Fresh Year Fresh Start: Rebuild Your Credit and Rebuild Your Success

Happy 2020!!! 

Ah, can’t you smell the fresh air of new opportunities and dreams to achieve in this new year?

The best thing about the new year of 2020 is that you get to have perfect vision, not in hindsight but in advance! 

Being in the finance industry, we see first-hand what most people want to overcome – bad credit. 

It’s no wonder why. Good credit directly lowers loan interest rates and opens more available capital needed not just to survive, but also to scale a business faster with the purchase of more equipment.

They want to grow their fleet and get good financing terms; however, the consequences of bad credit are closed doors and rejection letters from most finance companies.

But hope is NOT lost for you! In fact, this new year brings an amazing opportunity to rebuild your credit and get the financing you need to grow your business in the meantime.

Yes, this blog will deliver a clear path to getting financed now, even with challenged credit, while also improving your credit and getting on track to a higher credit score for the long-term. 

Let’s start by sharing the best financing option for commercial equipment financing for people with challenged credit.

Fresh Year, Fresh Start

What is ‘Fresh Start?’

Fresh Start is actually a sister company of CFF named “Fresh Start Equipment Finance.” 

This company works hand in hand with CFF to get loan approvals for customers that are unable to get approved through traditional financing.

Who Qualifies for Fresh Start Equipment Financing?

Typically, clients with a credit score of 650 and above get approved for loans with CFF. 

On the other hand, Fresh Start is there to assist individuals with credit scores of 500 to 649 and less than two years in business, generally. The loan consultants that run the Fresh Start program have been able to provide loans for clients with credit scores even below 500, but most clients who get approved have credit above that number. 

WHY Was Fresh Start Created? 

The Fresh Start loan experts fully understand that there are many businesses that are starting with a lack of resources. They also understand that things happen that can affect credit score and the score doesn’t always tell the whole story.

The focus of this program is to help bad credit truck financing clients get started in business and build their commercial credit in the process. By making payments and building experience, these clients will eventually become good credit truck financing clients.

Now Let’s Rebuild

To recap, we’ve already dealt with the immediate need of showing you how to get financing even with damaged credit, which is Fresh Start.

Now, let’s transition to talking about simple steps you should take to rebuilding your credit.

First off, CFF highly recommends Credit Blueprint.

Credit Blueprint offers a highly rated program for rebuilding credit the right way. 

We’ll talk a little more about this program below. But first, here’s some basic steps everyone should take to rebuilding and maintaining a stellar credit score.

Limit Inquiries – Having more inquiries lowers your score. Every time you fill out an application for this or that loan, your number of inquiries starts to pile up. Stop applying for so much credit and it will begin to rebound.

Analyze Condition of Equipment – When it comes to securing a five or six figure loan on commercial equipment, you need to analyze the value of your purchase.

You need to analyze whether the equipment is in good working condition or will rack up a high maintenance bill because it breaks down all the time. You want equipment that’s under warranty and will MAKE you more money than it costs you. Because if your equipment costs you more than you make, you’ll stop making payments and…you know the rest.

Calculate Loan Affordability – A lot of loan applicants don’t accurately calculate their ability to pay back the loans they take out. So they over-borrow and end up crushed under the weight of all those expenses they failed to calculate. Doesn’t make you a bad person, just a mistake. Here’s what you should do instead. Use our Budget Builder Calculator Tool to accurately forecast all the expenses you’ll have and weigh in light of the cash flow you’ll make.

Keep Payments Current – When people can’t make full payments they stop making any payments, which starts a downward spiral. Instead of falling behind on payments, call your creditors and explain the situation. Smart lenders will work with you to come up with alternative ways of receiving some payment. This will get you out of the late payment cycle and will benefit your credit.

Now that you have these baseline tips to rebuilding your credit score, here’s a little more information about Credit Blueprint.

Credit Blueprint has a premium program that includes a credit coach with a personalized plan and a blueprint designed to help you achieve credit greatness so you can get the best financing!

They also include unlimited disputes for inaccurate, unverifiable or out-of-date items. 

These items include:

  • Collections
  • Charge offs
  • Collections/Judgments
  • Liens
  • Bankruptcy
  • Repossessions
  • Late payments 
  • And more

Schedule Your Free Credit Consultation

All this will help your credit rebuild so you can move forward.

Next Step

If you’d like to apply for financing with Fresh Start, get pre-approved for your next truck or equipment purchase by completing our fast credit application.

About Commercial Fleet Financing, Inc.: At Commercial Fleet Financing (CFF), our pros have given smart advice to fleet owners and owner-operators in the transportation, moving, towing or construction industries for more than two decades. With CFF, finding the right financing solutions is a phone call away and most borrowers secure commercial vehicle financing with ease. To talk directly with one of our finance pros and get started with a credit approval in as little as two hours, CFF’s phone number is (469) 281-2962.