Many businesses have found equipment leasing companies to be the simplest way to buy equipment for company, whether they're a whole new company, or a well established corporation, equipment leasing is the financing option range of most.
Equipment financing can be very easy to apply for and get approved for. It is a credit rating based mode of funding, but there are a lot of specialized equipment leasing companies like Leasefunders. com. Leasefunders. com focuses primarily on high risk businesses. Thus if you are a start up business or a business owner with bad credit, they have programs for you.
The same goes if you are a well established business. Any equipment leasing company can get you financed if you have time in business and good personal credit. May want to offer a personal guarantee? If you are a huge enough business, with time in business, founded business credit and the owner has good credit. You may qualify for a corp only lease contract. These leases don't require a personal guarantee, but the banks will pull the credit of the owner. So there is no way to get approved for a corp only lease if you have spotty credit.
Some equipment loses its value as soon as you buy it. By leasing this kind of equipment, you can lease it for a set amount of time and then have the choice to give to the bank and get a newer one.
What's needed to get approved for equipment financing?
Another reason businesses like equipment leasing rather than bank loans is the ease of getting approved. Generally, you need to transmit an application, set of equipment you want to buy and the last 3 months of your bank statements.
Once you start stepping into lease numbers over $15, 000 for new businesses and over 50 dollars, 000 for established businesses. The equipment leasing company will require a backup of your last year's business tax return. If you are a start up business, they will want one year of your personal tax return. If you have bad credit you will need to transmit more financial information. Sometimes up to 6 months of your business or personal bank statements and a tax return. If your credit score is absolutely low you may need to provide additional collateral. Extra collateral can be equipment you already own, not on a lease or a loan but 100% owned by you, real estate, and some equipment leasing companies will even look at earrings and bonds.
If you are a new business. You should submit an professional summary and speak about your experience in the business, any contracts you will fulfill with this equipment and basically whatever will show the bank your venture isn't as high risk as being an of the other start up business lease request.
If you are trying to get started on a restaurant you want to post more than an professional summary. Start up restaurants are considered such high risk that the credit requirements change and some banks will not even consider them. You should speak about your comprehensive experience, your great location, and any marketing you have done that will assist your restaurant a success.
Thinking about applying for start up business loans no credit check? Contact LeaseFunders. com 888-308-7160
