We’ve all been through a stage in our lives when money was tight, and we needed to source a quick cash injection. That’s what bank loans are there to provide you with, but they’re it’s not always easy to convince a bank to part with their money. Since the latest recession, banks have become a lot more resolute in their lending processes. That can make them a pretty tough nut to crack.
If you aren’t absolutely prepared for your appointment with the bank, things could start to unravel pretty quickly. One wrong move and you’ve blown it! If you want to knock a lender’s socks off, you’re going to need to be smart. Here are a few of the areas you need to give some serious consideration before you head to the meeting.
Know What You Want
Before your meeting, you should brush up on offers that other lenders could provide you. Although you aren’t guaranteed anything, it helps to have some facts and figures in front of you as a bargaining tool. Negotiation could be the difference between approval and denial in this case. From that, you can formulate your plan to the letter. Gain a good understanding of the loan you want, how much, and your repayment structure. That way, you can present yourself clearly and concisely.
It’s also crucial that you understand your limitations. Bank managers aren’t stupid by any means. They’re well trained to spot chancers that are trying their luck. Their eagle eyes are honed well. You’re not going to be able to pull the wool over their eyes, so be up front and honest. Don’t attempt to borrow more than you can afford to pay back, and don’t agree to terms that will make life difficult for you. Make sure your credit history isn’t marred by inconsistency. If you have a bad credit score, check out this article on credit repair.
Don’t Be Afraid to Ask Questions
You should keep your expectations in check to avoid disappointment, but don’t be afraid to voice concerns either. Like a shark in the water, bankers can smell blood a mile away. Remember, their aim is to make money. They’re probably going to try and convince you to sign up for things that you don’t need. Be wary. Being able to fire back with questions of your own will soon level the playing field, and make him think twice about taking you for a ride.
Don’t be overly concerned with the length of the process. If time isn’t on your side, you probably aren’t applying for a loan for the right reasons. If you’re too anxious to speed up the process, that’s going to be a dead giveaway that you’re desperate. And if the banker can spot that, then you lose some of your advantages. Poker face, people. Hold an open and honest discussion and both parties should be able to walk away from the deal satisfied with its conclusion.
Keep all of that in mind, and you should have no problem securing that elusive stamp of approval!