Bad Credit Heavy Equipment Financing

Posted by Elijah on September 2nd, 2022

When it comes to starting or expanding a business,  heavy equipment financing with bad creditcan present challenges. To top it all off, many of the big banks prefer businesses that have been in operation for at least two years, preferably two to five years. Then there are the credit score requirements, which can vary greatly depending on the lender, the length of time in business, the type of equipment, and so on. Don't worry if you need heavy equipment but have bad credit. When it comes to heavy equipment financing with bad credit, there may be options.

We'll look at a few different options for financing or leasing heavy equipment for your business.

 Specific Credit Issues That Can Make Heavy Equipment Financing Difficult There are numerous credit-related issues that can make it difficult to obtain heavy equipment financing with bad credit. We have access to many lenders, banks, leasing lenders, and private money financiers as an equipment leasing broker. One of our favourite things is to help people with bad credit get the equipment they need to start, expand, or improve their small businesses.

With that said, we have a couple of options that may be beneficial to your company.

When it comes to financing heavy equipment with bad credit, here are some of the credit issues we can work with:

Tax liens are present.

• Bankruptcy (recent, but does need to be dismissed or discharged, but can be as recently discharged as last week).
• Repo’s
• Judgments
• Private party sales are permitted.
• Excessive revolving credit on credit report
• Some programmes do not consider credit scores.
• Construction / contractor startups that use heavy equipment
• Owners / Managers
• Other accounts are being paid slowly.