Sept. 12, 2023
Renewals Mean Better Terms: A Guide for Returning Clients
Watch Our Video Guide!
As a returning client, it's no secret that you already have a leg up when it comes to borrowing money. Your track record of trustworthiness and timely payments makes lenders more inclined to collaborate with you for future fundings. But were you aware that renewing your funding could also provide you with more favorable terms? Indeed! By renewing a funding, you might obtain a better factor rate, funding amount, payment schedule, and funding duration. Let's delve deeper into the reasons behind this.
Better Factor Rates
Firstly, when you renew a funding, you're signaling to your provider that you're dedicated to repaying the amount you borrowed. This increases their confidence in offering you a reduced factor rate, recognizing your reliability. Furthermore, renewing your funding might enable you to renegotiate a more competitive rate due to market changes or an enhanced credit rating. This ultimately leads to long-term savings.
Secondly, repeat clients often get the privilege to borrow more than those approaching for the first time. The trust built over time convinces providers of your capability to handle larger fundings and ensure punctual payments. By renewing your funding, you might get access to bigger amounts at reduced factor rates than previously available. This is particularly useful when facing unforeseen expenses or aiming to consolidate debts.
Better Payment Schedule
Thirdly, renewing a funding offers greater leeway in terms of repayment. There's a possibility to work out a payment plan that fits your situation better, maybe involving extended funding terms or reduced periodic payments. Such flexibility can be invaluable if you're grappling with tight finances or balancing multiple financial commitments.
Fourthly, opting for a renewed funding could translate to an extended term, which carries several advantages. A protracted term ensures you have a more extended period to clear the funding, potentially reducing your monthly outgoings and enhancing affordability. Moreover, maintaining payments over an extended duration can bolster your creditworthiness, painting a picture of consistency for future fund providers.
To sum up, renewing a funding emerges as a judicious financial strategy for returning clients. Through this, you might land a more attractive factor rate, be eligible to borrow higher amounts, devise a more accommodating repayment plan, and fortify your credit over an extended term. If you're a repeat client pondering over renewing your funding give us a call and discuss!
Ready to submit for new funding? Update your company account and your Renewal Specialist, Matt Dellolio, Chris Brumber, or Anthony Ring will reach out shorly after!