We didn’t name ourselves YES Leasing for no reason! We like to write commercial equipment leases, so we do everything we can to approve your lease application. Banks and other lenders, on the other hand, too often say “no”. Their cookie cutter model is outdated – they refuse to look at variables beyond their excel spreadsheet.
Enough with this! We look beyond formulas to understand your business and how the equipment you are looking for will make your company stronger and more profitable. If your bank or dealership financing application was rejected, there are other financing options available. At YES Leasing, we fund our leases directly, not relying on third parties for approvals… and you don’t require strong credit, cash flow or excessive collateral!
#1: Poor Credit History
When reviewing a loan or lease application, banks and dealerships often first look at your credit score. They like to see a strong score, implying that as a business owner you have a strong grasp on your ongoing credit obligations. On the other side, a poor credit score implies that you may be less likely to meet the financial obligations as set forth in your lease or loan agreements.
We view traditional lenders’ credit models as outdated and inaccessible. Banks too often take a cookie cutter approach and do not look beyond their strict lending parameters to approve a customer’s application. At YES Leasing, we know that credit issues in your past don’t necessarily relate to your current needs to grow your business.
#2: Cash-Flow Issues
Cash flow is the amount of money that is transferred in and out of a business within a defined period of time. It represents the “health” of a small business and is a very important consideration when applying for financing. If your income is greater than your financial obligations, you most likely have a positive cash flow. If your cash flow varies from month-to-month, lenders see a potential repayment issue and may think you are too risky of a client to do business with.
Entrepreneurship boils in your blood. You have a vision and the skills needed to take your business to the next level. However, your cash flow may vary from month-to-month, so perhaps you do not have the cash on hand to buy the equipment you need upfront. At YES Leasing, we see beyond your current cash flow to understand how new equipment will generate more income for you. We will lease to you based on your potential, not your past.
#3: Limited Collateral
Lenders love collateral even if you are a low risk client! They want you to pledge the limited resources and assets you have to secure loan or lease financing. This may include your home, car, truck, business equipment, and investments. At first signs of default, even if it is temporary, lenders do not hesitate to acquire the collateral and resell it, which may require you to shut down your business and file for bankruptcy.
We know that small businesses are always resource constrained. As an entrepreneur, you may not have the cash flow, credit or collateral to get financing from a bank or an equipment financing company. At YES, we will work with you to find an agreeable leasing solution based on your capacity.
Say goodbye to the cookie cutter approach. YES Leasing will work within your financial abilities and help you grow your business. We want you to make YES Leasing your leasing company of first choice!