1. Assess Your Needs (1-2 weeks)
This initial step largely depends on you and your ability to identify what new assets are necessary for your business. It could take a week or two to fully Analyse your needs.
2. Consultation with Red Fox Finance (1-3 days)
Once you approach us, we'll schedule a consultation within a few days. This meeting allows us to understand your needs, explain different financing options, and answer any queries.
3. Preliminary Assessment (2-5 days)
After our consultation, we'll conduct a preliminary assessment of your business finances and creditworthiness, which typically takes two to five days.
4. Proposal Development (1 week)
We then use the information gathered during the preliminary assessment to prepare a comprehensive proposal. This may take up to a week, as it needs to present a strong case to potential lenders.
5. Identifying Suitable Lenders (1-2 days)
Given our broad panel of 79 lenders, it can take one to two days to match your proposal with the best-suited lenders.
6. Application Submission (1-2 days)
We prepare and submit the application on your behalf as soon as we've identified the right lenders. This process typically takes one to two days.
7. Application Review and Approval (1-4 weeks)
The lenders need to conduct their credit checks and risk assessments. This process is often the most time-consuming part of the application process, with lenders typically taking one to four weeks to review an application.
8. Finance Agreement (1-3 days)
Once approved, the lender draws up a finance agreement, which usually takes a few days to complete. It's important to review this carefully before signing.
9. Funding Release (1-7 days)
After the agreement is signed, the lender disburses the funds. This process may take anywhere from one day to a week, depending on the lender's procedures and the type of finance.
10. Repayment (Starts within 1 month)
Repayment typically begins within a month after funds have been disbursed and continues according to the agreed-upon schedule.
These are typical timelines, but each application can vary based on the specific details of the finance request and the lenders involved. At Red Fox Finance, we strive to make the process as efficient and smooth as possible.
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Get a clear understanding of the time involved in new asset finance approvals. Start by acquainting yourself with the various types of new asset financing. If you're in the initial stages, our 12-step readiness checklist will set you on the right path. Ensure you explore the plethora of new asset finance options and keep the essential documentation ready for a seamless application process.
Find out the best funding options for your business, enter your number and our team will call you back.
