“Sweet! Thank you so much for all of your help and incredible speed. I just wanted to tell you that this new piece of equipment will be a game changer for my business. No one within 250 miles of me has one. I will crush my competition!”

Williams, Owner, Discovery Ultrasound

In today’s competitive market, staying ahead often requires having the latest equipment and technology. However, obtaining the necessary funds for equipment purchases can be challenging, especially for individuals with less than perfect credit scores. As an alternative lender committed to supporting entrepreneurs in all financial circumstances, we understand the importance of equipment financing and aim to simplify and fast track the application process. So, let’s walk through the steps of applying for equipment financing, helping you to secure the resources you need to move your business ahead.

Step 1: Define Your Equipment Financing Needs and Budget

The first step in applying for equipment financing is to clearly define your equipment requirements. Assess your business needs and identify the specific equipment that will enhance productivity, improve operations or drive growth. Once you have a comprehensive list, establish a realistic budget that aligns with your financial capabilities and long-term business goals. Preparation helps you make informed decisions throughout the financing process. Meaning, you don’t want to overfinance equipment with features or technology you won’t use, and you don’t want to settle for equipment that doesn’t have the features or technology you really need to grow your business.

Step 2: Research Lenders Specializing in Equipment Financing

Getting equipment financing approval from traditional lenders has always been tough, and today, it’s even tougher, especially with less-than-perfect credit. Research alternative lenders that specialize in working with individuals with credit challenges. Look for lenders, like Global Financial & Leasing Services (GFLS) who have a reputation for personalized solutions and a commitment to helping businesses succeed, regardless of credit history.

Step 3: Gather and Prepare Documentation

To streamline the application process, have the necessary documentation in place, ready to go. While specific requirements may vary depending on the application and applicant, typical documents include:

  • Financial statements (profit and loss statement, balance sheet, cash flow statement)
  • Tax returns (personal and business)
  • Bank statements
  • Business plan or executive summary
  • Equipment quotes or invoices

Double check that your financial records are up to date and organized. This makes a good impression on alternative lenders who look beyond your credit score.

Step 4: Complete the Application

Most alternative lenders offer online application processes for convenience and efficiency. Fill out the application form accurately, providing all necessary information, including your business details, financial information, and the equipment you wish to finance. Be transparent about your credit situation, as alternative lenders often take a holistic approach, considering factors beyond credit scores.

Take a look at our alternative financing application.

Step 5: Wait for Approval and Review the Terms

After submitting your application, the lender will review your documentation and assess your eligibility for equipment financing. Alternative lenders, like GFLS, specializing in working with individuals with less-than-perfect credit scores often focus on factors such as business cash flow, industry experience and the value of the equipment being financed. Our approval process is lightning speed compared to traditional lenders. If we receive your application and all the documentation we ask for, we often turn around a credit decision within 48 hours or less.

LEARN MORE: How Fast Can I Get Equipment Financing?

Step 6: Accept the Financing and Acquire the Equipment

If you are satisfied with the financing offer and have clarified any questions with your lender, it’s time to accept the offer and move forward. Provide any additional requested documentation or signatures, and finalize the agreement.

Step 7: Repay the Loan

As with any financing agreement, it is important to repay the loan on time and as stipulated. Timely repayments not only fulfill your financial obligations, but also help build or rebuild your credit history over time.

Global Financing & Leasing Services (GFLS) simplifies and speeds up the equipment financing process. We have a history of successful lending, access to capital and commitment to our mantra: “When Other Lenders Say No, We Often Say Yes.”™ If you’d like to learn more about equipment leasing and financing up to $1 million for an SMB, contact us.