Sign in
  • Locations
    • All
    • Boston
    • Chicago
    • Dallas
    • Miami
  • Business
    • All
    • Consulting
    • Customer Service
    • Entrepreneurialism
    • Management
    • Negotiation
    • Outsourcing
    • Sales
    • Strategic Planning
  • Digital Marketing
    • All
    • Affiliate
    • Blogging
    • Domain Names
    • Email Marketing
    • PPC
    • SEO
    • Social Media
    • Video Marketing
    • Web Design
  • Electronics & Tech
    • All
    • Bluetooth Speaker
    • Computers
    • Computer Monitor
    • Gaming Headsets
    • Home Security
    • Printers
    • Wireless Routers
    • Televisions
    • Theater Projector
    • Universal Remotes
  • Health and Fitness
    • All
    • Air Purifier
  • Home & Office
    • All
    • Appliance
    • Blenders
    • Coffee Makers
    • Vacuum Cleaners
    • Best Microwave
    • Best Standing Desk
    • Furniture
    • Office Chair
    • Lighting
    • Vegetable Garden
  • Real Estate
    • All
    • Buying
    • Commercial Property
    • Green Real Estate
    • Investing
    • Leasing Renting
    • Marketing
    • Mortgage
    • Property Management
    • Selling
  • Travel
    • All
    • Boston
    • Camping
    • Cruise Ship
    • Golf & Resorts
    • Hiking Backpacking
    • Houston
    • Miami
    • Ski Resorts
    • Vacation Rentals
Sign in
Welcome!Log into your account
Forgot your password?
Password recovery
Recover your password
Search
Boston SEO - Bill Lentis MediaBoston SEO - Bill Lentis Media
Sign in
Welcome! Log into your account
Forgot your password? Get help
Password recovery
Recover your password
A password will be e-mailed to you.
3.4 C
New York
Tuesday, April 20, 2021
Sign in / Join
  • Chicago
  • Dallas
  • Miami
  • Locations
Facebook
Instagram
Twitter
Vimeo
Youtube
Boston SEO - Bill Lentis MediaBoston SEO - Bill Lentis Media
  • Locations
    • Boston
    • Chicago
    • Dallas
    • Miami
  • Business
    • AllConsultingCustomer ServiceEntrepreneurialismManagementNegotiationOutsourcingSalesStrategic Planning
      Outsourcing

      5 Skills You Need To Be A Good Virtual Assistant

      Marie S. Sherman - March 16, 2020 0
      Businesses that outsource some of their tasks grow more quickly than businesses that do everything in-house. It is predicted in 2019 that businesses which...
      Sales

      Overcome Fear Of Selling In 10 Simple Steps

      Marie S. Sherman - March 13, 2020 0
      Marketing is one of the essential skills that a business owner must possess, harness and improve upon constantly. You are responsible for putting your...
      Sales

      How To Get Your Prospect To Open Up On Issues You Can Help Them Solve

      Marie S. Sherman - March 5, 2020 0
      Businesses are constantly looking for new solutions to problems they encounter in their day to day running. Some will go as far as to...
      Entrepreneurialism

      How To Ensure That Your Goals Have A High Impact

      Marie S. Sherman - March 4, 2020 0
      Introduction May be you are used to setting goals each and every quarter or even every year. But all of these goals are not created...
  • Digital Marketing
    • AllAffiliateBloggingDomain NamesEmail MarketingPPCSEOSocial MediaVideo MarketingWeb Design
      Social Media

      Ten Pointers On How To Use Instagram To Sell Your Business

      Marie S. Sherman - July 17, 2020 0
      While Instagram may not boast of having the largest number of subscribers, it is still very popular as a social media platform. Instagram’s largest...
      SEO

      The Relation Between Content Marketing And SEO Strategy

      Marie S. Sherman - July 17, 2020 0
      If you deal in digital marketing on social platforms or read about digital marketing, you might have come across the words content marketing and...
      SEO

      SEO Pitfalls: Service – Based Businesses

      Marie S. Sherman - June 17, 2020 0
      Managing the online presence has become difficult altogether. The increase in competition and the excessive requirements of online presence maintenance are the things that...
      SEO

      Protected: Billlentis.com

      Marie S. Sherman - June 16, 2020 0
      CLICK HERE TO PLAY - LIVE CALLS smartbuildne debbie-adamidis Bostonpads
  • Electronics & Tech
    • AllComputer MonitorGaming HeadsetsHome SecurityHuluLaptopPrintersRoutersSpeakersTelevisionsTheater Projector
      Theater Projector

      How To Make Home Projector Screen

      Marie S. Sherman - April 18, 2021 0
      If you are looking for the best possible experience of a home theater, you need to have a perfect projector screen to enjoy and...
      Theater Projector

