Not Happy with Your Current Business Equipment Financing

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

2. What If I’m Not Happy With My Current Business Equipment Financing? It’s 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 you’re 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 you’re not happy with your current loan, it’s time to look into refinancing. There are various considerations regarding this. First, you’ll want to get a copy of your credit report to make sure nothing’s 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 you’ve gotten the best deal? Ideally, these are things you’d look at before you sign and agree to the loan terms. But, it doesn’t 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 lender’s underwriting criteria?

5. How a Lender Determines Business Equipment Financing Terms Once you’ve decided to evaluate whether or not you’ve 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 lender’s underwriting criteria. Many lenders will evaluate the following: How long you’ve 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 business’s 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