Different lessors and lenders will have different requirements for qualifying for an equipment loan or lease. An important factor for equipment financing is your personal and business credit score. If you’re not sure what your current credit score is, finding this information online is usually very easy.
The higher your credit score is, the more likely your application is to be approved, and the easier it will be to qualify for and request more favorable finance terms. Many equipment loan providers will require a detailed business plan to help establish how viable your future growth is. How many years you’ve been in business and your profit and loss statements (sometimes for multiple years) are also important.
Other financials, including your balance sheet or cash flow statement, may be required. And, as many financiers are interested in your and your principal members' personal finances, those documents may also be necessary.
