When looking for business finance on your own there are a number of steps that need to be taken to ensure you are setting yourself up with the best chance for a prompt and successful result.
Be warned – This can be a time consuming process!
- Choose the most appropriate lender for your current requirement. This choice will need to take into account:-
- Type of goods to be financed (Plant & Equipment, motor vehicles, etc…)
- Amount required (Most lenders have preferred levels of funding, both high and low ends)
- Available time until settlement (some lenders can act quickly, others…….?)
- Do you have your latest financial statements available? If not you will need to find a lender that may lend without financial statements (Usually only motor vehicles can be financed this way)
- Provide your chosen lender with a complete and detailed application with copies of various forms of identification as required by the lenders.
- Provide a privacy authorization form.
- Liaise with the lender regularly to ensure that they ‘move it along’.
- Once approved (hopefully), the lender will need to speak to the supplier to arrange an invoice and prepare documentation for you to sign. If a company, all directors would normally be required to do so.
- Arrange a time for the signatories to meet the lender (usually at their premises), sign the documents and wait for them to settle and pay the supplier.
- Once done, you will be able to collect the car or have the particular machinery delivered.
Alternatively you can contact us and we will look after the whole process for you in a professional manner and with minimal disruption to you and your business.
We will come to you at a time and place convenient to you!