There are many finance companies out there in the market today. Each program has merit, but with the good points there are also pitfalls. What would be good for one could be unworkable for another. Of course, every finance source always says they have the best. The following are some of the questions that you need to ask when you are looking for a financing source.
- How long has the company been in busines?
- Does the finance company have a history of paying reserves?
- What kind of relationship will you have with the manager at the finance company?
- Is the manager willing to listen to your needs?
- What kind of service is to be expected?
- Is the lender going to process your deals quickly and get an answer back to you so you can get paid on the contract?
- Does the finance company assist you in keeping in touch with your customers, so that you can look forward to return business?
- Does the finance company report monthly to all the credit bureaus? Keep in mind that most of our customers are trying to re-establish their credit.
- Will you have access during the month to all of your accounts and be kept up-to-date on the loss reserve account?
- What type of programs does the company offer?
- Will this company purchase point of sale business, house accounts, or bulk purchases?
- Are there any sign-up fees that have to be paid to the finance company?
- What type of reputation does the finance company have?
- Do they do what they say they will do?
- Are there other dealers that can give you a good report card on the finance company?
- Does the finance company have enough capital to continuously advance funds to you?