Finance Companies – Tips on How to Select the Best

Finance companies are designed to provide leasing or hire purchase contract to many business owners. They are there to help you achieve your business or investment opportunities. There are many things that you need to put into consideration when you are looking for one that will provide you with the services that you need. You will need to do research since there are many finance companies that have come up in the market, making it competitive. Some of them provide funding with the aim of marketing their products and/or services.

Others are part of major banks while there are those who are members of financing and leasing associations. Since there are many finance companies out there, it is only advisable that you search for one that has a reputable background. A good reputation and the fact that the company is a member of the finance and leasing association is the kind of company you want to deal with.

When you settle for a particular finance company it is also vital that you fully comprehend the contract you have with them. It should be in agreement with any verbal or written quotation. They should openly inform you of any penalties that may be incurred in every situation of the agreement. You should avoid companies that have hidden prepayment penalties. It is important that you are aware and understand the terms and conditions of the company before you sign on the dotted line.

If you are leasing equipment from the company, ensure that it is new or in superb condition. Be aware that once you select a finance company that you are in a long term agreement. It is advisable that you go for a company that can give you the flexibility to change between the fixed and floating rates without charging you extra.

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Choosing The Right Receivable Financing Company

The very mention of the term “bank loan” to a business owner is often enough to elicit a very strong and visceral response and the simple truth of the matter is that the average business bank loan is a fairly contentious and controversial subject within the business community. On one hand, a bank loan will provide the business owner with a source of capital that they otherwise would not have, which in turn can mean that bold ambitions of expanding and developing the business in a particular direction can be more fully achieved and accomplished with a minimum of disruption.

This is especially significant in highly competitive sectors of the market, as any measure of delay can ultimately result a business that chose to postpone any sort of development or alterations to the manner in which they do business being overtaken by a rival. The downside here however, is that the loan will be required to be paid back and so if the business is struggling to generate enough revenue, or worse yet, is already in debt, then the repayment maybe too much of a burden for its finances.

Furthermore, in order to actually gain access to a bank loan, a business will typically be required to secure assets that it owns as collateral, and so a noncompliance with the terms of the loan will ultimately mean that the assets secured as collateral maybe seized by the lender.

Thankfully, there is an alternative strategy for the struggling business owner who is looking to secure another external source of capital finance to provide their company with a much needed kick start: a receivable financing company.

A receivable financing company, or a factoring agency as they oftentimes referred to within business parlance, is a business entity that will purchase outstanding invoice accounts from a company and then provide the client company with a sum of money upon receipt of the invoices. The receivable financing company will then assume full, legal responsibility for the collection process of the money owed by the client specified on the invoice.

Once the client has paid the full balance owed to the receivable financing company, the factoring agency will then release the remainder of the funds owed to the client company….with a small deduction made from the funds received from the client in order to cover the expenses that they have incurred.

One of the major benefits of using a factoring agency is that the client company will be guaranteed to receive a fairly large amount of money in a very short space of time indeed which effectively eliminates and protects against the risks that an unpredictable and capricious degree of cash flow will pose to a client company.

Furthermore, this method of business financing will effectively mean that the agency is responsible for the collection process thereby freeing up the time and money of the client company who will not have to contend with the chasing up of fees or commissions owed.

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5 Things To Look For In A Car Finance Company

Sometimes choosing a finance company can feel like something of a lottery. You look at all the deals available, choose the one you like the sound of and hope that it is a good deal and that the company offering it are sound.

But by applying a few set criteria you can actually shop around and reduce the risk of going with a company that isn’t what you are looking for in a car finance company. But what criteria should you be using?

5 Things To Look For in a Car Finance Company

Price. No matter what you read about choosing companies for finance, price has to be an important aspect of your consideration. It is a simple fact of life that no matter how good the approved auto loan offers are, we have a budget that we can’t afford to break. Stick to your budget and you’re avoid problems. So shop around and make sure that you are only dealing with companies that can give you approved car finance deals that are within your budget. Getting a good car is important, and applying for credit may help you get a better car today, instead of saving money gradually. Still you don’t want to break the bank.
Trust? Can you trust the company that are offering you approved car finance? And before you answer yes or no have you looked around and compared the deals? Every company develops a reputation, whether good or bad, so it is important that you find out what that reputation is. Ask people that you know, ask on car forums, Google their name (and remember that all companies get some complaints – and what’s even worse, many companies get fake negative ratings from competitors).
Age. You want to know that a company that is offering you approved car finance is not some shifty company that will end up going bust next month and forcing you to repay all the money you borrowed over night. So make sure that they are a company in it for the long haul… and a good indicator of this is how long they have been around.
People. Can you get in touch with actual people? It’s all well and good being offered a good deal by a company but if you can’t speak to anyone when you have a problem then that can be a huge issue. Make sure that there are REAL people involved in the company. A tell-tale sign is the presence (or a lack) of a phone number on their website.
The Fine Print. It is amazing how few people read the fine print after they sign their documents. They get too excited about the money and the car. But the fine print can be vital to any deal.
Such things as changing interest rates, fines for late payment, what control they have over the deal etc can make a massive difference to what you thought was a basic auto loan offer. So apply your due diligence and check out what they are really offering you by reading the fine print and asking questions.

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The Myth Of Inventory Finance Companies

Your company carries it. You need to finance it. We’re of course talking about inventory. Discussions with clients reveal a lot of misconceptions around inventory financing in Canada. Let’s try and resolve some of those myths around the financing of your inventory, who the players are, who they are not ( that’s the most common myth ) and we’ll also try and provide some straight forward direction on next steps in your inventory financing challenge.

