Financing On Weak Credit

Struggling with a low credit score? You’re not alone. Many Canadians face credit challenges, but that doesn’t mean you can’t qualify for financing. Whether you’re looking to fund a business purchase, secure equipment, or finance a semi-truck, there are solutions—especially with support from lenders who understand your situation.

Mehmi Financial Group helps businesses across Canada—from Mississauga to Calgary—get the financing they need, even with weak credit. This guide answers your top questions and shows you how to move forward.

What Does “Weak Credit” Mean?

Credit scores range from 300 to 850. A score under 660 is usually considered weak. Causes can include:

• Late or missed payments
• High credit usage
• Limited or poor credit history

But a low score doesn’t define your future. Mehmi Financial Group works with over 30 lending partners to help you get approved—credit score aside.

How Weak Credit Affects Loan Options

Your credit score influences your rates and approval chances, but it doesn’t eliminate your options.

• Truck Financing: Yes, you can finance a semi-truck with weak credit. Approval depends more on revenue and equipment value than score alone.
• Mortgage Loans: Conventional mortgages often require a 620+ score. FHA options allow lower scores with higher down payments.
• Auto Loans: Low scores mean higher interest. Scores below 600 may see rates above 10%, while good scores get under 5%.
• Business Loans: Traditional banks may decline low-credit borrowers, but alternative lenders look at business strength, not just credit.
• Credit Cards & Insurance: Weak credit may mean higher insurance rates and fewer credit card perks.

How to Improve Your Credit Score

Small changes lead to better scores and better rates. Focus on:

1. Paying on Time
   Payment history makes up 35% of your score. Even one missed payment can hurt.
2. Keeping Balances Low
   Aim to use less than 30% of your available credit. For example, if your limit is $10,000, try to stay under $3,000.
3. Avoiding Excess Credit Applications
   Each hard inquiry slightly drops your score. Apply only when necessary.

Need help refinancing or rebuilding? Explore our refinancing solutions.

Frequently Asked Questions

1. Can I still finance a semi-truck with weak credit?

Yes. Mehmi Financial Group specializes in helping clients with less-than-perfect credit get access to truck and equipment financing.

2. Will I have to pay a higher interest rate with weak credit?

Probably. Lenders charge more for higher risk, but we compare offers from multiple partners to find you the most competitive rate.

3. How can I improve my chances of approval?

Show consistent income, offer collateral if possible, and keep debts low. We’ll help you present a strong application—credit score aside.

4. Will this impact my ability to get future loans?

No. In fact, making payments on time can improve your credit, which opens the door to better financing options later.

5. How long does approval take?

At Mehmi Financial Group, we can often get you approved and funded in 24–48 hours.

Final Thoughts

Weak credit doesn’t mean you’re out of options. With the right financing partner, you can still grow your business, upgrade your equipment, and secure working capital—even with a score under 660.

Mehmi Financial Group works with clients across Canada—whether you're in Toronto, Vancouver, Halifax, or anywhere in between—to make financing fast, honest, and possible.

If you’re not sure where to start, contact Mehmi Financial Group or call (437) 777-5901 — we’re here to help.