Bad credit financing is easier than it seems. While the business lending guidelines have been steadily improving over the past year, challenges still remain, particularly for companies that have a less than stellar credit history. Many banks and lending institutions are not willing to take the risk and provide capital to business owners who have below average financial statements or credit scores. Bad credit financing simply doesn’t exist for traditional banks.
There are many valid reasons why a company may have a bad credit or poor credit history. Over the past few years, many businesses fell behind in payments to vendors or simply could not correct their cash flow issues quickly enough. Unfortunately the hardest time for businesses to obtain funding or Bad credit financing is when they are desperate for it. The black marks on a company’s credit history can take months — even years — to erase.
Fortunately here at Equipment Finance Services, we have bad credit financing solutions and are willing to take the credit risks of businesses that may have run into some short-term financial problems. However, remember bad credit financing solutions are usually not your typical loan you would see from a bank or lending institution and the interest rates and fees will be higher.
Here are some of our funding solutions that are available:
Whether you’re looking to optimize depreciation, lower your monthly payments or monetize fixed assets, we’ll help you bolster your bottom line, meet your commitments and thrive in the marketplace.
Our products and services are tailored with flexible structure and payment terms to match your needs and goals.
Owning your equipment outright might be a freeing feeling and a sigh of relief to know you don’t have to worry about monthly payments; however leveraging your company’s assets might be more beneficial in the long run. Equipment Finance Services offer Sale Leaseback solutions which allow businesses to cash out their equipment to provide better operating cash flow and even capture additional tax savings.
Diversifying your equipment loans can be a problem and a solution in itself. Many business’s find themselves with several monthly payments for several pieces of equipment across the board that can prove to be frustrating and problematic. Wither a business is purchasing new equipment to add to their fleet or simply restructuring their debt, we can consolidate their equipment loans into one easy monthly payment in addition to cashing out the existing equity in their equipment for better operating cash flow.
Credit is a necessity. Whether your financing a truck, piece of equipment or mortgaging your home, good credit creates opportunities. Bad credit doesn’t. With today’s economic challenges, it is more important than ever to achieve and maintain a healthy credit score.
For those with bad credit, increased interest rates may further inflate their cost of living, making even small purchases seem difficult. A bad credit report can cost you thousands of dollars a year in overpaid interest, or can keep you from being approved for credit altogether. Use the chart below to see how bad credit scores may impact you.
|CREDIT STATUS||RATE||PAYMENT||COST OF BAD CREDIT|
It is easy to see the financial burden created by bad credit, but the real cost is more difficult to measure. Bad credit affects more than your finances, it can also attack your sense of security, and limit your personal freedom.
Working with us to take action on your credit, is much easier to quantify. For about the same price of a monthly cable bill, our Concord Premier Service will start you on the road to credit freedom.
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