The overall quality of your inventory management will play a large part in your ability to finance your products, which are a part of the current assets component of your balance sheet. You cannot overlook the importance that an inventory lender will place on your ability to report and count your products. The reality is that most firms are either carrying a ‘ continuous’ or ‘ ‘periodic’ system of inventory control.

So here is solid tip # 1 – be aware that inventory lenders prefer a continuous type of inventory accounting, for all the obvious reasons. Essentially you are counting and monitoring inventory (with the use of software of course!) at all times. That’s a good thing when it comes to a lenders valuation on an ongoing basis and their ability to lend.

You’re company is growing. Unfortunately so is your inventory! And that places a huge drain on your cash flow. The working capital cycle dictates that cash turns into inventory which turns into receivables and then we start all over… that lag can be anywhere from 60 – 120 days, sometimes longer. Never underestimate the problem that higher sales will bring to your inventory financing needs.

Clients typically are looking for inventory financing because the level of investment that you have in product and receivables drains your cash flow. As sales volumes increase your cash flow decreases based on your overall collection period of A/R and of course those inventory turns.

Your sales staff of course never wants to be in a position to tell a customer you don’t have the product they have worked so hard to sell.

Does your company have an inventory financing strategy? The majority of firms we talk to in Canada, certainly in the small and medium business sector do not have access to the inventory financing they need. Do true inventory financing companies exist in Canada? We feel that the answer is generally ‘ no ‘, they do not. However if your firm would consider an asset based lending scenario that in effect takes the place of inventory finance companies in Canada.

Under an asset based lending strategy your inventory is margined for what its worth, by experts who categorically know what its worth. You will enhance your ability to finance your product if you have the controls, reporting, and inventory accounting system in places that makes the inventory and asset based lender ‘ comfortable ‘.

Speak to a trusted, credible, and experienced business financing advisor with regards to inventory financing companies and asset based lenders who will give your product the financing it deserves!

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What Car Finance Companies Look Into

Closing the car finance deal with the finance company can be difficult for some people. Sometimes, others would apply for car finance but the company will refuse to approve their application. This is due to several different factors.

What are the aspects that finance companies look into which determines your fate in car finance?

When you file for a car finance, the first thing they would look into is the amount that you are borrowing or the amount of the car that you want to purchase. This will be their basis for all other things and they will also match this with the other details you will provide them with. In coming up with quotations, they will also seriously consider the amount you are borrowing so they can compute for the monthly charges and fees.

You will also be asked regarding the length of time you prefer when it comes to completing the payment. Longer payment term will make your monthly fees lower but overall, if you sum up the total amount you have to pay for, it will cost you more. On the other hand, shorter terms will mean higher monthly fees but the interest will be lower.

Logically, you will also be asked about your personal details. This includes your age, salary and the length of time you have been working in the current company you are in, if you are an employee. These are factors they need to consider so they could weigh if you are capable of paying the amount of your car finance loan.

Lastly, they will definitely check your credit history. If you have a good score, then you should not be bothered much. On the other hand if you think your credit history will not really convince the company that you can pay for the loan, might as well improve your score first before applying for car finance.

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5 Reasons to Use a Cloud Server for Your Business

The majority of traditional companies invest in expensive in-house servers for their file sharing, email and applications. These solutions feature physical servers and a number of virtual machines. For the management of the servers, they need to spend a lot of money in the beginning. The cost includes the purchase of equipment and IT staff, just to name a few. But cloud servers offer many advantages. Let’s talk about 5 reasons to use a cloud server instead.

The downside of an in-house system is that it comes with high initial. Plus, you need to order a replacement as soon as the old system stops working. Not all of small businesses can afford to buy a new unit. Cloud servers, on the other hand, are much cost-effective. Without further ado, let’s read about 5 reasons to use the alternative.

1. No Upfront Cash

The first reason to go for a cloud server is to save tons of money. Unlike a conventional system, cloud machines don’t require you to invest in high-end machines. All you need to do is pay a small fee at the end of each month, and you will be good to go for the entire month.

2. No Cooling Required

Since you don’t need to manage all the equipment in-house, you can use a server that an experienced provider can control. Therefore, you don’t need to install air conditioners to cool down the servers and the related equipment.

For small businesses, this is a huge advantage as they can invest that budget on other projects to expand their business.

3. Software Updates

Another great advantage of cloud servers is that the software they run receives updates on a regular basis. You don’t need to pay for buying the software updates as this will be taken care of by the service provider. This can save you a lot of time and effort.

Opting for the updates is based on the computing needs of your business. So, this is another reason to go for this alternative instead of in-house equipment.

4. No Surprise Costs

This is another huge advantage of these systems. You can easily predict the costs of IT support. You don’t need to worry about the server outages. Although the cloud service comes with its own costs, you can enjoy cost savings over the long haul. That’s the reason many companies don’t manage in-house hardware anymore.

5. Easily Scalable Solution

Cloud servers offer a scalable solution to meet the changing needs of a small or large business. On the other hand, these systems require a fast, stable internet connection. As long as you have a fast connection, you can get the most out of these servers. Also, you can buy more bandwidth and other system resources by paying a small monthly fee.

Long story short, these are some of the reasons to choose a cloud server instead of an on-site system for your small business. You can try out these systems if you don’t want to manage in-house systems. Hope this helps.

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