A finance company is a company that supplies credit for the specific purpose of purchasing consumer goods and services. For example, a finance company may assist a consumer in financing a vehicle. In turn, the consumer is required to repay the loan over a period time with a fixed number of payments. Once a vehicle is paid in full the consumer then receives a clear title of ownership.
When a car is financed, the finance company has the full right to repossess the vehicle if the consumer fails to repay the loan according to terms. Technically the company financing the vehicle has full ownership rights until the vehicle is paid in full.
A finance company may secure loans for a variety of personal needs and purposes. A finance company may also extend credit for things such as extensive home improvements. Home improvements may include a new roof, siding, window replacement as well as interior improvements and upgrades.
Home improvements that are financed would work much the same as a car payment. The homeowner must repay the debt over a period of time. Many times repayment plans that involve home improvements can be extended anywhere from 2 up to 10 years. Repayment plans are figured according to the amount of the debt, a consumers overall credit rating as well as the consumers ability to repay the debt.
A consumer that has excellent credit will naturally receive a more competitive interest rate. In addition, the consumer who demonstrates a good credit rating will receive more flexible repayment options.
Department and furniture outlets normally work directly with finance companies. Finance companies can finance new furniture to a consumer. Once furniture or appliances are purchased the consumer is required to pay for the merchandise over a period of months or years. It is important to carefully read any contract pertaining to finance or borrowing money.
Finance companies may also offer specialized financial services. Specialized services may pertain to financial planning, Insurance and investments. Companies of this nature usually work closely with trained financial specialists on a regular basis.
A variety of financial companies may be found online by completing a simple Internet search. A search using Google and Yahoo should yield a variety of results. In addition, many finance companies allow the consumer to complete an online evaluation form. An evaluation form gives the company a better handle on the consumers financial position as well as ability to borrow and repay. Orion Business Capital is a nationally known factoring company that offers financial opportunities for many different business industries, like medical and heath care factoring, government factoring, Construction Factoring, and many more! Make sure to check out Orion Business Capital.
A number of established finance companies are listed on the NASDAQ. For example, American Financial Group and Ambac are two well known finance companies that are listed regularly on the NASDAQ.