Rick Reed asked:


There are many alternatives in obtaining dump truck financing. Whether you are a start up or a seasoned business, the first logical place to investigate your financing is at your local bank. This may be pleasurable experience if you have many contacts at your bank but most people usually don’t have these types of connections. The seasoned business must have at least mid 600s on their personal credit scores and be prepared to go through a lengthly paper process. Prior year income tax returns may be required, current personal financial statments needed and various other requests. The start up business must have a credit score properly 680 or higher and will have a much smaller success rate in obtaining bank financing. The business start up is a high risk factor and must adhere to higher lending standards.

Most banks and financial institutions offer loan and/or lease programs. The difference is that the loan programs 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 of the dump truck cost.

On the loan and lease programs for a dump truck applicant, the applicant must investigate whether the bank and/or financial institution considers this a qualified asset which they will lend on. Most lenders like this type of asset but others may specialize in other industries such as medical and transportation such as limos, limo buses, ambulances etc. Some Lenders will only lend up to ten years based upon the age of the truck where others may extend beyond this parameter. Loans and leases usually run anywhere between 36 -60 months based upon the age of the dump truck. Another factor to consider in the financing area, many dump trucks are what they call conversions. The chasis of the dump truck and./or the road truck may be given a new dump box. Obviously this dump box is new but the chasis could be as old as ten years old. Lenders are particular in this area and may not accept a converted dump truck. Obviously, please check with your lender to ascertain their lending guidelines.

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 lengthly paperwork process to obtain your financing. Recently, some of the lenders have changed their computer qualification models and accept application only programs. This means there are no income tax returns required, time consuming personal fianancial statments needed, and other key documents either prepared and /or requested. This program is usually geared for the seasoned business but there are start ups applications programs available as well. These application lending programs usually run from $20,000 to $250,000. It is important for the dump truck applicant to check out all the lending programs available. The collateral of the financing is the dump truck and usually no additonal collateral is required. The minimum credit score required for all dump truck applicants may start as low as 575.

The last thing you should be aware of is dealer/financing inventory programs. What this means, the lender has repos and/of a 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 execellent buying and financing opportunity.

When you are shopping for dump truck financing, consider the following, the front money, the monthly payments, what collateral is required, and what the buyout clauses mean. Also, make sure you have a good source of income coming from a contract and/or other methods. Remember, whatever lending program you select, there is more than likely a personal guranatee required.

Happy hunting for your dump truck and its related financing…..



QUINTIN

theloandude asked:


Tow Truck Financing |  Call us at 800-778-2073

 

 

 

Is your company looking for tow truck  financing?   At IFS Equipment Financing we have been offering financing and leasing on tow trucks for over 10 years.   

 

There are several  tow truck  financing  plans available.     These are the most common tow truck  financing programs available, and they all can be done with 12, 24, 36, 48 or 60 months depending on the age of the equipment: 

 

1.       Simple-Interest Loan:    Most customers today, unfortunately, go to their local bank to obtain a simple interest loan for the tow truck financing they need.    Normally, it is quick and easy to obtain this type of loan but the customer doesn’t realize that they might be tying up funds or loans they may need in the future from that bank.  

 

2.       $1.oo-out Lease:  One of the most common types of tow truck financing done today is called the $1.00-out lease.  In this case, the customer intends to own the equipment at the end of the lease term and doesn’t want to pay anything extra (residual) at the end of the lease. 3.       10 % or 20% Residual Lease:  This is another highly common form of tow truck financing available to customers.  The goal is to keep the equipment at the end of the lease term but to keep monthly payments at a minimum.  At the end of the term the customer usually has the option to pay the 10% or 20% residual (buy-out), finance it, or give the equipment back. 

 

4.       FMV Lease:  In this form of tow truck financing, the customer has no interest in keeping the equipment at the end of term and the main goals are to keep the monthly payments as low as possible and to write-off each payment as leased, or rented, equipment.   If the customer does want to keep the equipment, this is the riskiest and most expensive option they can choose. 

 

Whether you are purchasing a new or used tow truck from a dealer, a company, or from a private individual, we can help you with any of these types of tow truck financing.   We work with most types of credit and equipment, so there’s a good chance we can get something done for you. Call us with questions on leasing or to compare quotes on what you are already receiving.   We look forward to helping you with any of your tow truck financing needs.



MOHAMED

Chris Fletcher asked:


Dump trucks are one of the largest road vehicles and are obviously needed to carry dirt, debris etc from one place to another. They are essential for sanitation companies, landscape companies, construction businesses and so on. Since the dump trucks offer multiple functions, they are pricey. Hence, dump truck financing is often called for.

