There are times that businesses face difficulties with their finances resulting in bad credit. A bad credit history restricts your chances of approval for equipment finance regardless if the equipment will help improve business profits.
Traditional lending institutions like banks may deny you the loan you need. But there are specialized loan companies who can look beyond your bad credit. These lending institutions can give you a second chance at availing the equipment you need to grow your business by offering poor credit equipment finance.
Bad Credit Equipment Finance for Growing Businesses
Equipment Financing is short-term loans (about 3-5 years) extended to businesses specifically to purchase the equipment needed for its operations. Equipment financing is a collateral loan which means that the equipment you purchased could be repossessed in case payments go into default. Since the loan is released with a collateral, lending companies view it as low risk and … Read More