Golden time for businesses to own cars with profit...

Barriers to accessing capital from banks

Most newly established businesses often have little access to credit capital from banks. This is because credit institutions do not have historical data and cannot assess creditworthiness during appraisal, making it difficult to assess the business's ability to repay debt.

After 8 years working at a finance company, accumulating a relatively large amount of capital, Huu Hiep was determined to set up a company specializing in providing clean agricultural products for office workers. Being a “finance person”, Hiep made a relatively detailed plan about the total initial capital needed, the capital allocation plan for initial investments and expected the company to be profitable after about 6 months of operation.

But when it comes to reality, no matter how beautiful and detailed the plan is, it is difficult to foresee all the difficulties that may arise.

“Having knowledge in the financial field, I understand the need to utilize borrowed capital to supplement own capital, because it is difficult for anyone to have 100% of their resources ready when switching from being an employee to self-employed. However, in practice, it is not easy for businesses that have been operating for less than a year to access this source of capital, because many banks have quite strict risk management views.”

With the need to borrow money to buy a car to transport agricultural products, Mr. Hiep was introduced by a colleague to the car loan product of VPBank , a rare bank that accepts loan applications from businesses that do not have a financial report of operating for a full year in the market. This is one of the significant innovative policies that opens up the gap for young businesses to promptly seize opportunities in business and production that VPBank has quickly applied.

As a business operating in a tourism company, Ms. Dieu An wanted to borrow money from the bank to buy a car to expand her tourism business. After many times of giving up due to the cumbersome and time-consuming approval procedures of many banks, causing her to miss out on business opportunities, Ms. Dieu An was introduced by friends to access VPBank's car loan service.

“Summer is the peak tourist season, so we urgently need to close an order for additional cars to expand our tour routes. Fortunately, VPBank's loan procedures are very simple and quick, so our loan was disbursed promptly, at a time when the car market is at a very good price like now. "Closing the order" at the right time also helps create a competitive advantage for the business," Ms. An shared.

What does a newly established company have to convince banks to lend?

In the era of 4.0 technology and big data being widely applied as it is today, the profile provided unilaterally by customers is no longer the only factor leading to the bank's lending decision.

As a bank that established a segment specifically serving the Small and Medium Enterprises (SME) sector very early, more than ten years ago, VPBank has built a huge amount of data with high accuracy on business practices, profitability and risk estimates for each sector. Combined with fully digitized analysis technology, VPBank has the most advanced corporate credit rating system on the market today.

If a few years ago, SMEs had to rely on personal relationships and the ability to beautify business data to gain an advantage when applying for a bank loan, in the past two years, this has become outdated at VPBank. With a completely online loan approval application (Race App), minimizing personal contact and thereby eliminating most of the risk of errors, Race App not only helps banks manage capital risks better but also gives results within just 5 minutes, helping businesses save a lot of time and resources in applying for loans.

Thanks to the bank's large enough data source and modern technology, SME customers coming to VPBank only need to demonstrate their management capacity, have a clear business orientation and reputation with partners in the same field... the profile will easily convince the bank's appraisal experts, along with the business "scoring" process that has been completely digitized, ensuring absolute objectivity, accuracy and reliability.

Why should you borrow to buy a car at VPBank?

VPBank's auto loan products are considered by most customers to be "tailor-made" for SME customers, with extremely competitive interest rates of only 6.8%/year - among the lowest on the market today.

Businesses can borrow up to 90% of the vehicle value, with a loan term of up to 96 months. In particular, if customers choose to buy a car from brands associated with VPBank, they will enjoy even more attractive interest rates. For example, customers buying Honda cars will enjoy a preferential interest rate reduced by up to 3.4%/year, similarly with Mitsubishi cars, it is reduced by 2-3%/year compared to the current interest rate, with a grace period of up to 12 months.

The entire loan process, from application submission, to approval - disbursement and even loan repayment, customers only need to do it completely online via the Race App digital platform, helping to save time and costs for businesses.

The auto loan package is just one of many financial solutions developed by VPBank to support SMEs to overcome capital difficulties, seize more opportunities to develop their business and grow sustainably and prosperously. Currently, VPBank is the number 1 unit in the market share of auto loans for businesses.

Source: https://baodaknong.vn/thoi-diem-vang-de-doanh-nghiep-so-huu-xe-o-to-voi-lai-suat-chi-tu-6-8-nam-250584.html