Is the Bank Loan market right for you now?
News headline this week “Banks feeling pinch of sliding margins” but multi-billion dollar profits.
Most days there are reports about sliding bank margins and an increase in defaulting bank loans from poor bank loan repayments.
When we borrow we tend to put all else aside. We just want to get that bank loan for our business without giving a second thought to our ability to make the repayment commitments.
Bank Loan repayment Management
Far wiser is to think strategically.
How, when, from whom, at what rate, on what terms, how will I manage repayments.
A business loan consultant for a borrower, is the equivalent of a mortgage broker for a bank.
One serves the borrower. The other serves the bank.
Don’t be swayed by a few years of “interest only” repayments.
That is the bait for an unaffordable loan that could lose you the home, business or farm to the bank.
GBAC has developed its BorrowBetter app to let borrowers bargain with the bank. It is like a “Borrower’s Broker” without the big commission charge. Get the best rates, charges and terms
For those having trouble with their bank, Bankwatch lets borrowers report disputes & defaults for possible solutions.