WESTWOOD, NJ–(Marketwired – Sep 28, 2015) – Business owners need to purchase and lease equipment for their business, but aren’t aware that when applying for equipment financing a single vendor may send their credit out to 10 different banks. Each bank then creates hard inquiries that could lower their score by as much as 20% and will stay on their report for 24 months. After that, the bank paying the most commission to the vendor usually wins the bid, not the bank with the most competitive rate.
These are the types of behind-the-scene happenings that many business owners are unaware of, but Jim Francesco, President of Equipment Vine, isn’t surprised to hear this news. “Many consumers are unaware of what does and what doesn’t affect their credit score,” says Francesco.
Equipment Vine was conceived to help business owners who needed to have a competitive lending market at their fingertips that they could control. Francesco developed a credit marketplace that uses one credit inquiry for the many different lenders available to bid on the credit application provided. This is truly a revolutionary website. Now, the consumer and the finance company can have direct correspondence without the interest of an intermediary — giving the consumer buying power and the finance company a captive audience.
This service is coming at a time where the average credit score on approved loan applications is on the rise. Business owners will need all the help they can to gain equipment financing, so any dip in their credit score could be met with unsatisfactory loan terms or a declined application. Equipment Vine will prove to be a powerful tool for small businesses seeking affordable commercial financing who do not want to worry about having their application shopped around to their determent.
About Equipment Vine
Equipment Vine was set up to service the needs of the consumer and the interest of the lender. Small business owners can use Equipmentvine.com to navigate through the numerous lending options and find a loan that best suits their needs while keeping their credit score protected.