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Equipment Leasing With Bad Credit

Can I finance equipment if I have bad credit?

Can I Finance Equipment If I Have Bad Credit?

The majority of lenders want to lend to borrowers with personal credit scores of 650 and higher.

However, we do work with many private sources that can help borrowers in many situations.

We've helped borrowers with zero credit, credit scores in the low 500's, and special issues such as recent bankruptcies and tax liens get financed for equipment.

Not everyone will qualify,  but there are many circumstances in which a low credit score is not a deal killer.

leases or loans - Smarter Finance USA


Here are several ways you can qualify for equipment leasing and loans with a low credit score:

  1. Get a cosigner
  2. Offer collateral
  3. Make a sizeable down payment or security deposit
  4. If your business is strong - good revenues and profits - many lenders can ignore challenged credit

However, we're super careful to make sure you know that the looser the criteria the higher the rates will be.

Here's an important rule for bad credit equipment leasing: 

The "harder" the equipment you're buying is... 

...the easier it is to be approved. 

What does that mean?

If you're buying something that holds it's value well, such as:

  1. Trucks
  2. Construction Equipment 
  3. Machinery  

 It will be easier to be approved than if you were trying to finance equipment that was "softer."

Soft equipment is anything that's close to worthless if it gets repossessed, like:

  • Gym equipment
  • Computers
  • Any item that costs less than $10,000 

Machinery - Smarter finance USA