Moving from Vendor Finance to Bank Finance
There have been thousands of vendor finance contracts that have been written over the last decade nationwide. Not all banks will acknowledge a vendor finance contract. Some of the inherent problems are:
- Vendor finance payments were not considered “genuine savings”
- A number of banks will only accept the “contract price” not the actual valuation when applying for a loan
- Trying to explain to a bank what vendor finance was
At Property Loan Advisor we specialise in helping people transition from Vendor finance to Bank finance.
So how do you know when it’s time to move from Vendor finance to Bank Finance?