Heavy equipment financing with bad credit: does it exist? Yes!
Is heavy equipment financing with bad credit affordable? Absolutely.
Most business owners, at some point or another, need heavy equipment to start their business or need upgraded equipment to continue growing and improve their service quality.
Do any of these sound like you?
- You’re ready to start your trucking business, and you have everything you need except one thing: a truck. Buying a new semi truck isn’t exactly cost-friendly, and you don’t have that much cash on hand right now to buy one flat out. However, you can’t start making money until you do have a truck. What a dilemma!
- You’ve been in business for several years and are looking to upgrade your equipment. Maybe the equipment you have right now is old and doesn’t work well anymore. Maybe you just need something that’s more cost-efficient and has more features. Either way, you want your business to grow and an equipment upgrade is what you need to make it happen.
If those situations sound familiar, heavy equipment financing may be the right choice for you. But wait – there’s one more problem:
Your credit score is bad.
How to Get Heavy Equipment Financing With Bad Credit
If your credit score sucks and is holding you back, you’re not alone.
An estimated 1/3 of Americans have a credit score below 601.
Maybe you’ve tried to get heavy equipment financed through other companies in the past, but they’ve turned you away once they saw your credit score. You’re frustrated and feeling helpless.
Don’t worry – that’s where First Capital Business Finance comes in. Even if you have a bad credit score, we can get you heavy equipment financing with bad credit.
That’s right; your credit score – no matter how terrible – will not disqualify you at First Capital Business Finance.
Check Out Our Heavy Equipment Financing Programs for Bad Credit
We also offer Heavy Equipment Financing with No Credit!
This is an asset-based program, which means one of two things; either there needs to be extra collateral that can be used to cross collateralize with the financing that is being offered; or there needs to be a substantial security deposit made. Both of these options will lower the chances of default by a credit-risked client.
1) I Have Bad Credit or No Credit – Not a Problem
Having bad credit or no credit is no longer an issue when it comes to our aggressive asset-based direct lease programs. These programs are specifically tailored for credit-challenged business owners. This would include the following:
- recent bankruptcy
- tax liens
- previous repossessions
If you’ve experienced any of the above, that’s not a problem with First Capital. You can still get heavy equipment financing with no credit or bad credit!
2) I Haven’t Been in Business for Very Long – No Problem
- No minimum time requirement
Most heavy equipment financing programs require you to have been in business (in your current field) for at least 2-3 years to qualify.
With First Capital, there’s no minimum time requirement. It doesn’t matter if you own a start-up or you’ve been in business for years. Whether you’ve owned your business for 10 years or 1 day, you can get financing with us.
3) I Don’t Want to Fill Out Tons of Paperwork – You Don’t Have to!
- Only need 3 months of business bank statements
One of the most dreaded parts of financing is filling out paperwork. But don’t worry – you don’t have to fill out mountains of paperwork when you apply for heavy equipment financing with First Capital Business Finance.
It couldn’t get any simpler than this! No tax returns, no income statements, no balance sheets, no P&L statements, absolutely no mounds of paperwork.
All that is required to get an approval is the last three months of business bank statements. If you would like additional working capital, just submit an additional 3 months of bank statements and we can get your business the extra capital.
What Equipment is Eligible for Heavy Equipment Financing with Bad Credit?
Your credit score shouldn’t limit your options, which is why at First Capital we offer heavy equipment financing with bad credit or no credit for the following equipment:
- New or Used
- Commercial Trucks
- Heavy Equipment
- Yellow Iron
- Construction Equipment
This is by no means an exhaustive list, so make sure to speak with an adviser about what we finance by calling us at 888-939-1036 today!
For Heavy Equipment Financing with Bad Credit, Call First Capital Business Finance today!
Don’t let your bad credit hold you back from running your business and getting the equipment you need to keep going. At First Capital Business Finance, we know there’s so much more to you and your business than a credit score, which is why we work with all kinds of credit scores, no matter how bad. Ready to get pre-qualified? Call First Capital at 888-939-1036 or contact us online today to get started!
Can I get heavy equipment financing with bad credit? | First Capital Business Finance