Having Issues Financing Some Equipment Due to Bad Credit History?
We’ve recently seen an increase of applications on forklifts needing to be financed. After some research we discovered the majority of these applicants were all turned down by their bank for having poor credit. It is not uncommon for today’s business owner to have some minor blemishes on their credit report. When there are slow months the company still needs to move forward, so there might be times where credit cards might need to be used to cover expenses. There might even be times where account payables like vendors or credit cards might be paid a little later than normal. So it’s to be expected the business owner or owners might have some less than perfect credit resting on their shoulders. Fortunately there are other options available to those business owners who can’t qualify for traditional bank financing.
What Lenders will do Equipment Financing with Credit Challenged Business Owners?
If you have been doing your homework, you probably already know you need to have pretty near perfect personal credit along with a good Dun & Bradstreet score for your company if you want to get some equipment financed from your bank or credit union. If you are not familiar with what your D&B score is, you can visit www.dnb.com to get more details. Just keep in mind, banks and credit unions are not your only options. Where there is a need for alternative financing, you will always find other lenders who will specialize in filling in that gap. First Capital Business Finance offers financing for both equipment financing and equipment leasing to those business owners who can’t get financing from their banks. Even if your credit is poor and your business has only been around for 1 year, we still have the ability to finance your business.
What are our requirements for our equipment financing requirements?
What makes our company unique compared to the other lending companies out there is our wide variety of business financing products. Most equipment leasing companies only offer equipment leasing, and they don’t offer business loans or working capital loans. Our company has systems in place to make sure our customers are placed with the best options first and if for some reason our clients can’t qualify with our equipment leasing programs, we then will use our working capital loan programs as an alternative.