How do I apply for equipment financing?

Apply online at apply.championef.com. The application takes about 5 minutes and we submit to multiple lenders simultaneously for same-day decisions.

What types of equipment can be financed?

We finance dump trucks, semi-trucks, trailers, construction equipment (excavators, skid steers, forklifts, cranes), agricultural equipment, and most commercial business equipment.

Does applying affect my credit score?

Our initial pre-approval process does not impact your credit score. A hard credit pull only occurs when you accept a financing offer.

How fast can I get approved for equipment financing?

Most applications receive same-day decisions. Funding can be completed in as little as 24 to 48 hours after approval.

What are the requirements for equipment financing?

For deals under $150,000 we typically need a completed credit application, last 3 months of business bank statements, and an equipment invoice or quote.

Does Champion Equipment Finance serve Spanish-speaking customers?

Yes. Champion Equipment Finance serves Spanish-speaking business owners. Call us at (972) 476-0020 or apply at apply.championef.com.

Can a Brand New Business Get Equipment Financing? No Time in Business Required

Updated October 20, 2026

Starting Out Doesn’t Mean Starting Without Equipment

One of the biggest myths in small business financing is that you need years of operating history before any lender will look at you. The truth? Equipment financing works differently — and many lenders, especially specialty finance companies, will work with startups that have zero months in business.

Why Equipment Financing Is Different for Startups

Traditional bank loans rely heavily on business revenue history. Equipment financing lenders, however, place a lot of weight on the value of the equipment itself. Since the equipment serves as collateral, lenders have a recoverable asset if payments stop. This makes startup equipment financing more accessible than most business owners expect.

At Champion Equipment Finance, we work with businesses from day one — whether you just filed your LLC or you’re still in the planning phase.

What Startups Need to Qualify

Good personal credit (typically 620+) — your personal credit history substitutes for business history
A down payment (10–20% in some cases) — shows lender confidence
Equipment quote or invoice — the lender needs to know what’s being financed
Bank statements — even personal accounts can help show financial responsibility

Types of Equipment You Can Finance as a Startup

Almost any income-producing equipment qualifies:

Commercial vehicles and trucks
Construction equipment (excavators, skid steers, lifts)
Restaurant and food service equipment
Medical and dental equipment
CNC machines and manufacturing tools
Landscaping and agriculture equipment

Tips to Strengthen a Startup Application

The stronger your application package, the better your rate and approval odds:

Check your personal credit report and dispute any errors beforehand
Write a one-page business plan showing how the equipment generates revenue
Get a detailed equipment quote from the vendor
Be prepared to explain your industry experience, even if the business is new

Don’t Wait Until You’re “Big Enough”

The right equipment is often what gets a startup to that next level. Waiting until you have two years of business history to buy a piece of equipment that could be generating revenue today is a costly delay. Champion Equipment Finance specializes in getting new businesses the equipment they need — on day one.

Apply Now — Get Pre-Approved in Minutes

What “No Time in Business Required” Actually Means

When a lender says they’ll finance startups with “no time in business required,” what they mean in practice is:

Your personal credit history substitutes for business history — the lender is betting on you as a person, not a business track record
The equipment’s collateral value carries more weight — a piece of equipment with strong resale value reduces the lender’s risk regardless of business age
A down payment (typically 10–20%) offsets the missing business history by reducing the lender’s initial exposure
A personal guarantee is standard — you’re personally on the hook regardless of business structure

“No time in business required” doesn’t mean easy approval — it means a willing lender who evaluates the whole picture rather than auto-declining based on business age.

Building Business Credit from Day One

One underappreciated benefit of startup equipment financing: if your lender reports to business credit bureaus, your first loan starts building your business credit file immediately. Steps to maximize this:

Form your business entity before applying. An LLC or corporation has its own EIN — this is what business credit attaches to. Sole proprietorships don’t build business credit separately.
Get a DUNS number. Dun & Bradstreet assigns a D-U-N-S number to registered businesses. This is the foundation of business credit reporting. Apply for it free at dnb.com before your first loan.
Open a business bank account. Lenders want to see business banking activity, and a dedicated business account (not personal) shows operational maturity even at day one.
Make every payment on time. Business credit reports are much more sensitive to late payments than personal credit. One 30-day late payment can crater a thin business credit profile.

Personal Guarantee: What You’re Signing

A personal guarantee (PG) on a business equipment loan means that if your business fails to make payments, the lender can come after your personal assets — not just the equipment. This is standard for small business loans and most startup equipment financing. Before you sign:

Understand whether it’s a limited or unlimited guarantee. A limited guarantee caps your personal exposure; unlimited means you’re on the hook for the full balance plus costs.
Consider whether your business structure actually protects you from business debts. With a PG, an LLC’s liability protection doesn’t apply to this loan.
Understand what happens in default — the cure period before the lender exercises remedies, and what “remedies” specifically include.

Frequently Asked Questions: Startup Equipment Financing

I just formed my LLC last week. Can I get equipment financing?

Yes, with the right lender. A week-old LLC can get equipment financing based primarily on your personal credit score and a down payment. You’ll need your EIN, Articles of Organization, a business bank account, and typically a personal credit score of 640+. The application will treat you essentially as an individual with a business vehicle.

What credit score do I need as a startup to get equipment financing?

Generally 620–640 as a minimum, with 680+ giving you much better terms and lower down payment requirements. Scores below 620 with zero business history are very difficult — lenders have nothing to underwrite against. If you’re in that range, focus on building personal credit first (30–90 days) before applying.

Do I need a business plan to get startup equipment financing?

Not typically for most specialty lenders. You need to show the lender you understand how the equipment will generate revenue — a simple explanation of your business model and projected income is usually sufficient. A formal written business plan is more relevant for SBA loans or bank financing, which have more extensive documentation requirements.

Can a franchise or new location of an existing business get startup financing?

Yes — franchises and new locations of existing businesses are often among the best startup financing candidates. A franchise brings brand recognition and proven unit economics; a second location of an existing business shows the owner’s track record. These situations frequently qualify for better terms than a brand-new independent business.

Sources

U.S. Small Business Administration — Starting a Business — SBA guide for new business owners, including financing options.
Federal Reserve — Small Business Credit Survey — Annual survey of small business financing conditions across the U.S.