Finding a reputable
lender, like August
Funding, can be stressful and overwhelming. With so many options, it can be
hard to find a lender that’s right for your exact needs. The good news is that
there are a few things you can do to help you find the perfect one. Keep
reading to see 7 tips to help find just such a lender.
Ask Questions and Do Research
The first thing you want to do is ask questions and do research. This is going
to be one of the easiest ways to get a lot of information. There are a few
different things you’ll want to ask about. Some of these are: prepayment
penalties, what type of loans are available, what is included in the cost and
what’s needed for approval. In terms of doing research, you can do a lot of
this on your own. A simple internet search should bring up information, such as
their BBB score, when they were established and how other customers have rated
them.
Talk to Your Network
Talking to your network can yield some pretty great leads. This is especially
true if your network is large. Chances are, at least a few people have gotten a
loan at one time or another. They’ll be able to tell you which lenders were
great to work with and which ones you should avoid. They can also help answer
any questions you might have. If you don’t have a large network, you might
still be able to get some leads. You can ask your friends or coworkers and they
might be able to reach out to someone in their network.
Read Reviews
Since you’ll probably get several different answers from your network, you’ll
also want to read reviews from past customers. Your network might not give you
all the nitty gritty details, but someone who posts a bad review will. Once
you’ve got a good list of potential lenders, do an internet search and see what
others are saying. Not only do you want to look at their average rating, but
you also want to see what the bad reviews say. Make sure you also look at the
good reviews, so you get a good idea of both sides of the story.
Look at the Numbers
You also want to make sure you look at the numbers. Every lender is different, so you’ll probably get different estimates from each. These number estimates can help you figure out how good of a deal you’re getting and how much you can expect to pay. Some of the numbers you want to look at are: APR, interest rate, down payment, estimated loan cost and monthly payment. If it seems like it’s outrageously high, see what these numbers look like from other companies. If you find out that they are right, then you can choose which company you want to go with from there.
Shop Around
Shopping around can end up saving quite a bit of money. Since all the lending
companies are different, they’re going to offer different rates. For example,
one company might have an APR of 24%, while another might only have one that’s
21%. It might not seem like a huge difference in numbers, but it can actually
save you hundreds of dollars. Keep in mind, though, just because the numbers
are different, it doesn’t mean the lowest one is always the best choice. The
best thing to do is thoroughly look at everything to be sure.
Get Pre-Approved
Getting pre-approved can cut down on a lot of the legwork you’ll have to do.
Many times, you’ll know a big chunk of the important information when you get
pre-approved. You’ll also be able to know exactly how much you’re likely to
borrow and what you can expect to pay. If you don’t like what one place is
offering, you can always try another place. Just make sure it’s not a scam
before signing up.
Read the Fine Print
The final thing you can do is make sure you read the fine print. This is where
a lot of companies get you and they expect the majority of people to just sign
without reading that part. By reading and finding any of these sneaky terms,
you’ll be able to save money in the long run. If you find them, you can either
try to re-negotiate or go with another company.
While these are only 7 of the things you can do to find a reputable lender,
like August Funding, it should give you a pretty good start. Not only will you
get a pretty good idea of what to look for, but you’ll also find a few
different options. If you still aren’t sure which one to choose, you can try
and hire someone to help you.