The Benefits of Choosing Multiple Lenders

Most companies will strive for growth, whether it be gaining more property, expanding a service or offering more products. One way to allow for this growth is to source new equipment, and financing this equipment is the first step in the process.

For convenience, you may be tempted to keep all your finances with the one lender, but, when you consider additional financing and costs, choosing multiple lenders for your equipment may have a variety of benefits over choosing a single lender. So how can you benefit from choosing multiple lenders?

Every lender is different

Every lender has its own specialties and preferences, and varying between a few can mean taking advantage of the various options. Some lenders prefer working with one industry while others may not, some choose similar assets but assess the financial information differently. You can also find lenders that offer:

  • Discounted rates specials to attract business, benefitting from great savings.
  • Streamlined products that don’t require financials, for an easy process.
  • Excellent settlement processes, ensuring you pick it up at the agreed time for efficiency.

All these factors have their own added benefits, but not all lenders cater to every single option. Spreading your finance throughout will allow you to take the parts you like and arrange a solution that works best for you. It can also help you with further savings in the long run.

Your bank’s input

Scattering your funding away from your primary bank means that the bank has less influence on your business. For example, banks that finance most of your equipment can easily say no to deals they are uncertain about, which can leave you stuck for an option. Every bank has a limit to what they are willing to offer, and we believe that the funding from your bank should be used to help with working capital and not expensive equipment that may take a while to pay back. This will only restrict your access to working capital, further restricting your business. It also means less security for a deal, as banks will have property and charges over your company and other funder will not require it in most cases.

In saying this, it can be difficult for businesses to find the contacts to different lenders that will ensure they achieve these ends, but this is where a finance broker comes in.

The equipment finance specialists

At Atlas Equipment Finance, we offer tailored advice to all our clients, considering their personal needs. Whether you’re looking for tips on fleet leasing or need guidance on what financing options are right for a new product, we always aim to give you sound guidance so you can choose the solution that fits you. Equipment finance can be an incredibly complex process, but the right team can help you manage your finance so you can get back to running your business. For more information about your options, be sure to contact Atlas Equipment Finance today.