Equipment financing with bad credit: Does it exist? Yes!
Is heavy equipment financing with bad credit affordable? Absolutely!
Almost all business owners, at some point or another, need heavy equipment or to possibly upgrade their equipment so they can continue to grow and inprove their service quality.
Do any of these scenarios sound familiar?
- 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, but your unable to get approved for the equipment your business needs to grow.
- You want to bid on new contracts but need additional equipment to fulfill the needs of this job. You have tried to finance the equipment at a few dealers and are not able to get approved because of your credit score and renting the equipment would cost too much and cut into your profits.
If either of those situations sound like you then Axe Business Funding is here to help. Our 2nd Chance Finance Programs do just that, give bad credit business owners another chance to re establish their business credit and get the equipment you need.
How to Get Heavy Equipment Financing With Bad Credit?
If your credit score is holding you back, you’re not alone. An Estimated 1/3 of Americans and Business Owners have a credit score below 600.
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 Axe Business Funding 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 Axe Business Funding.
Our Programs for Equipment Financing with Bad 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 larger down payment 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 financing 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 Axe Business Funding. 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!
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 Axe Business Funding we only require that you have been in business for at least 6 months. So if your a newer company but are making good money and the business is cash flowing then we can still get you qualified.
3) I Don’t Want to Fill Out Tons of Paperwork – You Don’t Have to!
- Only need 3 months of business bank statements, an application and the equipment you want to buy!
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 Axe Business Funding. 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, an application and quote or invoice on the equipment you want to buy.
4) I Don’t Have a Lot of Money Down
We want to help you get the equipment you need but that does involve us taking all the risk with these challenged/bad credit loans. We try to limit that risk with either requiring a 20-30% down payment or using existing equipment as additional collateral. These programs are designed to help business owners get equipment financing with bad credit.
What Equipment is Eligible for Heavy Equipment Financing with Bad Credit?
Your credit score shouldn’t limit your options, which is why at Axe Business Funding we offer heavy equipment financing with bad credit or no credit for the following equipment:
- New or Used
- Utility and Dump Trucks
- Construction Equipment
- Agriculture Equipment
- Arbor, Landscape and Logging Equipment
This is by no means an exhaustive list, so make sure to speak with one of our Finance Specialists about what we finance by calling us at 888-542-7221 today!
Why Axe Business Funding?
We take pride in being a lender that listens to our customers story and works with them to find the best solution for their needs. We are here to not only get your deal done quickly but to also get you started on the path of better credit worthiness so that we can offer you much more attractive programs in the future. We are here to earn your business and to help it grow so that you can say you have a Financial Partner for life!