Have Bad Credit? We want to hear your story!

Have bad or challenged credit? We want to hear your story. Our equipment leasing program for challenged credit allows businesses to acquire the equipment they need and overcome some of the hurdles they have faced in the financing process.

Program Description

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.

Accepted Asset Categories

Type of Equipment you can finance under bad credit program

Our equipment financing and leasing program for challenged credit have a wide range of asset categories. Keep in mind that this program is asset-specific so there are some age and mileage restrictions on the equipment. Here is a link to the updated requirements. Keep in mind our A & B Credit programs do not have age and mileage restrictions.

Transportation Equipment financing for bad credit

  • Over-the-road heavy-duty trucks, e.g., sleepers, day cabs
  • Vocational vehicles, e.g., tow trucks, dump trucks, street sweepers, pick-up trucks
  • Trailers e.g., dry vans and refrigerated

Construction Equipment financing for bad credit

  • Examples of Construction Equipment that fall under this program are Bulldozers, excavators, cranes, skid loaders, trenchers, asphalt paving equipment.

Manufacturing Equipment financing for bad credit

  • Examples of Manufacturing Equipment that fall under this program are food processing equipment, slicers, labelers.

Materials handling Equipment financing for bad credit

  • Examples of Material Handling equipment conveyors, forklifts, telehandlers

Recycling Equipment financing for bad credit

  • Examples of Recycling Equipment are compactors, crushers

Printing Equipment financing for bad credit

  • Examples of printing equipment are commercial printers, 3-D printers, digital printing presses, bindery equipment, sheetfed presses

Medical Equipment financing for bad credit

  • Examples of medical equipment are ultrasound equipment, X-rays, MRI Machines

Agricultural Equipment financing for bad credit

  • Examples of Agricultural Equipment are tractors, balers

Logging Equipment financing for bad credit

  • Examples of Logging Equipment are feller bunchers, log loaders, log trailers

Machine Tool financing for bad credit

  • Examples of Machine tools are lathes, vertical machining centers, horizontal machining centers

Bus financing for bad credit

  • Examples are Coaches, mini-buses, school buses

 

Other Programs

Equipment Financing Solutions

Not the right program for you. Click the link below to see our other equipment financing solutions

Asset Secured Financing

Asset secured financing allows you to pledge additional assets for approval. This program does not have a minimum FICO requirement.

Invoice Factoring

Do you have commercial customers that you extend terms to? Invoice factoring is a way for you to get advanced on your outstanding invoices. Freeing up capital for you to start your next job or project.

Sale Leaseback and Equipment Refinancing

Pull out capital from your unencumbered assets or refinance equipment that you have with another lender.

Accept Credit Cards and Pay 0%

Tired of paying those high fees to accept credit cards? Or are you not accepting credit cards because you don't want to pay the fees? Our 100% compliant surcharging solution allows you to accept credit cards and pass on the fee to the customer. Give your customers more options without hurting your bottom line.

Consumer Financing for your customers

Now you can offer your customers financing for your products or services. Click the link to learn more about our customers financing options.

Offer Financing to your B2B customers

Increase sales by offering customized financing solutions to your B2B customers. Improve closing ratios and increase the average sale amount.