Two Ways to Finance Your Equipment Purchase
- Apply Now with our partner at Faastrak, or…
- If you’re joining the BBA as an Affiliate or Partner, we can offer direct financing to you. Contact us to learn more.
Frequently Asked Questions Regarding Faastrak
What can I finance with this application?
- This application is only for equipment financing. Insurance can be financed directly with the carrier and BBA membership can be financed directly with the BBA if you choose to be a BBA Partner. Memberships at BBA Certified or BBA Affiliate levels can not be financed.
Can I apply for financing as a startup?
- Yes you can.
Do I need a registered business to apply?
- No you do not need a business to apply as you can use your personal credit history for the application. However, our equipment financing are business to business loans so you would need to be in the process of getting an Employment Identification Number for a registered business in order to sign off and receive funding.
Is it soft or hard pull on my credit?
- It is a soft pull, but it’s possible a hard pull could happen after for various reasons. For example, some lenders will hard pull a sole proprietor, or specific lenders could if the application needs to be sent to other lenders to get approved. For more information click here.
Will my personal credit history be checked as well business?
- If you apply with a registered business name only your business credit history will be reviewed not your personal credit history.
What minimum time in business or Paydex score do I need if applying under my business?
- No minimum is required
What minimum personal credit score do I need?
- For applications not under a registered business and only using your personal credit history a minimum score of 550 is required. For low scores we recommend adding a cosigner to improve your score, interest rates and financing options.
What is the interest rate on equipment financing?
- Rates will vary between 6% – 35% based on the strength of your application, lender and term selected.
How soon can I get funded?
- Approval and sign off only takes a 1-2 days. Payment is then sent to us for your equipment in order for your order to be processed.
What payback period is available?
- Equipment can be paid back between 12 – 60 months. We recommend shorter periods to reduce your total cost.
Who can I contact with additional questions regarding my application?
- Please contact Andy@faastrak.com
YOU MAY QUALIFY IF YOU…
- Just started your business
- Have troubled credit
- Have no cash to put down
- Looking to expand your business
- Have a bankruptcy on file
- Have no business credit
- Have tax liens
THE ADVANTAGES OF FINANCING
Financing through our company connects you to the best lenders for your business needs.
CREATE POSITIVE CASH FLOW
Equipment leasing and financing is the most popular option to get a quicker return on your investment for your equipment order. Get your equipment now and pay for it over time allows you to immediately start making money.
It can be difficult to pay for high cost equipment at one time. Your monthly payments are fixed, so your business can budget more effectively. Apply today to learn about your payment options!
This is the greatest advantage of equipment leasing and financing. Section 179 allows leased business equipment to be 100% tax deductible!
CONSERVE WORKING CAPITAL
Purchase the equipment you need to expand your business without forfeiting cash flow or financial stability. Equipment financing and leasing allows you to also keep your other lines of credit open for other business purchases.
APPLY USING OUR SMART APPLICATION
With our smart application, you can get an instant credit decision. In 3 easy steps, we can get you approved and get you on your way to new equipment!
- Credit approval after submission
- Sign all documents electronically
- Prepare to receive your equipment