Bank or Credit Broker?

MarkTaylor1968 · May 30, 2008

Hi Guys,

I need to raise some asset finance to replace and upgrade some equipment. Should I go straight to the bank or use a commercial credit broker? What are the pros and cons?

Any advice would be appreciated.

Best wishes,

Mark.

Phil@PP · May 31, 2008

Depends on the amount to be raised and the method you wish to raise it. Are you buying outright? leasing? or hiring? the APR% is in indication of the interest rate you will pay but beware arrangement fees and redemption fees, these can vary significantly.

Regards

Ian J · May 31, 2008

If you have an established business and a good relationship with your bank I would try them first as the rates that they offer on business that they want tend to be very competitive. Asset finance brokers (like myself) tend to specialise in the more difficult cases where the prime lenders have turned their noses up but the more unscruplous brokers (asset finance and factoring) will earn a hefty fee by introducing you to your own bankers given half a chance.

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Bank or Credit Broker?

MarkTaylor1968

Phil@PP

Ian J

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