Frequently Asked Questions

1. Is this an auction?
2. Why should I use LoanBidBuy.com?
3. How long does it take me to get approved for financing?
4. Why do I need to apply for financing through you guys?
5. Why don't you offer new equipment?
6. What are you rates?
7. Do I need to send over all my financials?

1. Is this an auction?
No, this is not an auction. Many of our equipment dealers and buyers have asked us this question. When the equipment dealer receives a request for a quote, they place it without being able to see other dealer’s quotes. This makes it so the dealers can give an accurate representation of what they’re selling without worrying if their competition is just shopping them or trying to one-up them on their quote. Also, it gives the buyer the chance to make honest comparisons between all the dealers. So it works to the benefit of both the buyer and seller.
[top]

2. Why should I use LoanBidBuy.com?
If you’re wanting the best price for equipment, the convenience of doing all your shopping around in one place and get your financing done at the same time, this is the place to be. However, if you enjoy spending hours calling up different equipment deal-ers, dealing with all the different sales people, negotiating on price and trying to find the best financing offers, you probably shouldn’t use LoanBidBuy.com.
[top]

3. How long does it take me to get approved for financing?
Typically it takes 24-48 hours, depending on your credit. We will be contacting you by phone so you can talk with a live person after we receive your application. Once we get a good understanding of what you’re wanting to do with financing, we then submit your app for credit approval. We may need to come back to you and request a little more information so sometimes an approval will be held up until we get that information.
[top]

4. Why do I need to apply for financing through you guys?
Since we’re not charging you or the equipment dealers anything to participate in this program, we need to make money somewhere. Where we make our money is from our partner, Swanson Financial Group, who takes care of all the financing. And because their relationship with many, many different lenders, we can get you the lowest payments on used equipment.
[top]

5. Why don't you offer new equipment?
Like we just said, we make our money from the financing part of this. Generally, when you’re buying new equipment, the manufacturer has great incentives like 0% financing. Obviously we can’t match that since it’s coming from the manufacturer, so we focus on the used equipment market.
[top]

6. What are you rates?
Our rates are anywhere between 8.75% to 20%, depending on your credit score and time in business. However, since there is a lot of bait and switch in the finance industry, we don’t quote rates, but quote payments. We encourage everyone to compare payments and terms, not rates, with our competitors. Many of our customers have seen that by doing so, our payments are lower than our competitors even though they’re quoting some really low rate.
[top]

7. Do I need to send over all my financials?
Typically, if the deal is below $150,000, we don’t need to see financials. All we need is for you to fill out our secure online application and sometimes the last 3 months of your business bank statements so we can make sure you’ve got the money to make your payments. If we feel we’re going to need a full financial package, we’ll let you know.
[top]