How to get a business loan with low credit for equipment
Traditional banks and online lenders frequently reject startup owners for equipment loans because of insufficient credit history and low credit scores. This leaves entrepreneurs unable to finance essential items like dump trucks or gutter equipment without substantial down payments or terms that make it impossible to qualify.
What people tried
Every workaround mentioned in the threads below. We haven’t tested any of them — and nobody here is claiming they worked.
- 1searching for online loans
- 2talking to traditional banks
- 3looking for private investors or people with money to spot the startup capital
- 4getting a hauling trailer
In their words
Unedited, grouped by where they were said, most upvoted first within each place, each linked to the thread it came from.
“I have my own llc and want to be able to install gutters for my business but idk where to get the $ for equipment with my current bills.”source ↗
“I dont have enough credit history to get approved for a sb loan or a personal loan.”source ↗
“Ive looked into every online loan i can find and i dont qualify or the terms are insane.”source ↗
“after talking to a few banks it looks pretty much impossible for me.”source ↗
“I’m looking for a loan to purchase a used dump truck. I’ve applied several places. But I keep getting turned down. I have a 620-640 credit score. Anyone in a similar situation had luck getting approved somewhere? I don’t have a lot to pay down. 3-5k down at most.”source ↗
Where this came up
People with this problem also raised
- 5How to get business funding with no history
- 9How to rent an apartment with no credit history
- 2Do I need to buy a car on finance just to build credit?
- 8How to get a mortgage without a traditional salary or employment history
- 10Funding my business out of my own pocket
- 22How to start a business with no industry experience