Page 200 - Winning The Credit Game Bundle (CK Patrick)

if you want to get debt off your plate quickly, but not
so great if you’d rather have a longer time to repay.
They can also have higher interest rates than other
loan types, so read the terms carefully. They may be
best to use for one-time purchases such as equipment.
However, there is also…
Equipment financing. This is a form of financing
specifically for buying equipment for your business. It
is a bit like a lease in that the lender agrees to pay for
some or all of the cost of your equipment and its
installation, and you repay them gradually over time.
However, if you cannot make your payments, the
lender can repossess your equipment. These loans can
have lower interest rates than business-term loans, but
are obviously less flexible in how they can be used.

Which type of funding sounds best to you?
Would you rather go through a slow approval process for the
chance at lower interest rates, or do you want to be assured of
having money soon? Do you want to borrow a large amount to
purchase a property or buy a large expansion for your equip-
ment or staff, or would you rather have a smaller loan to pay for
modest growth? Would you like to have many years to pay off a
big loan, or would you like to get the debt off your plate quickly
with a term loan? Would equipment financing help you to grow
while minimizing the amount you need to repay?
Once you have decided what types of business loans look
best to you, the next step is applying. This is a time to be strate-
gic, because applying for a business loan may constitute a “hard
inquiry” which can temporarily take points off your credit score.
Therefore, it’s a good idea to identify the two or three loans that
seem best to you. I recommend starting by applying to your
favorite first when your credit score is best, and sending out
subsequent applications one at a time if your first application
does not succeed.
It is also good to seek lenders like those recommended by my

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