How to Lease Dry Cleaning Equipment With No Credit History
Dry cleaning services require equipment. The price of dry cleaning equipment can be very high, so dry cleaning business owners usually consider their leasing options. Learn how to improve your chances of getting your equipment lease application approved even if you have no credit history.
- Determine how long you've been in your business. A lot of dry cleaning equipment leasing companies will require that you've been in business for a minimum of two years before you can lease their dry cleaning equipment. If you don't meet this requirement, you will need to look into other options in order to get approved.
- Contact the manufacturers of dry cleaning equipment. Go straight to the manufacturers that supply the dry cleaning equipment that you're interested in. Contact them directly to find out if they have programs designed for people or businesses with little or no credit. Speak to the sales representative from the company and ask for brochures, quotes and other pertinent information that will help you select the best and cost-effective equipment for you.
- Prepare a business plan. Create a business plan for your dry cleaning business. Since you have limited credit, you probably will be asked for proof that you have plans on how to run your business profitably and pay the lease.
- Establish a savings account for your dry cleaning business. Your business may be granted leasing option if you have savings to take care of the lease payments. Make copies of your savings bank statement and present it to the company when you submit your leasing application.
- Show any business references that can provide verification of your good payment history. You can get business reference from the property management firm that you pay rent or lease for your business each month. Also, suppliers and other venders you work with are good business references.