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    Credit Profiles

    Credit Profiles

    No two credit profiles are the same. Regardless of whether you have great credit but are maxed out at the bank and need an alternative lending solution, or you’re a customer that has a few write-off’s and wouldn’t consider your credit your strongest asset, we can work with you.

    A major advantage of working with a brokerage is that they typically have access to a variety of lenders (financial institutions that lend money). Now you might be wondering why this is a benefit for you, the customer. The major benefit is that brokerages have employees that are trained to look at your personal and/or business profile, decipher it and know what lender is the right fit for you.

    This likely leads you to the follow-up question – “how do they decide what lender is the right fit?” I can’t speak for all brokerages, but I can speak for what we do. Our goal is always to get the customer the best terms and rates we can while fitting within their budget. We understand what credit profiles suit what lenders and our sales team strives to understand what the ideal package looks like for the customer, then seek an approval based on that information.

    In addition, we take the time to learn the customers story. We recognize that banks often see credit as black or white whereas we work in the grey area. If there is a hiccup or two on your credit profile, we reach out and understand what happened as well as learning about your personal story and business’ story.

    A common hesitation that we run into is customers nervous to put their personal credit on a deal where they are buying equipment for their established business. If you own an established business, you will not always need to personally guarantee the contract. Often, there are times when this is necessary. An important thing to note is that our lenders will only put a lien against the asset that you’re borrowing, not any other assets you own.

    If you only take one thing from this blog post, let it be that we work with all credit types and will find the right solution for you.

    • Author Details
    Megan Doll Editor
    Strategic Accounts Representative
    email
    megan.doll@econolease.com
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    Vendor Lender has been delivering financial solutions to thousands of food service businesses, mainly restaurants, in Canada and the United States for more than 30 years

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