Obtaining equipment financing for your small business startup in Texas is possible, if you can meet certain requirements. Any type of business financing you try to obtain from a lender will require you to meet certain criteria. There are a few things you can do to be sure you meet that criteria to increase your chances of being approved. Here’s what you can do to increase your chances of getting equipment financing for your small business startup in Texas–
Build Your Personal Credit History
A good personal credit history is the ultimate key to getting equipment financing (or any other type of financing) for a small business startup in Texas. When your personal credit is good and well established, the number of options you can take advantage of to fund your small business startup in Texas increases. Equipment financing companies will definitely check your personal credit to determine if you qualify for equipment financing. They want to see that your personal credit accounts are paid on time, all of the time. You typically need at least 620 or better credit score to qualify for equipment financing. Equipment financing lenders also look to see if you have any derogatory or delinquent accounts. If you do, you will want to take care of them before you apply for equipment financing or you risk getting a denial.
Get Equipment Quotes
If your personal credit is intact and you know you’re ready to move forward, you’ll need to type a list of the equipment you need and get quotes for each piece of equipment. When applying for equipment financing this is one of the first things a lender will ask for in addition to checking your personal credit. If you have good personal credit and your equipment list is ready, you’ve already won half the battle.
Consult with an Equipment Financing Expert
There are hundreds of equipment financing companies out there. If you don’t which one to apply to, LenCred can help you find the most appropriate equipment financing company for your small business startup in Texas. Contact a LenCred advisor to get started today.