Having access to equipment financing for bad credit is essential for every business. Modern equipment helps your employees work smarter, not harder. Here are several financing options for buying the equipment you need in 2020 and beyond.
1. Bad Credit Equipment Financing
At First Capital Business Finance, we have a lot of experience with companies that don’t meet the minimum credit rating of 680 usually required by lenders. Our team understands that many businesses, large and small, end up with credit issues due to unexpected circumstances.
Our equipment financing bad credit program offers excellent rates that don’t put hardships on your monthly profits. How can you get approved if you have poor credit? With this type of equipment financing, the equipment you want to buy acts as collateral for the loan. With less risk, we’re able to extend funding to companies that normally wouldn’t be able to qualify.
2. Conventional Equipment Financing
If your company has an exceptional credit history and solid cash flow, you may want to see if you pre-qualify for our conventional equipment loans. They offer a combination of incredible rates and excellent repayment terms that fit your needs. Our equipment financing offers a wide range of terms, so it’s not difficult to find the best solution for your goals.
In the case of construction equipment, you can extend the terms for 12 to 60 months. If you’re planning on buying equipment designed to last for only five years before replacing, we recommend using terms of five years. That way, your payments are comfortable and flexible, so you’re ready to upgrade when you need to.
3. Start-Up Equipment Loans
Another advantage of equipment financing is that it’s a great tool for new businesses. Unlike traditional bank loans, our start-up equipment loan program applies to brand new companies. It doesn’t matter if you’ve been in business for a year or just a few months, you can still qualify.
We want to help you obtain high-quality equipment that lets your business excel. Whether you need heavy machinery or industry-specific tools, our experts are ready to work with you to design a custom term that offers the right amount of financing while still leaving you plenty of working capital for operating expenses.
4. Construction Equipment Loans
An alternative option for financing that has grown in popularity significantly in the last few years is construction equipment financing. This option involves using construction equipment that you already own to take out working capital for your business. Construction companies can use this financing to invest in new equipment, real estate, overhead, and other needs. Construction equipment loans give you a massive infusion of capital when you want it.
Equipment Loans for Every Kind of Business
The list of businesses that can qualify for and benefit from equipment loans is endless. We’ve worked with business owners from countless industries, including construction, healthcare, food service, janitorial, and hospitality.
Construction Financing
Expand the size of projects you can take on by investing in heavy machinery that is bigger and better. Here are a few types of equipment you can purchase with our bad credit loan options:
- Bulldozers
- Dump trucks
- Front end loaders
- Backhoes
- Skid loaders
- Excavators
- Flatbed trailers
With the right equipment, your team works faster and serves more clients, which brings in more profits. Establish your business as the name to call for any project, even if you have less-than-perfect credit.
Healthcare Financing
The best diagnostic equipment allows you to attract new clients with pain-free services. Equipment financing for medical practitioners lets you offer state-of-the-art treatments and unparalleled comfort for your patients. This gives you an even better online reputation.
Restaurant Financing
Whether you’re interested in providing a relaxing ambiance for customers or offering niche food items, we can help. Buy the equipment, furniture, and payment systems you need to outfit your coffee shop or restaurant completely. This includes commercial ovens, rotisserie ovens, ice-cream machines, prep surfaces, coffee brewers, and beer tap systems.
In addition to these financing options that allow you to purchase equipment for your business, you can also take advantage of alternative programs. Equipment leasing is an excellent choice for computers and point-of-sale systems, for example. For smaller purchases such as tablets, many business owners use flexible business lines of credit to take advantage of discounts. At First Capital Business Finance, the financing options are limitless. Contact us at 888-565-6692 to learn how our team can help you achieve your business goals.
Top Equipment Financing Solutions for Bad Credit in 2020 | First Capital Business Finance
