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How to Buy a Bobcat or Skid Steer Loader with Bad Credit

How to Buy a Bobcat or Skid Steer Loader with Bad Credit

Are you trying to finance a Bobcat or skid steer loader but you have bad credit?

At First Capital, we understand that your dreams of owning a Bobcat or Skid Steer Loader shouldn’t be hindered by credit challenges. Our specialized Bad Credit Equipment Financing is your key to acquiring these essential machines without the roadblocks of traditional financing.

If you have already tried to get financing for a bobcat or skid steer loader and you’ve been turned down for issues like having bad credit you will find this article very informative. Most clients that we’ve spoken to assume because they were turned down for credit by other lenders automatically assume they can’t get financing. That is not necessarily true at all times.

Depending on your scenario, you might have options that you are not aware of. Today one of our managers spoke to a business owner who was recently told by a major bank that he was not qualified for financing a loader. After our representative spoke to the business owner, we were able to find out that he was turned down for financing by the bank but was not really told a reason why. He was left to only assume it was due to his credit score and possible derogatory credit.

After speaking to us, he later learned that there are options available for clients who might have bad credit or less than perfect credit. It’s still amazing to us that consumers assume just because they have some blemishes on their credit they are not able to finance equipment.

If I have bad credit, what options do I have if I want to lease or finance equipment?

Let’s assume your credit is so bad that you have a credit score that falls under 500, you currently have a tax lien, you have multiple judgments and collection accounts and your own family member wouldn’t loan you money. If that sounds close to your situation you need to know that there is still a possible solution.

Again, it’s not for everyone but if you have other collateral that is not leverage (that does not have a loan or lease) and it qualifies with our program you still might the ability to finance some equipment with us!

You don’t have perfect credit, but you don’t have horrible credit?

Ok, so your bank said they can’t offer skid steer or bobcat financing for your equipment because you do not have perfect credit, but you also have above-average credit and you feel you should get better offers. We’ve heard plenty of stories from our past clients where a major bank declined a skid steer financing because of one small minor flaw on their credit report. Even if there were plenty of good tradelines that show good payment history, but there’s that one “oops” tradeline that ends up being the one item that stops the bank or lender from providing your financing. Guess what, of course, we have the A through D financing options and if you have that “B” credit we have a home for you as well!

What’s the process to get financing for a skid steer loader?

Most loaders can qualify with very limited paperwork. Our basic “application only” requirements are the easiest and fastest way to get you bobcat and other construction financing. Here are the basic items we’ll need to get you approved for financing a loader:

1. Credit Application (only 1 page)

2. Three months of business bank statements will be helpful if you have them

3. Invoice or bill of sale for the equipment you’re looking to acquire

*Other items might be required depending on the scenario, call our office to get the details.

After submitting those items you should have terms within 24 to 48 hours. If you would like to learn more about our other equipment financing programs please feel free to call our office at 888-565-6692.

Why First Capital Business Finance?

  • We specialize in financing options designed for individuals with less-than-perfect credit.
  • Explore alternative lenders and programs tailored to your unique situation.
  • Beyond credit scores, we consider factors like income stability and collateral for a holistic evaluation.
  • Your sensitive information is handled with utmost care and diligence, backed by robust privacy and security measures adhering to regulations and industry standards.

Ready to transform your financial landscape?

Contact First Capital Business Finance today and discover tailored solutions for your business success. Empower your future with financial expertise that puts your goals first. Reach out now for a consultation that could redefine your business journey!

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