When important equipment breaks beyond repair, it’s essential to replace it quickly so that your business can keep providing products and services! That’s why National Business Capital developed a special program for bad credit equipment financing!
At National, we understand the quick timing needed for equipment financing and the struggles that a business owner with bad credit might face when trying to acquire an equipment financing loan.
Read on to learn everything you need to know about how to finance your equipment leasing, purchasing or upgrading goals, regardless of your credit score.
What is Equipment Financing?
Equipment financing is the act of borrowing capital in order to pay for new or used piece of equipment. This helps business owners get the business equipment they need, without having to pay out of pocket. Borrowing capital can save business owners from cash-flow disruptions that come from paying with working capital. Instead of paying up front, business owners can pay off their equipment in installments, over time. Together with Trump's new equipment tax codes in effect, you could save thousands of dollars each year via borrowing. Additionally, equipment financing requires no collateral to be leveraged on behalf of the business owner. Instead, the equipment itself can be leveraged as collateral, protecting your assets.
5 Benefits of Bad Credit Equipment Financing
- We work with a wide range of businesses. We’ve worked with businesses in almost every industry from medical to software to manufacturing, commerce, food services, automotive and many more. With over one-third of Americans having bad credit, it’s no surprise we’ve had the opportunity to fund business owners with bad credit in each of these industries.
- There are no upfront fees & no collateral necessary. Unfortunately many lenders will charge upfront fees and require collateral for business owners with bad credit under the guise of “checking your commitment” or “making your loan a safe bet. "With National, we don’t charge any upfront fees and we offer secured and unsecured equipment financing. This means that you can use your equipment or other assets to secure your loan. Or, you can decide to get a loan without using personal or business collateral.
- You can purchase from the vendor of your choice. More often than not, we see lenders partner with major equipment manufacturers so that when they offer equipment financing, their manufacturing partners get the business. This equipment can come at a higher cost. It may not be the best decision for your business to buy from a specific manufacturing partner. This is why we let you purchase your equipment from the vendor of your choice. With your experience, only you know what’s best for your business. And only you know which brands of equipment can help you achieve success.
- We offer flexible terms & various repayment options. At National, we know lending isn’t a “one-size-fits-all” type of service. That’s why our terms and repayment options differ for each loan we provide. For example, if your business takes the majority of your payments through credit cards, we have a special repayment process for this. Essentially, we work with you to determine the best terms and easiest payment method that fits your business. Then we customize your loan accordingly.
- Our approval is quick and our application is easy! Our 1-minute application is easy to fill out with basic business information. Once we and we render an approval decision within 24 hours. Our staff is here 24/7/365 to ensure that your loan application process is quick and simple! Whether you have questions or would like someone to talk you through the loan process, give us a call at 877-482-3008.
Equipment Financing for Bad Credit Requirements
You must have a minimum of $120,000 in Annual Gross Sales.
You must be in business for 6+ months.
You don’t need a stellar credit history to qualify for an equipment loan from National. All you need is $120,000+ in annual gross sales, and 6+ months time in business.
Apply for Low-FICO Equipment Financing
At National, we make the best business finance options available to virtually all entrepreneurs, no matter the size or industry. Equipment loan types including options for heavy equipment are available with low interest rates, and expedited funding.
So, what are you waiting for? Give us a call at (877) 482-3008 or fill out our 1-minute application online here to get the funding you need, regardless of your personal credit score and financial history.
Additional Types of Bad Credit Business Loans
No matter the type of loan you're looking for, whether it be small business term loans, revolving business lines of credit or expedited SBA loans, National has the perfect financing option for you, no matter your credit. Click the link here for a full list of bad credit financing options available.
Or, check out our menu of business loans by clicking the link below.
National's Full List of Financing Options
How Much Do You Need?
Bad Credit Equipment Financing Video
Don't feel bad about, you're not alone. I'm here to help you get a small business loan with bad credit. Here are some of the options you can take into consideration.