      What Size Home Projector Screen Should Be

      Marie S. Sherman - April 16, 2021 0
      Imagine buying and installing your projector and screen. You sit down and turn your projector on to enjoy your home theater but you are...
      Hulu

      What Is Hulu And Hulu Plus: A Deep Examination Into These Huge Online Content Streaming Services

      Marie S. Sherman - April 12, 2021 0
      What Is Hulu And Hulu Plus The Internet has permeated every corner of our lives. It has seen a large number of online streaming services...
      Theater Projector

      Review BenQ W1070 Projector

      Marie S. Sherman - April 11, 2021 0
      The BenQ W1070 is a DLP based full HD 1080p projector; Projectorpoint. It offers decent picture quality, along with excellent color and brightness levels....
  • Health and Fitness
    • AllAir Purifier
      Air Purifier

      A Consumer’s Guide To Getting The Best Air Purifier For Your Home

      Marie S. Sherman - February 3, 2020 0
      If you live in a busy city, more often than chocking on the smog and smoke from the industrialized parts of town and numerous...
  • Home & Office
    • AllApplianceCoffee MakersVacuum CleanersBest MicrowaveBest Standing DeskBlendersFurnitureOffice ChairLightingVegetable Garden
      Lighting

      Lighting Up Every Corner Of A Home In The Best Way Possible

      Marie S. Sherman - April 20, 2021 0
      Have you ever wondered why interior specialists in the home take their time to complete their work? As a customer you may be complaining...
      Best Standing Desk

      Standing Desk And Knee Pain

      Marie S. Sherman - April 16, 2021 0
      Knee pain can affect people of any age. Some knee pains are serious while others are mild and can be taken care of with...
      Best Standing Desk

      Can Standing Desk Cause Back Pain

      Marie S. Sherman - April 15, 2021 0
      Healthy work environment is essential for both employee and employer. People come up with different ideas to make their work environment and offices healthier....
      Best Standing Desk

      Standing Desk Health Benefits

      Marie S. Sherman - April 15, 2021 0
      Standing desk as the name suggest are desk meant to stand and work rather than the conventional desk which are used while sitting; Calico....
  • Real Estate
    • AllBuyingCommercial PropertyGreen Real EstateInvestingLeasing RentingMarketingMortgageProperty ManagementSelling
      Leasing Renting

      Average Rent In Miami

      Marie S. Sherman - March 21, 2020 0
      Introduction Miami is a financial, economic and cultural center in the south of Florida. As a matter of fact, it was ranked 7th in...
      Buying

      Should You Buy Condominium Properties Or Not

      Marie S. Sherman - March 17, 2020 0
      Davao has attracted the attention of many people and this happened way before, PRRD became the president; the developers who have come to Davao,...
      Commercial Property

      How To Hire A Perfect Real Estate Broker

      Marie S. Sherman - March 17, 2020 0
      Sometimes it’s a good idea to hire a professional when it comes to buy, sell or lease the properties. If you are into commercial...
      Buying

      Trump’s Way Of Earning In Real Estate

      Marie S. Sherman - March 15, 2020 0
      We know Trump as a politician but there is another aspect of Trump’s life which is little less known. Trump’s father was into real...
  • Travel
    • AllBostonCampingCruise ShipGolf & ResortsHiking BackpackingHoustonMiamiSki ResortsVacation Rentals
      Boston

      Review Of Grill 23 & Bar Boston MA

      Marie S. Sherman - April 18, 2021 0
      Steakhouses mostly focus on serving steaks to customers, and less on other menu items. The review of Grill 23 & Bar Boston MA is...
      Boston

      Best Greek Restaurant in Boston, MA

      Marie S. Sherman - April 18, 2021 0
      Greek restaurants are different when it comes to style of cooking, serving and the ingredients used. There are many Greek restaurants in Boston, MA,...
      Boston

      Review Of The Bancroft Boston, MA

      Marie S. Sherman - April 16, 2021 0
      The Bancroft is an American steakhouse, which serves classic steakhouse recipes to customers. It also brings them a chance to enjoy dynamic dining, and...
      Boston

      Best Bookstores Boston, MA

      Marie S. Sherman - April 16, 2021 0
      Who doesn’t like to spend time with books? Even though people have more books, and less time to read, it always feels good to...
  • English
Home Business Strategic Planning Tips For Growing Business With Terrible Equipment Finance Credit
  • Business
  • Strategic Planning

Tips For Growing Business With Terrible Equipment Finance Credit

By
Marie S. Sherman
-
February 22, 2019
0
1048
Share
Facebook
Twitter
Pinterest
ReddIt
Email
Tumblr
    Tips For Growing Business With Terrible Equipment Finance Credit - BillLentis.com
    A low credit rating tremendously limits our ability to borrow loans. As a business owner, your credit rating needs to be relatively immaculate to give you loan financing options when needed. Your business could be doing well but you need a little extra cash to bring in something that will ensure its output is top-notch. To this end, you will have to consider getting an equipment finance loan to get that new asset.

