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Applying for a commercial loan with several different sources will give you some leverage when the time comes to negotiate the final loan deal. How good the loan terms are will depend on your credit rating, the purpose of the loan, and your financial stability.
Tip #1: Prepare Your Loan Request
Before you visit a lender, gather all of the documentation they will need. This may include your purchase invoice if you are buying any equipment, recent financial statements, as well as a letter detailing the reasons for your loan request.
Tip #2: Shop Different Lenders
Once you have discussed your proposal with a lender, while they are in the process of reviewing your file you can check with several other lenders in your area. This will allow you to compare different offers in order to choose the one that best fits your current situation.
Tip #3: Negotiate the Best Deal
If you receive multiple approvals, you can negotiate the loan structure as well as the closing costs and prepayment penalties on the loan. Once you make your decision on a lender, remember to contact the ones you decided not to use and thank them for their time.
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