At Yakka Finance we believe this is a very reasonable question to ask and I enjoy our clients or potential clients to lay this question right on us. It allows them to get a deeper understanding of the value a good broker can bring to their business for their long term success.
Here are some of Yakka’s main reasons why you should use a finance broker:
Small to medium business owners are some of the hardest working individuals I know in this country. With this being the case the ability to speak to a finance broker anytime, anywhere and most importantly outside of business hours is critical to the service a broker can & will bring to business owners. It is one of the key character traits of great brokers to go above and beyond for their clients on a daily basis. This can include meeting them on their work site, on the road, after hours and when needed on the weekends.
Secondly, a good broker understands that their clients are extremely busy running their own business. With this in mind, managing the whole loan process for them and ensuring all aspects of the application to settlement process is completed. The broker puts a stop to business owners having to work through the maze of having all the necessary paperwork sorted and ready to present to the lender. This involves arranging the invoices, insurance and documentation to signing the documentation and ultimately all the way through to the joys of settlement. An efficient broker that handles this process effectively can let their client sit back, enjoy the ride and have all the hard work completed for them. A reason we stick by our “Hard Work, Made Easy” tag line.
Establishing Long Term Relationships
The benefits of a broker often mean the client often gets to deal with the same person, day in day out and these relationships tend to last for the decades. A relationship that goes on for many years results in the broker developing a strong relationship with the client, getting a real thorough knowledge of the client’s business, how they operate and allows us to retell their business story, work contracts, existing relationships etc time and time again to the appropriate financier.
In contrast to the banking world employees and banking managers naturally move from role to role within the banking sector to progress their careers. Normally a new role is presented to them every 2 years or they move on to another bank to take up a new opportunity. With this being the case business owners need to build a new relationship with that employee and secondly that employee needs to get to know their clients business from the start.
Client for life
At Yakka Finance our number one goal is to have a client for life and for them to never look elsewhere for their equipment purchases. The reason for this is a happy client results in securing a long-term client. If a broker always endeavours to do well by the customer you will most likely retain them for almost every equipment purchase in their business lifetime. Building the trust and getting to know your client both personally as well as in business is some of the key fundamentals brokers want to deliver to their clients.
There is nothing more rewarding than watching a client’s business grow year on year and being a part of helping them succeed & achieve the goals they set out to do in their business.
Spreading client’s debt across multiple lenders
A knowledgeable and talented equipment finance broker will always be clever in spreading the debt through multiple financiers in the market. Why would you do this? Isn’t loyalty to one bank better? It’s important to spread the debt over at least three to four financiers. This develops history with multiple financiers for your business. It gives you the ability to gain finance approvals from multiple lenders pending you have a good repayment history with specific lenders you have used in the past. All banks like to discuss your conduct with other banks before giving an approval. It also keeps competition within the banks strong and allows them to fight for your business and keep repayments & rates low.
The lending market is forever changing
There is a massive increase in lenders coming in to the market in Australia to service the demand (now over 70 lenders). These lenders have developed over time to deliver finance solutions that the banks previously couldn’t service or approve. Especially in the Fintech space. Whether it be a new business startup, a client with a credit default or a client who has experienced great growth but doesn’t have financials to showcase to a bank yet. A good brokers spend time to educate themselves and develops a good understanding of each and every lenders polices and terms. This ensures they can provide any customer that walks through the door a suitable finance solution for their business whatever their current situation is.
Secondly, a real strong value add that brokers have in their tool kit is the access to a variety of “LOW DOC” finance options. Low Docs (Standing for Low Documentation) allows brokers to obtain finance approvals for their clients on selected equipment and vehicle finance up to $150,000 and even up to $500,000 providing minimal information such as no financials or tax returns. This can deliver a painless application process for businesses searching for a quick finance approval.
If you would like a free no obligation chat with us here at Yakka Finance about your next potential purchase, please give Scott a call on 0401214427 or send an email to firstname.lastname@example.org.
We look forward hearing from you.