Unless you are a large corporation, you will have to personally guarantee your lease and your credit score does matter. If you are, slow paying on every credit account for each month than there may be a problem to receive a lease in your name. You should also have at least 5 open trade lines dating back for 5 years, if not you may have some problems. Prior bankruptcy may not be a problem, if you are current on your payments since the bankruptcy and it is 3-4 years since the bankruptcy. You can always get another personal guarantor if your credit does not meet any of these criteria’s.
Time In Business
Start-ups can qualify, but you must have a good credit score. Normally you can not have a lease for more than $30,000 for a start-up business. The longer in business the easier it is to qualify for a lease.
Industry
The type of industry does matter as to the overall of qualifying. Some industries are more prone to have repossessions of equipment leases, thus if your credit score is low and you are a start-up it is unlikely you will qualify.
Type of Equipment
This is the same as the Industry. Some types of equipment are more prone to have repossessions of equipment leases, thus if your credit score is low and you are a start-up it is unlikely you will qualify.
The State the Equipment is Located
This may seem unusual, but depending on the state and how many repossessions they have as a whole will affect your qualifications.
Conclusion
Your best bet is to speak with a knowledgeable Equipment Lease Professional who will answer all your questions and steer you in the right direction.
Get started today and lease all business equipment from now on! Reserve your cash!