There are various types of dump trucks. Articulated dump trucks help in transporting stones, gravel and other building material from one location to another. They can carry loads and dump them in any place required. The articulated dump truck has some special features like strong design and ability to work on all terrains. Due to the specialized nature, they cost high and articulated dump truck financing is the best option to acquire them.

Off road dump truck is yet another type which is important in mining work. It can carry heavy loads like rocks and dump them wherever they are needed. They are rugged and strong and their tires are larger than a person. They are indispensable for pulling and dumping heavy dirt and rocks. They are extremely expensive and so the companies look for dump truck financing to get them.

Super dump truck helps in carrying heavy loads to the maximum of 32 tons. This truck has longer distance between its rear and front axles in order to spread out the total weight. It is bigger in size and is useful in various operations. However it is quite pricey and dump truck financing is one of the best options to avail it.

Mining truck is another type of dump truck which is highly useful in mining industry. It can haul heavy loads and dump them wherever required. It is strong and rugged and the size of its tire is bigger than that of a human being. Since it has strong design that carries any heavy loads, the cost of mining truck is more. Hence many businesses often find dump truck financing profitable.

Side dump truck performs the same function of carrying loose material and dumping them anywhere required. However it can dump the loads at the right or left side. It is highly useful in transporting sands, gravel and other heavy dirt materials. It has a strong design and helps in saving time in the process of unloading. Its high cost requires dump truck financing from any of the reliable financing companies.

Transfer dump trucks are useful in transferring loads. They have certain advanced features of maneuverability and extra payloads. Due to their specialized nature, they are extremely expensive. Hence many companies prefer dump truck financing to acquire them.

Since dump trucks do not play a direct role in generating revenues, many companies consider seeking the help of financing companies to acquire them. The reliable financing companies have experience in truck financing and so they can understand the need of dump trucks by companies. Hence they provide financial assistance without any tedious procedures. A simple application form is enough to get approval for the required amount. Normally the financing companies directly finance the vendor specified by the companies. The companies can then repay the amount in easy monthly installments.



WYATT

Chris Fletcher asked:


Vacuum and sweeper trucks are often referred to as street cleaners. They are rarely used by sanitation companies to clean the street. It is really uncommon to see a vacuum and sweeper truck on road side. It is unique in nature. However they offer valuable services to sanitation companies. Since it is not a common vehicle, banks and traditional financial institutions may not be willing to provide vacuum and sweeper truck financing. But there are some genuine financing companies that have experience in equipment financing. They can understand the need of this vehicle and can provide financial assistance.

There are various types of vacuum and sweeper trucks. Liquid vacuum trucks are used to remove liquid wastes including dangerous liquids. The removed liquid wastes can then be transported and disposed by the truck in some other location. The construction companies and environment cleaning up organization can find it very useful. They can remove even oily liquid wastes and leave the place neat. They save much time in cleaning process. However their specialized nature adds cost to it. Hence many companies prefer vacuum and sweeper truck financing to acquire them.

Semi solid vacuum and sweeper trucks perform the same functions of liquid vacuum trucks. But they have the ability to clean semi liquid wastes along with removing the liquid wastes. They save much time and effort in cleaning tasks. They help leaving the place tidy. Due to their sophisticated nature, they carry a high price tag. Hence semi solid vacuum and sweeper truck financing is often desirable.

All street sweeper trucks are used to clean any surfaces. Government organizations and sanitation companies find them very useful. They have added advanced features like flexibility and high cleaning capability. They have rotating brushes and powerful water jets to clean the street thoroughly. Due to their sophisticated nature, they are quite pricey. Hence many companies look for vacuum and sweeper truck financing to acquire them.

Vacuum and sweeper trucks provide invaluable service for sanitation companies to clean any surfaces with less effort. Their advanced features ensure fast cleaning. They have ability to clean any type of wastes. Though essential, they are quite costly and the sanitation companies hesitate to buy it on their own. They can receive only negative answer from banks and traditional financial institutions. However the valid financing companies that have greater experience in the field can offer necessary help.

Vacuum and sweeper truck financing is becoming easier nowadays due to such reliable financing companies. They accept online application form and they provide fast approval for the desired amount so that the company can acquire the truck quickly. Sometimes the company can acquire the vehicle even on the same day of application.

