Can roofing contractors get equipment financing with bad credit (under 620)?
Yes. Equipment financing is asset-based, so roofers with sub-620 credit can qualify through alternative lenders, usually with a 10-20% down payment and higher rates.
Yes. Equipment financing is asset-based, so roofers under 620 can qualify through alternative lenders, with some floors at 550-575. Expect a 10-20% down payment, higher rates (often 12-30%+ near 580), and shorter terms than borrowers above 620.
Yes, roofing contractors with personal credit scores under 620 can get equipment financing. Because the equipment itself is the collateral, lenders take less risk than on an unsecured loan, so many alternative lenders approve scores down into the 500s, provided your business shows steady revenue and the machinery has solid resale value. Expect to trade that flexibility for a down payment, higher rates, and a shorter term.
The under-620 band isn't one thing. A 615 roofer with two years in business and clean recent revenue is a very different file from a 540 owner with recent defaults, and lenders price the two tiers far apart. This page covers what the whole sub-620 tier should expect; if you're at the very bottom of it, see our equipment financing at a 550 credit score breakdown.
Why under 620 is the dividing line
Under the FICO model, a score from 580 to 669 is labeled "fair," but the Consumer Financial Protection Bureau defines a subprime borrower as anyone below 620. That 620 mark is the practical line where banks and most SBA programs stop and asset-based equipment lenders take over. Anything from 300 to 579 is "poor" and 580 to 669 is "fair" on the standard 300-850 scale, so the sub-620 tier straddles the poor/fair boundary, which is exactly why a specialized lender, not a bank, is the realistic route.
What the under-620 tier actually gets
Minimum scores vary by lender within this band. Published floors run from 550 at eLease and 575 at Triton Capital up to 600 at National Funding, with some specialized programs accepting no minimum at all. Because the financed equipment serves as collateral, those lenders "may be more flexible with their eligibility requirements."
The trade-offs are consistent. With a score under 620 you should plan on a down payment of 10-20% of the equipment's purchase price, which gives the lender an equity cushion. Rates climb as the score drops: a borrower around 580 "may see rates ranging from 12-30% or higher," versus single digits for strong credit. Terms shorten too, often into the 1-3 year range on weaker files, though published bad-credit programs span roughly 24 to 60 months.
How roofers improve their odds in this tier
Lean on the collateral. Boom trucks, tear-off conveyors, skid steers, and other standard construction gear hold resale value, which is what makes an asset-based approval possible despite the score. Put down 15-20% rather than the minimum to offset the credit risk, show six to twelve months of consistent deposits, and be ready for a personal guarantee. For how the credit bands stack across the network, see the equipment financing credit tiers overview, and for product specifics start with equipment financing.
Sources
What business owners say
4.9-
This company was lightning fast and the experience was amazing. Thank you, Dan — you're a real pro!
-
Good service Joseph Krajewski is the best agent ever. He provided excellent service. I strongly recommend working with him if you have the opportunity.
-
They gave me a chance when nobody else would. I'm very satisfied.