decisions. Their expertise can assist in securing the most suitable finance solution for your needs and budget.
- Increased Approval Odds: Applying for equipment finance directly with a lender can limit your chances of success, particularly if you don’t meet their specific criteria. Finance brokers possess industry insights and an understanding of different lenders’ preferences and risk appetites. They can help position your application in the best light, highlighting your strengths and mitigating potential weaknesses. This expertise improves your chances of getting approved for equipment finance and securing the most favourable terms.
In summary, engaging a good finance broker to prepare your equipment finance application provides you with expert knowledge, access to multiple lenders, time savings, personalised solutions, and an increased likelihood of approval. By leveraging their experience and connections, you can optimize your financing options and focus on running your business.
At GSE we do a lot of work with Michael Currie from Whisk Finance. Michael specialises in the hospitality industry and arranges finance for business purchases and equipment finance.
GSE is happy to refer Michael as we know that he does a great job for our clients and that ultimately helps us to get more deals done. GSE do not receive commission or payment of any sort for referrals to Michael.
If you would like to learn more you can visit the Whisk Finance website here: