A loan agreement is sometimes a way for the company to raise funds for investments, develop new technologies, increase employment, and expand the market segment to which it wants to reach. The conclusion of a loan agreement is very important mainly due to the conditions that we can negotiate with the bank, how great the loan rate will be and how long the loan period will be. When concluding a business loan agreement, remember these five key principles:
1. The first offer proposed to us by the bank will never be accepted.
This will certainly not help to negotiate the best possible conditions that we can receive, therefore, as a rule, the first option that is proposed to us should be rejected. The credit advisor we are talking about understands the principles that guide this type of negotiation and does not have one offer, only a few possible ones, which he will reveal at a later stage of the negotiation. Also, do not overdo the other way and reject any proposal because often the advisor is not much of a possibility and pulling even the best aces out of his sleeve is not able to convince us. After the conversation, let’s ask for a written version of the offer.
2. The amount of the loan matters, but also the repayment period.
Focusing on the amount of credit that we would be interested to take, let’s not forget about the appropriate repayment terms such as the length of the loan period, and the possibility of paying off the loan before the end of the installment period. If we determine the appropriate installments, repayment of a company loan, even for larger amounts, will come to us easily and the bank will gladly undertake to grant another loan.
3. Always before we make the decision about choosing a bank let’s get acquainted with various offers.
When choosing a bank where we will take our loan, do not be guided by emotions or belonging to a bank because it does not matter with the benefits that we receive (we recommend that you first browse the list of the most popular banks. To choose a bank wisely, first of all, we follow the information we have about the conditions for granting the loan, the number of formalities, the interest rate, etc.
4. Do not decide on a loan whose contract with the bank is illegible.
Lack of understanding of the contract is the most common cause of problems with the bank and lawsuits, which are often considered in favor of the bank.
5. Let’s use the promotion.
Promotions, despite the fact that they are often not beneficial for customers, when talking about business customers, rather promotional offers are very beneficial, so it is worth using them. The biggest problem with favorable offers is that they are available for a very short period of time and cannot be taken after the offer ends. In order not to miss a valuable offer, it is always good to follow the websites of banks and loan comparison websites in order to receive loan offers. A way to orient yourself is to contact the hotline, however, it is not recommended.