![]() The type of equipment for which you’d like to finance a leaseīack in 2008, the Great Recession caused a great number of foreclosures, some just a matter of luck and timing.While other lenders use an unyielding scoring model, GFLS looks at: When compared to the possibility of not starting your business or trying to make do without essential equipment that could have a massive positive impact on your efficiency, profit and ability to compete, it’s the smart choice.īuild a partnership with a lender who makes credit decisions based on your business’s whole picture. At the end of the lease, you may have the option to purchase the equipment. When you lease equipment, you make a monthly payment for an agreed-upon term. President, Wound Care Management Company Is Equipment Leasing an Option for Your Business?Įquipment Leasing is a great option for business owners, especially those with bad credit. Jenks, GFLS’s CEO, understood our business model and why we needed what we needed.” Other leasing firms were merely interested in looking for certain numbers to meet in the short term. “Global Financial & Leasing Services has allowed our business the growth we needed and given us an exceptional partner we can count on. I highly recommend GFLS for your financing needs, as you will be dealing with people who truly practice what they preach.” Their professionalism and ‘going the extra mile’ for their client was the norm, not the exception. Both Jim and Judi Jenks have been supportive beyond any experience I’ve had with other financing firms. “Global Financial & Leasing Services provided our company with financing resources when every other firm said no. Here are just two real-life testimonials from our clients. Nor do we have other disqualifying measures such as prior bankruptcies, tax liens, judgments, foreclosure or ridged industry restrictions. Unlike many other lenders, we work with all credit types and do not have a minimum FICO score to qualify for equipment financing. And, “B” lenders use the 650 mark as their cut-off point.Ĭan you finance equipment with a 640 credit score? 649? Basically, any score below 650? Yes, you can, if you work with a Direct Lender who specializes in lending to people in that credit range, like Global Financial & Leasing Services (GFLS). Traditional big banks require a 700+ credit score to consider you eligible for financing. Therefore, personal credit scores play a large role in financing an equipment. ![]() Falling one point short of a set credit score can squash a dream, kill a great idea and keep a company from reaching its potential.Īll business owners with more than a 20 percent equity position in a company typically guarantee a financing transaction. A credit score of 649-a mere one-point difference-can be a canyon wide enough to keep a business owner from being able to finance equipment. Can I Finance Equipment with a 640 Credit Score?Ħ50 is a common make-or-break number in the equipment financing world.
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