Small Christian Business Start Up Loans
Small Christian business start up loans can be made easier by contacting the Small Business Association and getting their free information on the procedures to follow when making application. The first requirement in the SBA procedures when applying for a small business start up loan is a loan proposal. State the name and address of the company, the names and Social Security numbers of the principal participants in the venture. Then describe the purpose of the loan, the amount required, and exactly how it will be used.
The next part of the proposal when applying is to describe the company, its history, structure, and management profile. Then, anyone applying for financing must provide market information. Clearly define the market and products that the small business start up loan will help sell; identify the competition and how the company will compete; and include a profile of the target customers and how their needs will be met with the money. Financial information must be included, of course. Include projected balance sheets and income in the application for small business start up loans. Then include financial statements for all the principal borrowers and describe what collateral is available to be pledged as security.
All of the above may seem a bit daunting, but if able to present an organized proposal, the lender will recognize true common sense and will be more likely to see the borrower as worthy of the financing sought. If applying for SBA small business start up loans, they can be set up for as long as 25 years for real estate purchases, 10 years for equipment, and 7 years for working capital. Having some financing in place before asking for the small business start up loan will also be in the company's favor. Having personal savings to put into the venture, or friends and relatives who might contribute, will lend credibility to the venture and will be a more desirable risk to the bank or credit union when applying. One might also contact venture capital firms who would grant financing in exchange for an interest in the company.
Aside from these specific financing terms, there are grants available, and quite easily found on the Internet. There are several grant programs available for modest fees that will guide the new entrepreneur toward available funds. Some grants require matching funds, but others do not. It may take a while, but it would certainly be worthwhile to cut down substantially on the amount needed in small business start up loans. "For whosoever hath, to him shall be given, and he shall have more abundance" (Matthew 13:12a). Also included on the SBA web site is some excellent information on starting a new company and making it successful after receiving the small business start up loan.
Car loans for a business can help finance a business' needs for transporting their employees or clients. Whether they need a fleet of cars, or just a few, a car loan for a business is available. The type and terms that a person will qualify for will depend on the financial state of the establishment as well as personal credit. Knowing the needs in order to succeed is the most important part of deciding on financing.
This type of financing enables a viable establishment to purchase vehicles in order to prosper or maintain the business. Some businesses, such as a taxi service, rely on automobiles for work use. Other businesses may offer the use of autos as a benefit for working with a particular company. Cars are expensive and therefore may not be able to support the full cost of a new or used vehicle. A car loan for a business can help pay a fixed amount within a repayment term. The company then will be able to support their need for vehicles within their budget. God promises to those who believe that He will multiply blessings beyond worldly belief. Praying for God to provide answers is a great way to ensure the best possible decisions and opportunities for any situation.
The terms will vary depending on what a company will qualify for. Some of the qualifications that lenders consider for a car loan for a business are the size and type as well as the age of the vehicle and down payment. Lenders also will consider whether a company is profitable and if it has an acceptable credit history before offering car loans for a business. If the financing that is being requested is greater than $50,000, a lender typically will request business and personal financial information in order to make a determination.
Financing for autos can meet the needs of many types of businesses. Because a car loan for a business can range from $10,000-$100,000, owners can finance one or more cars. The terms will vary depending on the loan amount, the age of the car and the amount of down payment that was made. Car loans for a business can be offered at a fixed or adjustable rate as well. In addition to the costs associated with payments and interest, car loans for a business will also require additional fees such as loan processing fees and late charges if not paid on time.
Christian Commercial Auto LoanCommercial auto loans are offered to a variety of business owners, from the self-employed realtor to the owner of a large corporation who needs a fleet of trucks. They are available through traditional lending institutions such as banks and credit unions. The application process for a commercial auto loan is similar to the application process for personal financing. People applying for financing will be asked the same types of questions: means of income, amount of income, amount of debt, etc. However, the terms may differ from personal financing both in length and in interest rate.
Some lending institutions are very familiar with offering financing to business owners, so their terms for commercial auto loans may be more favorable than lending institutions that have historically dealt mainly with personal financing. This may be the case if you apply through a credit union or a private, local bank. The interest rates through these institutions may be higher or the length of the note may not be as accommodating. When in the market for a commercial auto loan, investigate the interest rate available through many different lending agencies. They could differ as much as two percent, which is a substantial amount considering many are in the tens of thousands for vehicles such as moving trucks, tractor trailer trucks or even vans. The difference in a two percent interest rate effects even smaller commercial auto loans, money for vehicles such as sedans or SUVs. Even 2% can overextend a budget. God wants us to use the money He has entrusted to His people wisely and finding the best deal is one way to honor this command.
When finding a lending institution that is familiar with commercial auto loans, it will be pleasing to find some of the benefits of choosing one over personal financing. A commercial auto loan through the right lender can offer competitive, low interest rates, often extending over a loan period of up to ten years. Customers can expect a fast turn over on their commercial auto loan, with most being approved within twenty-four hours. Banks often allow consumers to finance up to ninety percent, which means with a small down payment customers could soon be the owners of a new commercial vehicle. Another obvious benefit is the tax break. Consult with your accountant before signing so that you will know all the legalities of claiming commercial vehicles on your yearly taxes.
New car loan rates can vary significantly, depending upon an applicants credit score and what lender can offer. Even a small difference in interest rates can significantly affect monthly payments and the total interest paid over the life of the debt. Knowing how to find the best new car loan rate can help consumers get the automobile of their dreams for the best possible price.
Before someone can begin shopping for a new automobile and lending sources, it is important for to consider ones credit score. Potential buyers should obtain a free copy of their credit report from one of the major credit reporting agencies and check it for inaccuracies. If any problems are found, they should follow the necessary procedures to get them corrected immediately. The strength of an applicants credit score determines the new car loan rate he or she can qualify for. Most financial institutions tier their new car loan rates, offering the lowest rates to those with the best credit, so it pays to make sure ones credit report is as clean as possible.
Many people choose to avoid the additional work of obtaining lending from a bank or credit union and opt to finance their vehicle through the dealer. This convenience comes at price since automobile dealers will typically offer a new car loan rate higher than what could be obtained at a bank. Most dealers work through banks to set financing, so they simply add a percentage point or two on all new car loan rates to make themselves a profit. Consumers can cut out the middleman and go to a bank themselves and save the additional interest charge.
Most experts agree that you will get the best lending rates from banks or credit unions, not dealers. Using online banks and rate services, consumers can quickly check the new car loan rates for numerous lenders at one time. Many institutions will respond to online applications within the hour. If approved, the applicant will receive essentially a blank check to use when shopping for any vehicle but are under no obligation to use it if they do not find the automobile they are looking for. This enables buyers to work with the dealer as a cash buyer and eliminate new car loan rate negotiations altogether.
Christian consumers need to become empowered buyers and carefully research all loan options before they negotiate car prices with a dealer. Buyers should also seriously consider securing financing through a bank or credit union so they do not have the additional stress of negotiating this aspect of the purchase through the dealer. Dealers will often inflate their loan packages or pad them with unwanted options like extended warranties, so avoiding the lending negotiations process with a dealer is often the wisest move of all. "Teach me good judgment and knowledge: for I have believed thy commandments" (Proverbs 119:66).