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.
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).
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.
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
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.
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