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Find A LenderCore Capital Group Inc: Overview
Core Capital Group Inc is an equipment financing and leasing provider in Canada. They first originated in Ontario and since have branched out to Alberta, British Columbia and Quebec. They not only provide equipment financing and leasing but they also provide services in commercial lending and Corporate finance. This includes services such as asset-based lending, term loans and debt restructuring. Their main goal is to provide businesses with fast, flexible and unique solutions for their capital needs. They use their team; a group of individuals with varying fields of expertise to create these solutions. Check out Core Capital Group if your equipment is in need of being financed.
How to Qualify For Financing With Core Capital Group Inc.
Although equipment financing and leasing are their main products, CORE Capital Group does offer a few different business lending services, such as commercial real estate financing and vendor financing. Before you apply, be sure to ask a customer representative about the approval requirements specific to each type of financing.
All this said, there are a few basic elements that your business need in order to get approved for a large amount of equipment financing, a good interest rate, and a favourable repayment term, including but not limited to:
- A solid annual revenue
- A good business credit score
- A clean payment history
- Assets to offer as collateral
- Valid business insurance
- Little to no outstanding debt
- No ongoing consumer proposal or bankruptcy
- An active business bank account with direct deposit
When you apply for any kind of business financing with CORE Capital Group Inc., one of the most important approval requirements will be the state of your business credit. After all, good credit often signals that your business has healthy finances and a strong chance of making payments on time.
So, if your business currently has bad credit or a history of defaulting on its prior debts, it may be better to avoid applying until you’ve had a chance to resolve the situation. Otherwise, you may only be approved for a limited amount of financing and a high-interest rate, or your application could be denied altogether.
What You Will Need to Apply With CORE Capital Group Inc.
Similar to most types of business financing, applying for an equipment loan or leasing contract can be a more complicated process and involve more money than most traditional credit products. As such, you may need to present several personal and financial documents when you apply, including but not restricted to:
- 3 most recent full year-end financial statements (externally prepared)
- A recent year-to-date monthly financial statement (internally prepared)
- A prior same-year comparable statement
- An aged list of Accounts Receivable and Payable
- Information about your assets/collateral
- Information about your insurance provider
- Banking and credit details (margin calculation, credit utilization, etc.)
Keep in mind that the documents above are just some of the general requirements for equipment financing and leasing. Depending on what service you’re applying for and how much financing you would like to borrow, the CORE Capital Group credit committee may request other forms of documentation before they will approve your business.
What If I Don’t Need Equipment Financing or Leasing?
If you’re not looking for an equipment loan or lease contract, don’t worry. There are plenty of other services that CORE Capital Group Inc. can help you with, such as:
- Vendor Financing – For businesses that sell or lease commercial equipment
- Commercial Real Estate Financing – When you’re looking to buy property
- Condominium Renovation Financing – Long-term plans for condo developers
- Corporate Finance – Capital structuring for businesses
- Energy Finance – Retrofitting and evaluation for renewable energy systems
Costs Your Business May Encounter With CORE Capital Group Inc.
Whether or not your business is on a tight budget, it’s always important to consider the costs that may be associated with your financing or leasing agreement. This way, you’ll never risk missing a payment, get behind on your work, or be left scrambling to find the appropriate funds.
Some of the main costs that you could encounter when you apply for equipment financing or leasing with CORE Capital Group Inc. relate to your:
- Monthly payments (which can last 1 – 8 years)
- Interest Rate (which may vary based on your business finances)
- Fees (for origination, accounting, and other administrative purposes)
What Secured Financing Could Cost You
When you apply for equipment financing, it’s possible that your equipment will be used as collateral to secure the loan. CORE Capital Group Inc. may also allow you to offer up other assets, such as real estate properties and vehicles. By providing loan security, you would be giving your lender an insurance policy in case you go into default.
While this can help you access more credit, a better interest rate, and a more appealing repayment plan, your lender will temporarily own your asset until you’ve paid them back in full. As such, they will have the right to seize your collateral if you miss on too many payments without discussing the situation with them.
What Are the Pros and Cons of CORE Capital Group Inc.?
No lender is without its benefits and drawbacks. While CORE Capital Group Inc. has many years of experience in the world of business lending, it’s still wise to weigh these pros and cons to make sure they don’t affect your business too much:
Pros
- Same day approval and funding deposit
- A variety of helpful services are offered
- Interest rates and payment plans are flexible (based on revenue, collateral, etc.)
- Responsible payments can improve your business credit
- Large financing amounts can be secured
Cons
- Interest rates can be high if your business doesn’t have strong finances
- Approval can be difficult if your business has existing debt or other weaknesses
- Defaulting can lead to debt, penalties, reduced credit, and loss of collateral
- Rates, fees, and other costs are not listed on their website
- Services may not be available in every province or territory
Frequently Asked Questions
What’s the difference between equipment financing and leasing?
What is my business credit score and why is it important for approval?
