As it turns out, most businesses can qualify for equipment financing loans even start up businesses. Equipment financing approvals are based on personal and business credit scores, industry type, positive trade history, existing trade lines, Debt Coverage Service Ratio, and the equipment quotes provided by the business owner.
How much you qualify for and the interest rate you’ll pay is determined by the value of that equipment, your business’s financial history, and your credit scores.
Equipment financing can be a great option if your credit rating is less than perfect, too, since the equipment acts as collateral. You can also leverage existing owned equipment to get a loan using your equipment as the collateral.
In fact, our underwriting team is just as concerned with what’s securing the loan, as we are with your borrowing history. The type of equipment you are purchasing is an important aspect in the approval process.
So, if you’re planning on investing in a high-value (and value-retaining) piece of equipment, then we might be willing to work with you, even if your credit profile and finances are not pristine.
Our equipment financing team will assist you in finding the right equipment and make sure your approval is custom tailored to fit your business needs.