Tandem Axle Dump Truck Financing
Author: Rick ReedMost banks offer loan and/or lease programs. The difference is that the loan program transfers title at the end of the payment obligation, whereas the leasing component offers a rent type environment during the course of the lease with a buy out option at the end of the lease period to take title. Usually, the monies required upfront to acquire a loan are higher and eliminates many candidates. The Leasing arena requires anywhere from usually first and last payment to approximately 20% down depending on the type of industry financing is requested for.
The dump truck applicant is seeking a relationship with the lender no matter whether it is a start up or seasoned business. The front money to commence the lending vehicle, the monthly payments and the buyout clauses at the end of the lending instrument, if there is one, is paramount in making a prudent business decision. The amount of paperwork and hoops to jump through to get to end of the financing process are considered in the total evaluation process. As we discussed above, there can be a lengthy paperwork process to obtain your financing.
The last thing you should be aware of is dealer/financing inventory programs. What this means, the lender has repos and/ off lease inventories that they want to move for cash flow purposes. This financing arrangement is geared to the start up as well as seasoned business and may offer the dump applicant an excellent buying and financing opportunity.
News Update. There are dealer finance programs out in the market now that are reference driven, no credit is pulled. These lenders are not driven by a credit score but require substantial references, personal and business, to substantiate the potential buyer’s credibilty. The lenders are interested in the stability of the driver’s job and how much revenue is in his cash flow month per month to justify a dump truck payment… These lenders have a special application to fill out and down payments are usually from 12-15%..
Happy hunting for your dump truck and its related financing.
About the Author:Rick has over thiry years in the financial field, including leasing, working capital and hard asset money loans, and commercial lendinghttp://www.cclgequipmentleasing.com/dumptrucks.htm
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