These financing companies do not require any cumbersome procedures and so the sanitation companies can get the amount they require to buy vacuum and sweeper truck easily. Since the financing companies offer assistance at low interest rates, they can repay the amount in easy installments. The truck can also help generating higher revenues. Hence investing ion this truck is not an expense but a way to earn more profits.



RUDOLPH

Robert Jacobs asked:


Lessors typically are interested in four key areas when underwriting a truck equipment lease application:

1)Credit History of the applicant(s). Lessor wants to be assured that the guarantor has a history of paying their bills and that they do not have any liens that would take priority should the lessee encounter some financial difficulties and can’t make payments.

2)Time In Business (TIB). The lessor is looking for at least 2 years in business so that they can confirm that there is a sufficient monthly revenue stream generated by the business to make payments on the truck(s).

3)Cash Reserve in the bank. Again, the lessor is concerned about ability of the lessee to make payments should there be dips in the revenue stream. Lessors typically look for bank reserves that are at least consistently equal to the amount of the monthly payment.

4)Type of Truck. There are all kinds of work trucks. Without naming all of the kinds of trucks that can and are lease-financed, suffice to say that ANY over-the-road tractor/trailers are the most risky for the lessor to finance. Why? Simply stated, the nature of being on the road many hours each day on the open highways make it risky for a lessor to finance the purchase. The risk of the truck being involved in an accident is greater to the lessor. While the truck is always insured, there is also always a greater risk to that equipment due to the hazards of the open road.

Memo: Depending on how conservative the lessor’s underwriting parameters, there can be other screening elements that are considered for a truck lease application. However, these are the four main considerations that an owner-operator must understand/address before applying for lease-financing.

Let’s examine each of these four underwriting elements and determine what, if anything, can be done by the owner-operator to off-set any negative derogatories.

1)Credit history. Regardless of the nature of the business, this is a major, if not THE major item that can cause the new trucking company to get turned down. This credit hurdle must be satisfied before any hope of getting lease-financing can be achieved. However, there are ways to off-set a low score on credit.

The easiest and most secure for the lessor is to have co-guarantors to secure the deal. Some lessors are more specific about who the co-guarantor can be. Some will want a co-guarantor from the trucking industry, with a track record of success. Others are less specific and will accept anyone who has a good credit score and is willing to co-guarantee the financing.

Note that some lessors have a very mechanical scoring method to determine whether or not all guarantors have sufficient credit depth to qualify. Other lessors are not as concerned about the hard score (FICO) as they are about the STORY behind the score.

So, if turned down, try another leasing source. Don’t overlook alternate sources for lease-financing. There are sources other than banks or the captive leasing arm of the truck dealer. These alternate sources are always more flexible in their underwriting parameters. There are sources that will even lease-finance private party transactions.

2)Time In Business (TIB). Without sufficient TIB, lessors have no company history to give them a warm fuzzy feeling that they will get paid. So, in addition to the truck that is being lease-financed, the lessor (those that will) will look for additional collateral to secure the financing.

This will often have to be real estate (considered to be the most secure form of collateral). Others will accept equipment that is 100% owned by the lessee. However, keep in mind that lessors will often limit the Loan to Value (LTV) to $0.25 on the dollar on used equipment.

Some lessors will accept Sole Proprietors with 2 years in business if they can prove TIB with 2 years of Schedule C’s from their tax returns AND the owner is willing to reorganize as a Limited Liability Company (LLC).

3)Cash Reserve. As the trucking company is new, there is apt to be little cash reserve in the bank. There are exceptions to this, as some start-up trucking companies are well financed and have anticipated the lessor’s requirements in this area. Lacking the required business reserves, the owner(s) or co-guarantors will have to have sufficient reserves in their personal checking accounts.

Some lessors, who are less conservative, will sometimes accept personal reserves to off-set lack of business reserves. This one of the reasons that guarantors have to personally guarantee the lease-financing.

4)Type of Truck. There is no solid off-set to risk for an over-the-road truck, other than the three areas mentioned above. The stronger the other 3 items, the more apt the lessor is to approve the start-up, over-the-road owner-operator trucking company. In addition, some conservative lessors insist that the new trucking company be organized at least as a Limited Liability Company (LLC), to further protect the company assets.

In summary, start-up owner-operator, over-the-road trucking companies can get lease-financing to acquire their trucks. However, they need to focus on these four areas and shore up the strength of each of these key items to bolster their chances of getting approved. If weak in any one area, the other areas have to very strong to off-set that weakness. Regardless of which lessor that will ultimately fund these type transactions, the lessee is not going to enjoy bank rates because of the risks involved.



