Short YouTube Q&A where Jayson Lowe answers what credit score is needed for equipment financing. He says conventional banks typically prefer FICO scores over about 650, but argues that using the "infinite banking" concept (from the book Becoming Your Own Banker) lets borrowers access policy loans from life insurance that aren’t reported to credit bureaus, so credit score becomes irrelevant.
Questions this video answers
A credit score in excess of 650.
Chapters
You've probably over the years have heard of these two words, credit score. So what credit score would you say is needed to get equipment financing?
What credit score would I say is needed in order to get equipment financing? Well, when you're dealing with a conventional bank, they're going to look at what's called your FICO score to gauge whether or not you're worthy of credit. And typically a business owner who has a credit score in excess of 650 plus, I would say would be a range where a lender would look at that and say, okay, that's a pretty healthy credit risk. You can flip the script entirely if you implement the infinite banking concept which I'm speaking about, the process that's outlined in this 92 page book titled becoming your own banker. This is my original copy. It's 16 years aged, as you can tell, but this book changed my life completely. So you can flip the script entirely when you implement the infinite banking concept. Your FICO score, your credit score doesn't matter because you have ready access to capital on demand, on your terms. And the loans that you access from the life insurance company are not reported to TransUnion, they're not reported to Equifax, and there's no score required to get access to the capital so that.
