26 ordspråk av Fritz Elmendorf
Fritz Elmendorf
Small businesses are very important customers for banks today because there are more of them than ever before and each and every bank is fighting to get them.
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The broad trend among banks is to service customers almost regardless of their credit standing. They do not want to turn a customer away, particularly if it's a customer with a checking account or another relationship.
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The finance manager is going to find someone to approve your loan. It's just a matter of what you're going to pay for it. It may not be the best rate out there, but it will get you in a car.
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The key to attracting small businesses is to give them as many different services as possible. Because today if one bank won't do that, another will.
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The larger banks are seeing a lot of market share in this area, but the larger credit unions and the ones being run by ex-bankers are setting up arrangements where a non-member can finance a car right at the dealership just by signing up to be a member.
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There's likely to be a charge when you use this service, but it's less than the $25 bounce check fee.
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Think about the relative merit of variable rates versus fixed-rate credit. Locking in a fixed rate now gives you a great deal of comfort. Even though the lowest rate might be a variable rate, those could start to climb again next year.
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This year, there's a better chance that rates will start to climb up than there is a chance for more significant easing. If you're considering refinancing, you shouldn't wait.
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We've seen record numbers of bankruptcies every year. The lending industry feels there are a number of filings that are abusive and could have been avoided.
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When you borrow to the max, you can't afford to take a hit on income, and unfortunately what we're seeing are layoffs and reductions in income and potentially an increase in the already high level of bankruptcies.
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You'll pay more for it, but it still should be less than your credit-card rate.
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