Pre-qualify before you apply for your Container loan. Our free business capital search engine will allow you to see the funding programs and lenders that are available to you and then you choose those you wish to apply for.
A container loan can be used to purchase shipping or storage containers for your home or business. Typically, shipping companies, transit companies and farms are most in need of this type of loan. Financing the purchase of containers and equipment can be both advantages and affordable for even small businesses.
Advantages of a Container Loan
A container loan is fairly low risk for lenders because the value of the container is generally constant over time. Whenever a loan is low risk, it will be less expensive to the borrower. Additionally, containers do not experience a high rate of technological advancement. This means you will be able to make use of the asset for years to come, and, hopefully, make back your investment rather easily through this usage. When you are considering financing the purchase versus leasing the container, determine how often you would need to pay to lease the equipment and add those expenses together. You may find the purchase is far less overall than leasing for each use.
Qualifying for a Container Loan
Qualifying for a loan with this type of purpose is essentially no different from qualifying for other small business loans or personal loans. You will need to have a solid credit score and a fair financial history. You will also need to show an income that will cover the loan payments to qualify. If you are concerned over qualifying for the loan, you may consider securing the loan against an asset. You can secure a container loan using the container itself, which is often the lowest risk option for you.
Credit is the lifeblood of your business, especially for small or new startup companies. BusinessFinance.com assists entrepreneurs to get started purchasing equipment, building your inventory and expanding your business.
Some important items to know to finance your are:
- How much money do you really need?
- Do you know your exact FICO scores?
- How do you plan to repay the loan?
- Who is going to borrow the money? You personally or another legal entity?
- What assets can you pledge to secure your loan?
Make sure you know you are pre-qualified before you apply.