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Equipment financing: If you need funds to purchase or upgrade business equipment, an equipment loan may be a good option. This type of financing uses the equipment itself as collateral, making it possible for borrowers with lower scores to qualify.
Equipment loans typically are not hard to get. You can qualify for one with moderate credit and a sufficient down payment, even if youre running a startup.
Used Equipment AgDirect can help you finance used farm equipment including 2 to 7 year terms and delayed payments (up to 15 months*).
Equipment loans tend to be easier to get than other types of business loans. Many lenders offer relaxed qualifications since the equipment itself secures the loan with collateral. If you exceed the minimum requirements set by your lender, youll have a higher chance of approval.
You may be able to qualify for equipment financing with a credit score as low as 575. Because the equipment youre purchasing serves as collateral on the loan, some lenders may not weigh your credit history as strongly when evaluating your application.
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Yes, you may be able to apply for asset finance with bad credit. However, this depends on the type of asset finance youre looking for and the lenders confidence in your ability to repay. Due to the higher risk you pose to lenders, you may have to pay higher interest rates, or your agreement may have stricter terms.
Depending on your credit and how long youve been in business, the interest rate on your equipment loan can widely varyon average, between 7-12%.
About Seller. Credova provides a software platform for retailers to access third-party providers for lease-to-own financing and other lending products based on a consumers credit profile.

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