financing equipment
Trucking Finance: Tractors & Trailers, Straight/Box Trucks, Sprinter Vans
- New and pre-owned tractors and trailers.
- Simplified credit application with quick approvals.
- Flexible terms and down payments.
- Seasonal payback schedules to fit your cash flow pattern.
- Repayment terms for trailers from 24 to 72 months depending on your business needs.
- Fixed, floating rates, or a combination of both.
- Lines of credit available for equipment purchases.
Major Truck Engine Overhauls
- We Finance Great to Challenged Credit
- Quick Approvals Get You Back On The Road FAST
- SIMPLE, LOW Monthly Payments You Can Afford
- Truck Engine Overhauls With Any Credit
- PEACE OF MIND – Coast to Coast Manufacturer Warranty
- Call Now – We’re Available 24/7!
We Finance Dump Trucks Quickly and Easily
- We finance dump trucks of any make and model
- We finance new or used dump trucks
- Great Financing Rates For Great Credit!
- Dump Truck Financing with bad credit, even bankruptcy!.
call us today 312-473-4163
Heavy Equipement Types
- Bulldozers
- Cement mixers
- Conveyors
- Cranes
- Excavators
- Forklifts
- Graders
- Threshers
- Tractors
- Wheel loaders
Heavy Equipment Leasing With Bad Credit Vs. Good Credit
Costs to lease heavy equipment are depend on the amount of "risk" involved with the transaction.
It will be more expensive to lease or finance equipment with bad credit than good credit.
Probably half of the people we speak to that tell us they have "bad" credit don't really have bad credit, they have "ok" (but not great) credit, which makes a big difference in financing costs.
By "ok" credit, we're talking 640 or so.
Let's use an example of a $50,000 machine.
What would leasing costs be for 4 years based on good, ok, or bad credit?
Assuming you've been in business a while, here are some examples.
- With good credit (at least 675), costs would be somewhere around $1,100 a month
- With "ok" credit, 640-675, costs would likely be near $1,450 a month
- With marginal credit, 600-640, costs would be closer to $1,650 a month
- With bad credit, under 600, costs are going to be $2,450 a month or so
Should you do a Loan or Lease Heavy Equipment
It all depends.
If your accountant looked at the numbers, he or she might tell you the lease is the smarter move.
Here's the difference:
A loan means you own the equipment at the end.
A lease means you'd pay a residual if you wanted to keep the equipment after your last payment.
Leases will have lower payments than a loan, but that's not the reason why they tend to be the smarter option.
On some leases, you can write your entire payments off as an operating expense, which can save significant dollars when looking at your total financing costs.
Let's take the example of excavator leasing. If you leased an excavator over 4 years for $75,000 (owing $7,500 at the end if you chose to keep the equipment), depending on your credit and some other factors, if your credit is pretty good, maybe your payment would be $1,975 a month. Let's assume your tax rate is 30% and break down the numbers.
- Total payments - $94,800
- Tax savings over lease term - $28,440
- After tax payments - $94,800 - $28,440 = $66,360
Remembering that you will still owe $7,500 at the end, meaning you really financed $67,500, your total finance costs after accounting for taxes come out to negative $1,140.
That's pretty good.