When we have already decided that a business credit is necessary, and we have ensured in the first instance that we are in the ability to repay the loan.
It is time to evaluate and compare different banks or financial institutions that we can provide the required credit, and different financial products they offer.
In addition to the amount and requirements or conditions that we can apply the factors or criteria should take into account when deciding on the most appropriate financial offer are:
Cost of Loan: First thing we have to take into account, review the total funding (known total financial cost or actual cost), which is comprised of the interest rate, but additional costs usually include the loan, such as fees or maintenance grant.
The loan term: The term is the period of time that the bank or financial institution, we must be sure that this term according to our payment capabilities.
The type of interest rate: Another important factor to consider is the interest rate. Make sure if this is a fixed rate, a variable rate of interest, or a combined rate.
The repayment system: We must consider also the system or amortization method used by the bank or financial institution, which points the way to be amortized capital and therefore repay the loan.
Early termination: In addition there is also need to consider whether the credit entrepreneur gives us the possibility to make additional payments in order to reduce the debt, or to cancel the term granted in advance. We should note that, on occasion, this option of prepayment may represent additional cost to the loan.
The financial entity in itself: Although we who receive the credit, it is always wise to consider the reputation and experience of the bank or financial institution. They need to assess their attention to the customer, for your willingness to give all the information that they ask, its ability to address any concerns that you have, its quickly to evaluate the request and to obtain the loan, etc.
Credit history: And finally, in order to choose the suitable business credit, we must consider our credit history. It is recommended to buy the products of financial institutions of which we are already clients, in order to form a good credit history and thus we can later access loans with greater ease and benefits.