If could you add an excavator to your heavy equipment fleet, could you more competitively bid larger jobs? Could you increase productivity and profitability by leasing a feller buncher? Maybe you have a solid business plan for a startup, but are unsure how you’d acquire the equipment financing to open the doors. When you have bad credit, you might think that an excavator, feller buncher, other industry-specific equipment or starting a new business is not in the cards for you.
Finding equipment lease financing with bad credit can take some tenacity and research, but it’s out there. We know because that’s what we do.
When Global Financial & Leasing Services (GFLS) was founded during the Great Recession, big banks were tightening their lending criteria, leaving those with less-than-perfect credit few options for financing a lease for essential equipment. GFLS serves customers as an alternative to big banks that only serve the good to great credit market.
Can you get equipment financing with bad credit? Yes, you can. You just have to partner with a lender, like GFLS, who specializes in ALL credit types… one who is willing to look beyond credit scores and listen to your “story.”
READ: You Need to Package Your Credit and Business “Story”
That’s Good News in More Ways Than One
Financing an equipment lease can better serve your business needs and financial situation in the long run compared to waiting the time it takes to improve your credit or saving the cash to buy out it outright or put down a large down payment.
Financing a lease can give you the equipment your business needs NOW. Plus, if you’re in an industry in which technology quickly changes and evolves, lease financing gives you the opportunity to upgrade when the lease is up, keeping your company competitive. Purchasing the equipment outright or signing an equipment loan makes it all the more difficult to let that equipment go when new technology emerges, since you own it.
With lease financing, you can choose to return, upgrade or buy the equipment once the lease ends. Those terms depend on your agreement with the lender. A lender who knows your “story” can help you make the right decision and ensure the terms help meet your business goals.
READ: Test Your Knowledge on the Unexpected Benefits of Financing Equipment
Make sure the numbers add up in favor of your company’s success. Calculate the total of what your equipment lease financing payments will be. Compare that number to additional profit the equipment can generate. Only you can decide what makes the most financial sense for your business. If that’s financing an equipment lease, contact GFLS, even if you have less-than-perfect credit.