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What Credit Score Do I Need to Finance Equipment?

When you’re looking to finance equipment like trucks, trailers or heavy machinery, your personal important. Most of the time, lenders like to see a personal credit score of around 600 to 650 or higher. A better score usually means you could get a better deal on your loan, like lower interest rates or not having to pay as much upfront.

Your business credit score matters too. It tells lenders if your business has a good track record of paying bills on time. If your business has a solid credit history, it could help you get the financing you need.

If your credit score isn’t as high as you’d like, there’s still hope. Some lenders work specifically with folks who don’t have the best credit. They might be able to offer you a loan, but keep in mind that the terms might include higher interest rates or other requirements. With that being said it is always better to—

Fix your score first, then apply.

If your personal and/or business credit scores aren’t quite up to snuff (or you don’t know what they are), you should get started working on either or both right away. Many times it doesn’t take all that long to them where they need to be. BLF can assist you with both personal and business credit management if you need us.

Let BLF help you with your Equipment Financing needs.

BLF is here to assist you

Our goal is to provide you with expert help and guidance for you needs. Whether you need funding or business services for your trucking company, you are in reliable hands.

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