MAN

James Martin asked:


siness establishment, transportation of the finished goods and product is very much important. Arranging transportation on a day to day basis is very cumbersome and very often the charges fluctuate depending on the market. It becomes entirely difficult for you to maintain a planned budget. Instead of facing these inconveniences regularly, how about purchasing a truck on your own? These days, there are lots of lenders who are offering Truck Finance at very easy terms and conditions.

The finance is mainly designed to assist you provide the requisite finance, so that you can purchase a truck, so that you can transport the finished goods to the market without facing too many obstacles. You can source these loans from all the prominent lenders based in the physical as well as online market. With this finance, you will be able to purchase a new truck or a used truck as per your need and requirement.

You can avail this finance basically in secured and unsecured form. in case of secured form of the finance, you have to pledged the truck as collateral to secure the amount. By placing collateral, you will be able to source the finance at comparatively low interest rate. On the other hand, unsecured form of the finance can be availed without attaching any collateral. Since the amount is approved without any security, this loan option has a marginally high rate of interest.

The amount approved under the finance is around 80-90% of the total amount required and is largely based on your income and repaying capability. The repayment tenure is short and lasts for a period of 5-7 years.

To get feasible terms and conditions on the finance, you can use the online mode. it is free from any documentation and is hassle free. The processing is fast and results in its quick approval. By taking a proper research and comparing the rate quotes of various lenders will help you obtain a lucrative deal.

Truck finance not only helps you to procure a truck on your own, but also assists to save a considerable amount of money which you have been paying earlier on transportation. With a truck available at your side, you can easily transport the goods at whatever time you like and make profit.

STACEY

Rick Reed asked:


As buyers have been disillusioned with higher gas prices, food cost worries and personal housing problems, some of the lenders with these excess inventories have also come up deferred payment programs, As an additional dealer/lender incentive, a down payment is required from the customer but the second payment may be deferred up to 75 days, for a selected inventory group, Check an example below:

Your have access to this great opportunity from a Dealer/Lender on their off lease and repos. Lessees can maximize their earning potential by deferring your first payment after funding for no less than 60 days. Gives the customers an opportunity for even more earning potential in the first months of their lease!

Here’s how it works:

- Lessees choose an asset from the list that is available from the dealer. - Complete all normal documentation for funding and submit it to the lender

Complete a special addendum and submit it as a part of your documentation package. Complete the above steps and you are able to push out their first payment after funding for at least 60 days (up to 75 days, depending on date of funding). Take advantage of this unique opportunity now. To be eligible, the deal must fund by July 31, 2008.

- When you pick up your equipment, you will drive off with a $300 fuel card in their pocket!

Program Benefits for All Lessees and Assets

Waived processing fee - $0 processing fee means only the first payment is required in advance . - Start-ups and challenged credit commonly approved on all equipment types. - All ages and types of companies are eligible for approvals on the inventory, including start-ups and proprietorships for over-the-road trucks and trailers and forestry equipment - First payment in advance only - Documentation and up-front payments must be received by July 31, 2008.* 60-Month Financing for All Ages of Equipment - Extend the term length for lower monthly payments. - Extend the term length for a lower first payment due in advance.

Take advantage of these specials today!

As you see from this example, these concessions could sway the buyer for making a consideration for this program. No payments up to 75 days can be a stimulus to a sagging sales force. Additionally, other lenders are giving away gas cards as well to entice the deals. First Payment Only programs, no payments for 75 days, 60 months to repay regardless of age, favorable buy out clauses, easier credit qualifications, prior bankruptcies waived, additional co-signors ok, and start up businesses welcome are just some of the changes the dealers must consider to get the buyers’ interest.

The type of items we are going to identify as potential deals for the customer are the following:

Dump trucks, flatbed trucks, grapple and landscape trucks, fuel and lube trucks, bucket and boom trucks, over the road and day cabs, water trucks, tow trucks, box vans and straight trucks, dry van and reefer trailers, end and bottom dump trailers, flatbed trailers, backhoes, bulldozers, crawler tractors, forestry equipment, excavators, forklifts, and other type loaders.

In conclusion, this is a buyers market for commercial trucks, trailers, and construction equipment. Check out all the deals in the market and make sure that you have a stable income base to assume whatever debt that you may occur.

Happy hunting for your acquistion.



