Additional Resources
Financial & Legal
2 min. read
Once a financial institution looks favorably upon your loan request, there are several rules of thumb to follow to help save money.
Negotiate interest rates. Some financials are flexible. You won’t know until you ask. They will sometimes drop the interest rate by a point or two if your numbers look good or the business you are purchasing looks strong.
Try to secure the longest possible loan. Long-term loans lower monthly payments and help you conserve cash flow, although they are usually more expensive in interest payments. You can always refinance later for a shorter term when your cash flow position improves or pay off your loan faster.
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