Link This |
Email this |
Blog This |
Comments (0)
Can I Get a Lower Interest Rate on My Business Loan?
April 29, 2008
The simple answer is YES. The Fed has begun to aggressively cut interest rates and it was the perfect time for me to play one bank against another. I contacted a competing bank that just opened up a branch in my area. I know this bank would be hungrier for my business than the bank I am doing business with now. I received a quote from this new bank on a loan exactly like my existing one—same in size of terms, size, duration, etc. I took this quote to my current bank and they were not willing to lose me (a long-standing customer of course). Once I presented them with the lower rate they were more willing to make a deal and keep my money there. If you’re in need of a business loan with an enticing interest rate be sure to shop around—don’t get to comfortable where you’re at because their might be a bank/lender that’s just as well known willing to make you an irresistible offer to help manage your small business.
Posted by Shanu Singh Guliani on April 29, 2008 | Comments (0)
