Turn “I Won’t Qualify” Into a Conversation Starter

🦄 The myth: When surveyed, 52% of small-business owners believed they wouldn’t qualify for equipment financing—an assumption they based on their credit scores…

🐴 The reality: …Yet, the majority of these business owners had scores well within approval ranges for non-bank lenders.

Why it matters: This misconception is costing them equipment…and costing you deals.

📈 Here’s the reality: Business owners dramatically overestimate credit score requirements for equipment financing.

• They’ve heard about 700+ requirements for mortgages and assume the same applies everywhere.
• Many don’t even apply, convinced they’ll be declined, when they are actually likely to be approved.

📋 What you can do: As a broker, here are some next steps you can take to dispel credit score myths and build up business owners’ confidence.

• Treat “I won’t qualify” as an education opportunity. When customers express doubt about qualification, that’s a prime opportunity to educate them about your lender’s actual requirements.
• Guide them to soft credit pulls. Many customers worry that any credit inquiry can hurt their score, and this fear stops them from exploring financing entirely. Lenders like TimePayment, who offer soft pulls for initial qualification, eliminate this barrier.
• Remind them that past financing issues aren’t permanent barriers. Business owners with past credit challenges often assume they’re permanently disqualified. But many non-bank lenders evaluate a business owner’s current financial situation and ability to stay current on their payments more holistically.