Considers applicants with lower FICOs, prior bankruptcies, tax liens, judgements, slow pays
Collateral or 20% (or higher) down payment required
Fast Approval; Usually same day
Loan Size: $10,000 to $400,000
Loans rate range: 14% and up
Types of Equipment: Trucks & trailers, Construction equipment, Occupational vehicles, computers/electronics, agriculture equipment and machine tools and more (call us to find out if your equipment qualifies)
FICO Credit Score Minimum: N/A
Time in Business Required: 6 months
Tax-deductible Equipment Lease Program with $1 buyout or TRAC Lease.
Sale leaseback option available
Cash out option available (with acceptable collateral)
AGE RESTRICTION: Based on equipment
Approval based on higher down payment and acceptable collateral, not FICO score.
NOTE: The programs charge higher than average interest with shorter repayment terms (18 months to 42 months), which typically result in a higher monthly payment. Although this program can give business owners the fresh start they need to get equipment in service, Applicants should carefully analyze how much additional monthly income they can earn with the equipment financed through this program.
Additional Info: Some of these Tier 1 Lenders will lend up to 100% of the equipment cost. In some cases they finance F.E.T (Federal Excise Tax) and Shipping.
Loans rate range: 8.5%-12%
Loan Size: $40,000 to $1,000,000
Types of Equipment: Trucks & Trailers
FICO Credit Score Minimum: 650
Years in Business Required: 2
Average Approval Time: 1-3 Days
Additional Info: Car Transporters must have at least 1 unit and buying a 2nd; all other transporters must have 2 or more, and buying 3rd (minimum).
AGE RESTRICTION: 10 years old or newer
Must have Corporation (or at least DBA) schedule C’s
More focused on Business Cash Flow than FICO score.
Additional Info: 1st payment . In some cases they will finance F.E.T (Federal Excise Tax) and Shipping.
EQUIPMENT FINANCED: Trucks, Trailers, Construction, Ambulances, Fire Trucks, Agriculture, Automotive Service, Food Industry, Manufacturing, and more.
WHICH EQUIPMENT LOAN FITS YOU?
CONTACT US to speak with a Business Financing Specialist if you have questions about which program is right for your situation, time frame and goals!