If you're looking for a good deal on a commercial loan, you'll need to do some homework. In this economy, you can't just walk into a bank and get the deal that you want. You have to work for it. Don't let the work frustrate you though. A good rate on a commercial loan can be achieved. Before you start shopping for a commercial loan, here are three tips that will help you succeed in the game.
Shop Around – But Not Too Much
You wouldn't accept the first home loan you were offered, so don't accept the first commercial loan either. To make sure you get the best deal on your loan, shop around. Talk to a few banks in town and find out what they can offer you. However, don't shop every bank in town. That could actually undermine your ability to get the best deal. First, banks don't want to waste their time if they think you're going to end up somewhere else. Second, too much shopping makes you look like you might be a credit risk. Finally, too many inquiries on your credit report, could ding you right out of your credit rating.
Be Prepared to Prove Your Point – And Do It
If you think you deserve a better deal than your bank is willing to offer, be prepared to prove it. Instead of just arguing that you deserve the better rate, find a bank that is willing to give you what you want and show your bank the proof in writing. This is particularly important if you're trying to work a deal with your own bank and they're not eager to give you the credit you deserve.
If your bank is still reluctant to give you the credit – and the service – you deserve as a loyal customer, be prepared to take your business elsewhere. All of it. Once your bank realizes that they might be losing more than just your commercial loan business, they may be more willing to give you the terms you want on your loan.
Be On Your Game and Be On Time – Every Time
Commercial loan officers take their time very seriously, and so should you. Your loan officer is the person who has your commercial loan in their hands. When you have an appointment, be on your game and be on time. That means you need to have all of your documents, neatly organized, and you need to be on time.
Now that it's time to go after that commercial lending services you need, be sure you get the terms you want. The tips provided here will help you prepare to go after your loan.