Skip to content

Can You Get No Credit Check Equipment Financing?

Businesses with bad credit can consider these options to get equipment financing.
By Randa Kriss
Last updated on August 1, 2023
Edited bySally Lauckner

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

⏰ Estimated read time: 8 minutes

Equipment financing almost always requires a credit check. However, there are still small-business loan options if you have fair or poor credit. You can get bad credit equipment financing from online lenders, but you should be wary of any company that promises “guaranteed approval.”
Reputable equipment lenders will check your credit history as part of the application process and won’t guarantee approval.

How much do you need?

with Fundera by NerdWallet

We’ll start with a brief questionnaire to better understand the unique needs of your business.

Once we uncover your personalized matches, our team will consult you on the process moving forward.

Why equipment financing requires a credit check

Equipment lenders require a credit check to evaluate your financial history and determine your risk of defaulting on a loan. They use this information — along with your other credentials — to decide whether or not to approve your application, as well as set your interest rate and repayment terms.
However, because the equipment you’re looking to purchase serves as collateral on the loan, lenders may be more flexible with their eligibility requirements. You may not need to rely as heavily on your credit history or time in business to qualify for equipment financing.

How to get equipment financing with bad credit

You can get equipment financing with fair or poor credit — even though lenders will still pull your credit history. Some equipment lenders may provide funding to small-business owners with personal credit scores as low as 500, although they’ll likely charge higher interest rates and offer shorter repayment terms.
If you have bad credit (a score below 630), here are three tips to help you get equipment financing for your business.

1. Organize your business’s finances

Before you start comparing lenders and submitting loan applications, you should organize your finances to understand your business’s qualifications and where you stand from a lender’s perspective.
You’ll want to gather any documents that highlight your business’s strengths, like cash flow or annual revenue, especially if you’re concerned about your credit score. You can also prepare standard application documents such as bank statements, tax returns, profit and loss statements, and balance sheets.

2. Boost your application

There are other ways you can boost your equipment financing credentials before submitting an application:
  • Build up your credit. You can check your personal credit score and try to build it up to help your loan application. You can look for errors on your credit report and dispute them with the applicable credit bureau, make more frequent payments, as well as pay down debt.
  • Offer additional collateral. Although the equipment you’re purchasing serves as collateral on the loan, you might provide additional collateral, such as property or other equipment, to further secure the financing.
  • Increase your down payment. Equipment lenders may require a down payment of up to 20%. If you can offer a larger down payment on your business loan, it may help increase your chances of approval, as well as lower your monthly payments.
  • Get a co-signer. A co-signer with strong credit may be able to help you qualify for an equipment loan if you have fair or bad credit. However, note that your co-signer will be held responsible for the debt if you can’t repay.

3. Research and compare multiple lenders

When looking for bad credit equipment financing, you should consider several different lenders to find the best deal for your business.
Bad credit business loans typically have higher interest rates and shorter repayment terms than other types of financing, so it’s even more important to evaluate the cost of the loan and make sure it’s something you can afford.

NerdWallet rating


NerdWallet rating


NerdWallet rating


Max loan amount


Max loan amount


Max loan amount


Min. credit score


Min. credit score


Min. credit score


at Bluevine

at OnDeck

at Funding Circle

Where to get bad credit equipment financing

Small-business owners with bad credit will typically have to turn to an online lender or fintech company to get equipment financing. Loan terms, interest rates and qualifications vary from lender to lender.
Here are a few options you might consider.

Triton Capital

Best for: Fast funding and competitive rates.
Triton Capital can be a good option for fast, affordable equipment financing. The lender offers funding for both used and new equipment across a wide range of industries.
You can get an equipment loan up to $250,000 with terms ranging from 12 to 60 months. Interest rates start as low as
%. You can apply for Triton equipment financing online and receive same-day approval. Funding typically occurs within one to two business days.
To qualify, you’ll need a minimum credit score of
, a minimum annual revenue of $250,000 and at least two years in business.

National Funding

Best for: Startups.
If you’re a startup with bad credit, National Funding may be a worthwhile option for equipment financing. This lender offers equipment loans or equipment leases up to $150,000 with repayment terms of up to five years.
Interest on this financing is charged as a factor rate, starting as low as 1.1 for borrowers that have excellent credit. You should always translate a factor rate into an APR to get a better sense of how much the loan actually costs.
National Funding can fund applications in as little as 24 hours — and offers a discount for borrowers to repay their loans early.
To qualify for this equipment financing, you’ll need a minimum credit score of 600, at least six months in business and at least $250,000 in annual gross sales.

Balboa Capital

Best for: Larger loan amounts.
Businesses looking for larger loan amounts might consider Balboa Capital for equipment financing.
Balboa can provide equipment loans of up to $500,000. You can use these loans to finance commercial vehicles, computers, office equipment, machinery, software, furniture, among other types of business equipment. Balboa also lets you finance used or new equipment.
Repayment terms on these equipment loans typically range from 24 to 60 months, although low-cost equipment agreements may have shorter terms. Interest rates range based on your business’s credentials, your loan amount and repayment terms.
To qualify for equipment financing from Balboa, you’ll need a minimum annual revenue of $100,000, a minimum credit score of 620 and at least one year in business. You can apply for financing online and if approved, may be able to get same-day funding.

Currency Finance

Best for: Heavy equipment financing.
Currency Finance may be a good option if you’re looking for construction equipment financing, commercial vehicle financing or farm equipment financing.
Currency offers equipment loans of up to $500,000 with repayment terms of up to 60, sometimes 72, months. Interest rates will vary based on your credit and financial history, among other qualifications.
In general, to access equipment financing from Currency, you should have a minimum credit score of 625, at least two years in business and an established business credit history.
You can apply for financing online, and may be able to receive same-day funding. However, timelines can range, depending on when you complete your application, the type of financing you need and whether or not Currency needs to follow up with you for additional information.

Alternatives to bad credit equipment financing

If you can wait to apply for funding, building up your credit will help you access more affordable equipment financing options. On the other hand, if you need capital more quickly, you might consider these alternatives:
  • Microloans. These loans are typically offered in amounts up to $50,000 and issued by nonprofit or community lenders. Microlenders often have flexible qualifications and may be willing to work with borrowers who have bad or no credit. These organizations also tend to provide educational training for business owners and may be able offer resources to help you manage your finances.
  • Business grants. Small-business grants provide free funding that can be used for a variety of purposes, including equipment purchases. Although grant applications can be time-consuming and competitive, they don’t typically include a minimum credit score requirement — making them a good option if you can secure them.
  • Merchant cash advances. With a merchant cash advance, or MCA, you receive a lump sum of capital and repay it using a percentage of debit and credit card sales, plus a fee. These products usually fund quickly and are easy to qualify for — even if you have bad credit. MCAs are also one of the most expensive types of business financing, however, and can create a cycle of debt that’s difficult to break. In general, you should consider all other loan options before a merchant cash advance.

Find the right business loan

The best business loan is generally the one with the lowest rates and most ideal terms. But other factors — like time to fund and your business’s qualifications — can help determine which option you should choose. NerdWallet recommends comparing small-business loans to find the right fit for your business.

Frequently Asked Questions

A version of this article originally appeared on Fundera, a subsidiary of NerdWallet.
Smart money moves for your small business

Create a free account to grow your business with tailored insights and explore small business products.

Smart money moves for your small business

Create a free account to grow your business with tailored insights and explore small business products.