WINFRED

Chris Fletcher asked:


Garbage trucks are essential for sanitation companies to transport wastes to recycling centers or to some other places. These trucks come in different configurations to suit various purposes. They are unique in nature and they can be used for limited purposes only. Due to their unique nature, they are highly expensive. However any banks or traditional financial institutions would not be willing to finance garbage trucks. Hence a specialized financing company that has experience in various types of equipment is required to seek garbage truck financing.

There are different types of garbage trucks to dispose different types of wastes. Front loader truck is a garbage truck which has fork like structure at its front. These forks help lifting the garbage bin to deposit wastes inside the container in the truck. The truck can contain large portions of wastes since they compress them tightly inside the container.

Rear loader truck is yet another garbage truck that can carry wastes at its rear side. The wastes need to be dumped by the service workers. It is the largest form of garbage trucks used in many places. They are expensive and so the sanitation companies need to go for garbage truck financing.

Roll off truck performs the same function of other garbage trucks. Additionally it has the capacity to raise their bed and roll off the container on the unloading area. At the same time, another container would be put on the truck to accept another load of wastes. Due to this special nature, the truck carries a high price tag. Hence companies prefer garbage truck financing to acquire it.

Grapple truck is another type of garbage truck which has the ability to haul heavy wastes. It has a grappling arm to lift the bulk wastes and it can also lift and empty the garbage bins. The truck is rugged and strong and so it is much costlier. Traditional financial institutions would not be ready to finance these trucks. Hence seeking the help of some other legitimate financing company that has good experience in the field is essential for garbage truck financing.

Recycling truck also performs the same function of other garbage trucks. But they accept specialized wastes like glass, asphalt, plastic, paper etc and transport them to recycling centers. Recycling trucks are extremely expensive and so most of the companies prefer seeking finance to acquire these garbage trucks.

Side loader trucks are another type of garbage trucks that accept wastes in sides. They are built with special narrow design in order to carry wastes in residential areas and even within buildings like warehouses.

Garbage trucks due to their specialized nature and limited scope do not attract many of the financial institutions. However there are some valid financing companies that understand the need of these trucks. They offer financial assistance in better terms. There would be no red tapism in getting approval for the desired amount. They require minimum application procedure only. Hence companies can seek their help to acquire garbage trucks.



PIERRE

Chris Fletcher asked:


Mixer trucks are tougher and comfortable vehicles. They help meeting most of the concrete business requirements. They are powerful trucks helpful in larger mixer applications and also in challenging sites. Therefore they are invaluable tools in a construction work site. Due to the specialized as well as sophisticated nature, they are quite expensive. Hence mixer truck financing is often necessary.

Mixer trucks though vitally important for concrete business have limited scope in other businesses. Hence traditional financial institutions may not be ready to provide assistance to acquire them. It requires some experienced approach of any reliable financing company that can provide mixer truck financing.

Though mixer trucks have been in existence for longer period of time, they have been added some advanced feature to increase the capability and flexibility. Cement transport trucks and concrete pump which come under the category of mixer trucks are indispensable for construction business. Cement transport trucks help in keeping the cement mixture in liquid state during transit. Therefore the cement would be in ready state when the truck has reached the site. The concrete pumps are then used to transport the mixture in the required site. This helps saving much time and effort.

Mixer truck therefore helps to save time and labor. There are various types of mixture truck s like front discharge concrete trucks, rear discharge concrete trucks, volumetric concrete trucks, in transit concrete trucks and so on. The construction companies require any type of these trucks depending upon the size and nature of their work. Since they are highly used in various purposes, they are extremely expensive. Hence mixer truck financing is essential to acquire it.

Mixer truck financing requires expertise approach. Many financial institutions may not be willing to provide assistance due to lack of knowledge about the trucks. However there are some genuine financing companies that have vast experience in financing trucks. They can understand the need for mixer trucks in a concrete business. Hence they are ready to provide financial assistance in better terms.

While searching for reliable financing companies that can help in mixer truck financing, the construction company needs to consider that the financing company has at least 10 years of experience in financing trucks. Their experience can help to understand the urgent need of mixer trucks in a concrete business. It can really benefit the construction company to get financial assistance at low interest rates. The company can acquire small or giant trucks essential for their business easily.

The valid financing company does not require any long tiresome application process. There are some reliable companies that accept even online application. The company needs to submit the online application with necessary details. Then the financing company can arrange for mixer truck financing within short period of time. Sometimes the construction company can get financing within few hours. Normally they fund the vendor the construction company has selected directly. Then the company can get immediate delivery of mixer trucks at their site. Hence the companies can acquire any number of sophisticated mixer trucks immediately.



RICO