Equipment loans can be approved without “A” credit. Your equipment acts as collateral to cover the amount you desire. Having collateral for your equipment loans means a fast approval with light requirements. If needed your loan can be a higher amount by adding more collateral for other equipment, machinery, tools or other reasons. Your cash-flow loan can cover payroll, traveling expenses or paying off debts.
If you are not looking for ownership and your credit may be questionable an equipment lease is a good alternative to equipment loans and can be easier to get approved . Heavy machinery needs repair from time to time, you may not be responsible for. When your lease is up for renewal you can trade your equipment for a newer high-tech model. Leasing can give you the advantage of building or repairing your credit by showing consistent on-time payments with no delinquencies.
Equipment Loans Approve “B” to”D” Credit
Even if you are turned down by the bank you still have the flexibility of equipment loans with alternative lenders. The lending company you deal with needs to know what your company’s business needs are so they can match a perfect loan to you.
Look for lenders who say they have alternatives to a traditional heavy equipment loan without you having great credit. Your equipment is used for collateral and that is why you can be approved quickly. There are many creative lenders that will approve you even with bad credit. Find a lender that works with B, C and D credit to match an equipment loan for your situation.
Call a Lender for Alternative Loan Choices
A great solution for companies is Factoring to have constant available cash. You can get approved quickly when you need cash quickly. New loan types have are a great business tool for success in businesses that have some credit glitches. In conclusion, cash is always needed for equipment and other expenses incurred in a busy company.