The challenges faced when securing finance to help you to expand your vehicle rental firm often make it feel like finding a suitable provider is an impossible task. However, sometimes you need to cast your net wide and consider alternative companies and financial products.
Finding An Appropriate Finance Provider – Which Lenders To Consider
Rental businesses need finance at one time or another, particularly when starting out in business or looking to expand fleet size. However, it is often tough to secure the funds you need as lenders look at their usual parameters in terms of the gearing, current funding levels or their perception of asset values. However, you can increase your chances of obtaining funding by approaching specialist vehicle finance lenders, rather than mainstream providers and working with funders who really understand the marketplace.
Those who specialise in providing vehicle rental finance solutions can offer you more suitable lending instruments than those offered by conventional lenders. As they have a thorough understanding of how businesses in your sector function, they may look upon your application more favourably. However, finding the right lender can be difficult if you don't know much about the financial services industry - and choosing the wrong one can be a costly mistake. That's why it's sensible to take advice from an independent broker with whole of market experience before signing up to anything.
How An Independent Financial Broker Can Help
An independent credit broker – such as Business Finance Solutions (UK) Ltd who specialises in and has vast experience of the rental market – will be able to assess your requirements and provide you with impartial advice, as well as recommendations tailored to suit your company. They will have strong relationships with an array of funding providers, so will know which ones are most likely to provide you with the lending instruments that meet your needs. Make sure you select a broker with expertise in finding financial solutions for businesses within the vehicle rental sector if you want to get the best results.
A financial broker will know what the providers they work with look for when assessing applications. That means your broker can guide you through the application process, boosting your chances of obtaining the funding you need.
Download Our Free Guide
You'll find more details about how we can help you find bespoke vehicle finance in our free Guide to Funding and Financing For The Vehicle Rental Industry. This helpful ebook contains information about the types of lending instruments on the market, as well as tips to help you increase the likelihood that your funding applications will be accepted. Get in touch to find out more.
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