How to Qualify for Heavy Equipment Loans
The very first step towards ensuring heavy equipment financing is to fulfill the criteria for eligibility. Luckily for businesses, the requirements for heavy equipment financing are not very demanding. While they may change according to the financing company, there are three general criteria for acquiring heavy equipment financing which are discussed below.
If you boast a credit score of more than 620 and have been in business for a minimum of one year, you will be able to succeed in getting heavy equipment financing.
Even if your credit scores are not in an impressive state, but you have high revenues in relation to the cost of the equipment, you could qualify for construction equipment financing based on your cash flow.
If you have low business revenue and poor credit, you can still qualify for heavy equipment financing if you offer to place a down payment. For instance, if you want to buy equipment of $25,000 and are able to provide $5,000 upfront, that would help you to qualify for construction equipment financing. Construction business loans offer a great deal of flexibility, and lenders provide funds unless you have an active bankruptcy.