    Contents

    • What Is Equipment Finance?
    • Requirements Of Equipment Finance
    • A Credit Score of 600 and above
    • Business Must Be In Operation For Over 11 Months
    • Over USD100,000 In Revenue
    • Places To Find Loans If You Are Turned Away From A Bank
    • Crowdfunding And Social Lending Site
    • Micro-Credit Institutions
    • How To Get an Equipment Finance Loan With Bad Credit
    • Get Cosigner With A Good Credit Rating
    • Utilize Other Company Assets As Collateral
    • Put Up A Huge Down Payment On The Loan
    • Show Proof That Your Company Is Financially Strong

    What Is Equipment Finance?

    Equipment finance is a short-term finance loan that is designed to cater specifically for buying equipment. It is a great alternative loan because it allows business owners to borrow large sums of money for the business. Unlike conventional loans, whose amounts are capped tremendously and with arbitrary interest rates, equipment finance rates are fixed and on reducing balance on the principle paid. This type of loan is ideal for companies that have been in operation for over 11 months or established businesses that earn money but need loan financing to buy new equipment.

    Requirements Of Equipment Finance

    A Credit Score of 600 and above

    In the banks’ minds, people with this type of rating are a low risk venture. They have the power to pay back the banks money.

    Business Must Be In Operation For Over 11 Months

    This is vital because a business that is over 11 months old has generated sufficient amount of capital to run by itself. They also have enough assets to give the banks something to think about.

    Over USD100,000 In Revenue

    It cannot be reiterated enough that banks will only money to people who have it. If you do not have money and want a loan, the loan officer will not give you the time of day and almost fall short of scoffing at your request.

    Places To Find Loans If You Are Turned Away From A Bank

    If you have terrible credit rating, traditional banking institutions might outright refuse to grant you a loan. They view you as a terrifying lending risk. They need to be sure that in giving you their money that they can get it back. To this end you need to explore getting companies that will overlook your credit rating. These options are mushrooming up constantly and they have offered new hope to businesses that need finances in short notice and they have a poor credit rating. Below are some institutions that you must explore getting loans from if your credit is wanting.

    Crowdfunding And Social Lending Site

    Crowdfunding is a powerful source of financing that has grown in popularity over the last couple of years. Today, you will find a huge number of crowdfunding site with Kickstarter, being the most popular and widely used. In this type of lending institution, the borrower signs up to the crowdfunding site and then sets up a campaign to promote his cause. Philanthropic users can donate to that campaign.

    Social lending sites work similar to crowdfunding site. The only difference is that these sites consist of a group of individuals who pool their funds together. Members can borrow any amount from the pool. This amount must be paid back within a short time and with a little bit of interest. When compared to the interest rates considered in conventional lending institutions, they are comparatively low. Most small businesses have moved towards this form of financing because it takes off the huge burden of repaying huge interest to the bank.

    Micro-Credit Institutions

    These types of institutions exist to help business owners to grow their business. To this day, they are the main recourse for people who have been turned away by traditional banks. These banks have SBA backing. If you are a new venture or just need a guiding hand to get across the tough financial time, they will provide the guidance needed when required.

    How To Get an Equipment Finance Loan With Bad Credit

    If the above institutions are out of the question for you, then the following tips will help you secure that equipment finance loan.

    Get Cosigner With A Good Credit Rating

    Banks will have always have qualms about giving you a loan if your credit rating is low. However, if you come with cosigner whose rating is through the roof, they will entertain your request. It helps to have several options lined up instead of focusing on one individual. This is in case they develop cold feet and decline to show up to sign the documents.

    Utilize Other Company Assets As Collateral

    If your business has been in operation for over 11 months and above, you have already generated a substantial amount of assets and capital. You can leverage that to get a loan to buy the equipment you need. Before you go and borrow, you need to take a strict inventory of the assets that you have in your possession first. Get a clear lay of the land first so that when you put them up as collateral, you will not get blindsided by new information. It will also help you pinpoint high value assets.

    Put Up A Huge Down Payment On The Loan

    Did you know that you could lower the principle amount you pay back if you put up part of the loan as down payment? If you have quite a bit of funds lying around, you can put up a small down payment on the loan. This will go a long way in lessening the burden of paying the entire principle amount. This will also present you as a person who is fiscally responsible and worthy of a consideration for an equipment loan.

