How Easy Is It to Qualify for Equipment Financing in 2024?

When your business needs equipment but lacks funds, securing financing should be fast and easy. Unfortunately, many business owners encounter challenges in obtaining equipment financing due to uncertainty about their eligibility before applying.

At Beacon Funding, our aim is to spare you from unnecessary headaches and hassles. In this article, we’ll illuminate the three primary criteria we consider when reviewing your application.

Remember: Not all criteria need to be met, but the more strengths you have in each area the more likely your credit package will qualify for approval.

5 Common Things We Consider to Get You Approved

1. Time in Business
2. Personal Pay History
3. Business Pay History
4. Business Cash Flow
5. Equipment You Choose to Finance

Time in Business

Whether you’re a seasoned industry veteran or a start-up, we welcome businesses of all ages and stages. Unlike traditional lenders that often a minimum time in business, we understand that every enterprise has unique circumstances and potential. Our flexible approach means that even young, well-established businesses can find opportunities for financing with us.

We believe in working closely with you to develop a financing plan that aligns perfectly with your business goals and aspirations.

By removing barriers and embracing diversity, we empower businesses to thrive and succeed, regardless of their time in business.

• No minimum time in business required.
• Young or well-established businesses approved.
• We can customize a financing plan that fits your business needs.

Personal Pay History

Personal credit history is an important factor reviewed by all lenders, even for equipment financing. Even if your credit isn’t perfect, Beacon Funding finances a wider credit window than most in the industry.

At Beacon Funding, we recognize the significance of your pay history, valuing its quality over a score. We look past your credit score and try to focus on the content of your personal pay history. We provide competitive equipment financing options for you, challenged credit or not.

Business Pay History

Unlike traditional lenders who often rely solely on credit scores, we take a holistic approach. We understand that a single number doesn’t tell your full financial story. With our wide credit window, we approve a remarkable 7 out of 10 applications, offering opportunities to businesses that might otherwise be overlooked.

• We focus on the quality of your pay history, not its score.
• 7/10 applications approved because of our wide credit window.
• We help your business establish its own credit worthiness and future borrowing capacity.

Our goal isn’t just to extend credit – we’re dedicated to helping your business establish its own creditworthiness, paving the way for future better terms and financial stability.

SEE IF YOU QUALIFY

Business Cash Flow

We understand that equipment you plan on adding will generate a profit and increase your cash flow.

At Beacon Funding we try to take that into consideration while reviewing the past 90 days of revenue. We pride ourselves on reviewing these statements in conjunction with your time in business and borrowing history to get you approved for the amount and payment your business can handle.

Equipment You Choose to Finance

Unlike some lenders who impose strict age restrictions on equipment, we assess each piece individually, focusing on its condition rather than its age. This approach ensures that well-maintained equipment, regardless of its age, can still be considered for financing.

While other lenders may lack understanding of the true value of your equipment, we possess the knowledge and insight necessary to accurately assess its worth, providing tailored financing solutions that meet your specific needs.

• No age restrictions on equipment in good condition.
• Our equipment expertise and proven track record spans more than 30 years.
• While other lenders have limited knowledge of your equipment, we understand its value.

Does your business need any of this equipment?

• Tow Trucks: When you need a truck to say “Yes!” to more calls, our friendly consultants can help get you approved.
• Boom Trucks: Take your business to new heights by adding a boom truck to your fleet with our financing expertise.
• Landscaping Equipment: Skid steers, track loaders, mini-excavators, batwing mowers, mini-tractors, woodchippers, and other equipment for your hardscaping enterprise.
• Septic Pumper Trucks: Afford your next septic truck and equipment with a low monthly payment. Apply in minutes, get approved within 24 hours.
• Embroidery Equipment: Elevate your craft with our financing options for embroidery equipment. We’ll help you acquire the tools you need to stitch success into every project.
• Screen Printing Equipment: Print success into every project with our financing expertise for screen printing equipment. Whether you need manual presses or automatic equipment, we’ll help you add efficiency and quality to your printing business.

CHECK IF YOU QUALIFY