How to Get Dump Truck Financing
If you’ve been looking for a new dump truck for your business, you know they aren’t cheap. Securing financing for a dump truck can be a tricky process. Particularly if you’re a new business owner or if your credit history has some issues.
You can find the dump truck financing you’re looking for. If you know what kinds of options are available and what kinds of lease programs you qualify for.
Financing companies are going to look at certain aspects of your financial, business, and personal situation. This will allow them to determine what kinds of financing deals you can qualify for. It’s to your advantage to know what they’re looking for before you shop for a dump truck financing program.
First of all, the financing company is going to look at your credit history. If you’ve got a FICO score above 700, you’ve got good credit and will qualify. If your FICO score is between 650 and 700, your credit is average, but you’ll still be attractive to lenders. FICO scores is in the low 600s or less, you’re going to have to work harder to secure financing.
The dump truck financing company will look at financial liabilities. Both in your past and current situations. Past bankruptcies, bad debts, late payments on past obligations, tax liens, or delinquent child support payments are all red flag for lenders.
The dump truck financing company will also look at your business history to determine risk. If you’re a new in business, the terms of the dump truck financing you’re offered might be high. Or not as attractive as those you’d qualify for if you had proven track record in the industry.
If you’ve got great credit, a solid business history, and no financial strikes against you, you’ll qualify for dump truck financing. You’ll qualify for programs with low down payment requirements, or no down payment at all. And you’ll also quality for leases with low rates. That means, in the end, that your monthly lease payments will be lower, and you may be able to get into a newer truck.
If your credit is average, expect to put some money down at the onset of the lease. If your business history is short or less than two years, you’ll also be required to put up a larger down payment. Typically around 20% down. This will also be determined by the age and condition of the dump truck.
If your credit is bad, you will face a bigger down payment, higher rate, and, higher monthly payments. You may also be required to put up free and clear collateral to secure the financing.
There is a wide range of options for dump truck financing. Most business owners, even those with less-than-ideal credit, can qualify for some type of dump truck financing.
Visit us or call us at 801-386-8222 today to find out how we can help you to secure dump truck financing.