VIDEO: Dump Truck Financing – Know Your Options
What is Dump Truck Financing, Exactly?
Dump truck financing is a form of equipment financing that allows business owners to borrow capital to purchase a dump truck and pay that capital back gradually—plus interest—while the dump truck acts as collateral for the very loan that financed it.
The amount you qualify for in dump truck financing will depend on your business credentials and the cost of the dump truck you’re hoping to purchase or lease. Additionally, dump truck financing terms for repayment will depend on the quality and projected life of the dump truck in question.
Dump Truck Landing Page:
If you’re familiar with the structure of an auto loan, then you’ll easily understand the similar structure of how dump truck financing works. The collateral that the dump truck provides for its own financing means that the dump truck financing companies take on less risk—the collateral means they’re more likely to recoup their money should you have to default on your dump truck financing. As a result, dump truck financing terms will be more ideal, and dump truck financing will be easier to qualify for. (OAC)
Even if you have the cash to buy a dump truck for your business upfront, accessing dump truck financing could seriously save your business’s cash flow from the stifled months that typically follow such a big purchase. And with the lower interest rates, longer repayment terms, and more accessible funding that dump truck financing provides, it will likely be easier and more cost-effective to take on than you’d expect.
Your Top Options for Dump Truck Financing
Now that we’ve covered how dump truck financing works exactly, it’s time to start considering it more practically. If you like what you hear about this type of financing, it’s time to understand your top dump truck financing options. Give us a call so we can talk through the financing amounts, rates, terms, and requirements. Our finance manager, Dan Lund can be reached at 949.225.1718.