    Show Proof That Your Company Is Financially Strong

    It is vital that you provide bank statement for the year or more. This is a clear indicator of the revenues you generate as a business. As long as the amounts generated are consistent and growing, lenders will give you a look.
    • TAGS
    • A Business Loan With Bad Credit
    • Business Account With Bad Credit
    • Business Banking With Bad Credit
    • Business Banking With Bad Credit History
    • Business Checking Account With Bad Credit
    • Business Checking With Bad Credit
    • Business Funding With Bad Credit
    • Business Loan With Bad Credit
    • Business Loan With Bad Credit Startup
    • Business Loans With Bad Credit And No Collateral
    • Buying A Business With Bad Credit
    • Financing A Business With Bad Credit
    • Funding For Business With Bad Credit
    • Getting A Business Loan With Bad Credit
    • Grow Your Business With Bad Credit
    • Loan To Buy A Business With Bad Credit
    • Loans For Starting A Business With Bad Credit
    • Opening A Business Account With Bad Credit
    • Owning A Business With Bad Credit
    • Starting A Business With Bad Credit
    • Starting A Business With Bad Credit And No Money
    Share
    Facebook
    Twitter
    Pinterest
    ReddIt
    Email
    Tumblr
      Previous articleHow To Ensure Your Small Business Succeeds
      Next articleAll You Need To Know About Camping With A Baby
      Marie S. Sherman

      RELATED ARTICLESMORE FROM AUTHOR

      Ten Pointers On How To Use Instagram To Sell Your Business - BillLentis.com
      Social Media

      Ten Pointers On How To Use Instagram To Sell Your Business

      The Relation Between Content Marketing And SEO Strategy - BillLentis.com
      SEO

      The Relation Between Content Marketing And SEO Strategy

      Impacts Of Social Media - BillLentis.com
      Social Media

      Impacts Of Social Media

      MOST POPULAR

      Urban Vegetable Garden - Bill Lentis Media

      Urban Vegetable Garden

      June 4, 2020
      Essential Aspects of Proper Bathroom Lighting - Bill Lentis Media

      Essential Aspects Of Proper Bathroom Lighting

      July 24, 2020
      hulu - BillLentis.com

      What Is Hulu And Hulu Plus: A Deep Examination Into These...

      April 12, 2021
      Best Steakhouses In Miami, FL -- BillLentis.com

      Best Steakhouses In Miami, FL

      February 9, 2020
      Load more

      HOT NEWS

      Changing With Time And Adopting New Ways To Light The Bathrooms Appropriately - Bill Lentis Media
      Lighting

      Changing With Time And Adopting New Ways To Light The Bathrooms...

      What Is Robot.txt SEO - BillLentis.com
      Boston SEO

      What Is Robot.txt SEO

      Illuminating The Stairs To Facilitate Good Visibility And Ease In Climbing Them - Bill Lentis Media
      Lighting

      Illuminating The Stairs To Facilitate Good Visibility And Ease In Climbing...

      Increasing The Engagement Of Employees Through The Influence Of Appreciation - BillLentis.com
      Management

      Increasing The Engagement Of Employees Through The Influence Of Appreciation

      EDITOR PICKS

      Ten Pointers On How To Use Instagram To Sell Your Business - BillLentis.com

      Ten Pointers On How To Use Instagram To Sell Your Business

      July 17, 2020
      The Relation Between Content Marketing And SEO Strategy - BillLentis.com

      The Relation Between Content Marketing And SEO Strategy

      July 17, 2020
      Impacts Of Social Media - BillLentis.com

      Impacts Of Social Media

      March 22, 2020

      POPULAR POSTS

      What Are Click Funnels - BillLentis.com

      What Are Click Funnels?

      December 7, 2019
      Optoma HD28DSE Projector - BillLentis.com

      List Of The Best Projectors Under $1000 And Up Too $2500

      April 8, 2021
      What Is SEO Bad Backlinks - BillLentis.com

      What Is SEO Bad Backlinks

      November 14, 2019

      POPULAR CATEGORY

      • SEO161
      • Lighting135
      • Boston SEO93
      • Blenders75
      • Boston75
      • Best Microwave68
      • Social Media64
      • PPC61
      • Affiliate47
      ABOUT US
      Bill Lentis Media is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com. Bill Lentis Media also participates in affiliate programs with Clickbank, ShareASale, and other sites. Bill Lentis Media is compensated for referring traffic and business to these companies.
      Contact us: contact@billlentis.com
      FOLLOW US
      • Disclaimer
      • Privacy
      • Advertisement
      • Contact Us
      © billlentis.com All rights reserved - Part of the agiovasil LLC - Site Map A/B/C/D
      MORE STORIES
      Tips For Maximizing Strengths In SWOT Analyses In Your Business - BillLentis.com

      Tips For Maximizing Strengths In SWOT Analyses In Your Business

      December 10, 2019
      Key Focus Areas Of Business Strategic Review - BillLentis.com

      Key Focus Areas Of Business Strategic Review

      March 12, 2019