Equipment Leasing for Bad Credit

Application Only Equipment Financing for bad credit Program Description

"Application Only" program for equipment ranging from $15,000 to $150,000. The simple process only requires two documents to apply. A signed credit application and equipment quote or invoice that includes the assets specifications. The quote needs to list equipment description, make, model, price, mileage, or hours(if applicable).

Program Requirements

What are the bad credit equipment financing Program Requirements?

• The applicant must have at least three years of industry experience. The industry experience has to be relevant to their business.
• Businesses with 2 years time in business must have at least 550 FICO Score
• For businesses with less than 2 years, time in business must have a minimum 650 FICO score with at least three years industry experience.
• No home ownership required
• All Approvals are asset-specific so equipment must qualify under equipment guidelines
• Equipment must be essential to business use
• Tax Liens - for tax liens that are over 5 years old and less than $5,000 the transaction will be approved as a lease.
  • Tax Liens that are larger must be satisfied or on a payment plan.

Submission Requirements

What is needed to apply for this program up to $150,000

• Execute Online Application at www.bncfin.com/apply then print and sign the pdf attachment that is sent to you.
• A Quote or Invoice with equipment specifications including Make, Model, Year, Hours/Mileage(if applicable). If the quote does not list these items they can be specified on a separate page submitted with quote/invoice.
• If the Applicant would like they can also submit financial information such as bank statements and tax returns. These items are not required unless underwriting comes back and requests them.

For Transactions ranging from $150,000 to $300,000

• 2 years of tax returns or accountant prepared financial statements
• Last Three Months Business Bank Statements
• Current interim financial statements
• Personal financial statements of shareholders
• Underwriting may request Additional information

Reasons for Automatic Declines

• Bankruptcy was discharged or dismissed within the last 12 months
• Felony Conviction within the last 10 years
• Foreclosure within the last 12 months
• Repossession within the last 12 months
• Child support payments delinquent within last 12 months. Even if current at the time.
• No FICO score is generated
• Large or excessive tax liens will be reviewed as a case by case basis.