Minimal paperwork, few restrictions, A+ BBB ratingĬAG Truck Capital is a lender specializing in the trucking business. Rates:Ģ4 months in business, minimum 650 credit score No short-term financing, sometimes confusing termsĬrest Capital is a national creditor with a focus on funding equipment, vehicle, and software purchases for small businesses. No collateral, same-day funding, flexible term lengths One year in business, $100K annual revenue, “decent” FICO credit score Balboa Capitalīalboa Capital is an online lender that provides equipment loans, business loans, and lines of credit to growing companies. From SBA loans to invoice financing to business credit cards, Nav can help connect you with lending partners to help grow your business, including BlueVine, OnDeck, and American Express.īelow, we’ve included information on some of the most popular alternative lenders that offer small business loans and dump truck financing. Nav has qualified a number of trusted partners offering personalized business financing options that meet an array of business needs. You can also efficiently begin the application process to ensure you get the funding required to put your truck on the road as soon as possible. You can quickly compare offers and determine the most favorable rates for your business. If you’re searching for dump truck financing programs, the Internet is a great place to start. Often, a borrower will need to make a small down payment on the equipment as part of the financing agreement. Since the truck itself acts as collateral, this option is more easily achieved than some alternatives. Traditional banks, alternative lenders, and specialized equipment creditors offer heavy equipment financing programs. Some lenders may consider a dump truck to be heavy equipment and handle financing of this hard business asset as they would other machinery like construction equipment or commercial hardware. Though, higher interest rates might consume any cost-savings.Įquipment financing can also help a business obtain all types of dump trucks and equipment. Additionally, monthly payments are typically lower than a loan, making this option more affordable from a monthly cash flow perspective. Some people prefer equipment leasing because the truck is generally returned before they have to deal with significant maintenance or depreciation. At the end of the period, the company has the option to turn the truck in or purchase it for the residual value (otherwise known as a TRAC lease). As with any vehicle lease, a business makes payments in exchange for use of the truck for a certain amount of time. Many conventional bank lenders offer dump truck leases along with specialized commercial truck financing companies. Additionally, businesses with less-than-ideal credit may be able to access this type of loan more easily.Ī lease is another option to consider if your business wants to invest in work trucks. Because of this, interest rates tend to be lower and monthly payments more affordable. The vehicle itself serves as collateral on the loan, which means the creditor can repossess the truck if your business fails to make the agreed-upon loan payments. This type of loan is available through traditional bank lenders and alternative lenders. One of the most popular means to purchase a dump truck is by using a commercial truck loan. Schedule Call TodayĬommercial vehicle financing works a lot like buying and paying off a car, except the price tag is higher. Get personalized solutions that fit where your business is today, and where you want it to be tomorrow.
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