The Benefits Of Low Doc Equipment Finance
Equipment financing is a vital part of many company’s business operations, and for some, the traditional application process can be challenging.
Low doc equipment loans can provide a faster and more convenient way to finance new equipment. However, it’s important to note that there are still criteria in place for qualifying and some important things you must consider.
A low doc equipment loan is a type of equipment financing that requires little to no documentation if the borrower meets specific criteria. This type of loan can be a fast and seamless option that settles in a matter of days, without the need to provide extensive financial information. Low doc loans are typically offered for amounts up to $250,000 (and in some cases $500,000) and can be an ideal solution for businesses looking to purchase equipment quickly without supplying full financial details or tax returns.
Many businesses are unsure about the eligibility criteria for low doc loans. However, many lenders offer low doc products, so it is worth comparing your options. In some instances, brokers can take applications over the phone from companies without extensive trading history, making them a valuable tool for businesses of all sizes.