Reasons to use own Loan Broker Vs Bank Loan Broker
When any small to medium sized business or farmer considers using a loan broker to borrow, the following question should be considered:
How can a business or farmer be properly served by a broker who is paid substantial commission by a bank?
The loan broker cannot serve 2 masters.
The broker can either serve the bank or the borrower. They can’t serve both. What the bank makes, the borrower loses. What protects the bank makes the borrower vulnerable. Who do the brokers deal with most, one borrower or one bank? The one bank of course.
More suitable business loan fit.
we do not accept any commission or payment from the bank. We work for borrowers only. As the bank does not pay a broker on loans we negotiate, we work to get borrowers a substantial reduction in the loan cost.
How to get the best loan?
Borrow Better with BorrowBetter.au by having banks compete for your loan business.
Cost of borrowing for business or farm
The most important part of a loan is the price you pay for them not the actual loan approval, because borrowing is easy but paying it back is hard.
Interest rate is not the only consideration of a commercial loan.
Apart from the obvious Interest rate there are:
- Setup charges
- Bank fees
- Amount and timing of regular repayments
- Contract terms
- Conditions under which the bank loan can be called to be repaid in full
- Flexibility if the borrower strikes hard times, gets sick, loses income
- Ability to repay early or faster.
- Borrower’s ability to meet repayments out of income as only interest will be tax deductible
- Borrower's relationship with with the bankers involved.
Ruthless debt collectors can quickly replace smiling lenders.
Who will gain the most financially from the loan? Make it the borrower!
Borrowers can achieve a better financial out come by using BorrowBetter.au
Call now for a friendly chat 0428 417 498, 0422 907 155, 02 9988 3312