Times are indeed changing, especially in the financing industry. Just a few years ago, you needed to have a sterling credit history for equipment financing companies to even give your tanning salon business any attention. But now, you can already buy business equipment such as tanning beds with no credit.
Buying tanning beds with no credit
If you own a start-up tanning salon business and have absolutely no credit history yet, you still have big chance of buying tanning beds with no credit. Just go through the regular application process – fill out the application form and produce all the business documents necessary. But because you have no credit history to speak of, the burden of proving that you can pay for the loan regularly is on you. This is where your convincing skills come to play. Make sure to append all the documents proving that (a) you have a stable income, (b) your business is doing well or shows very promising signs of taking off if it is still in the start-up phase, and (c) that you have a permanent residence and business address.
To apply for a no credit equipment loan to buy tanning beds for your salon, you will have to yield to a number of other procedural requirements such as stubs, giving proof of your personal residence and business location (such as utility bills that clearly reflect the billing address), tax returns for the past two year, and many others. To qualify for loans to buy tanning beds with no credit, you may also need to give the financing company the names of at least eight references – clients or business partners who can vouch for you.
Some possible glitches
Most financing companies only let you take out loans to buy tanning beds with no credit when your business is already at least a year old, but with some persistence, they may grant you financing even if you are new in the playing field.
The secret to buying tanning beds with no credit is to prove your personal financial stability, and also the financial viability of your business. Show the financing company that you are serious about your tanning salon by quickly and completely submitting all their documentary requirements.
Before you apply
Before you apply for loans to buy tanning beds with no credit, be sure to do your own research first. There are a lot of online calculators to help you intelligently estimate the amount of loan that financing companies are most likely to offer you. You need to determine how much in monthly payments you think you can comfortably afford, how long you think it will take you to pay for the loan, etc. Coming to a financing company with these figures clear to you will give them the impression that you are serious about what you want, and that you have thought this decision through. Remember that you have no credit history from which they can base their decision, so it is ultimately your personality and business viability that they will size up. Put your best foot forward, be sincere, and be patient.