Your Guide to Lift, Boom and Areal Trucks Financing.
A boom truck and a boom lift truck, while similar in some ways, are distinct pieces of equipment used for different purposes.
Boom Truck
A boom truck is a commercial truck with a hydraulic crane (boom) attached. The crane can be used to lift and move heavy materials. They are commonly used in construction, utilities, and various other industries requiring heavy lifting.
Features:
- Hydraulic Crane: Mounted on the truck, capable of lifting heavy loads.
- Versatility: Often includes a flatbed for transporting materials.
- Applications: Lifting building materials, utility work, and other heavy lifting tasks.
Financing Considerations:
- Higher Cost: Typically, more expensive due to the crane and additional features.
- Use Case: Best for businesses needing heavy lifting capabilities in various locations.
- Depreciation and Maintenance: Factors to consider for long>term financial planning.
Boom Lift Truck
A boom lift truck, also known as a cherry picker or aerial lift, is designed to lift workers and their tools to elevated work areas. It’s primarily used for accessing hard>to>reach places, such as tall buildings, trees, or utility poles.
Features:
- Articulating or Telescopic Boom: Allows for flexible positioning to reach high or awkward areas.
- Work Platform: Equipped with a basket or platform where workers can stand and operate tools.
- Applications: Used in maintenance, installation, and construction tasks requiring elevated access.
Financing Considerations:
- Cost: Generally, less expensive than boom trucks, though prices vary depending on height and reach capabilities.
- Use Case: Ideal for businesses focused on maintenance, installations, and tasks requiring elevated access.
- Depreciation and Maintenance: Important for budgeting, though typically less intensive than for boom trucks.
Key Differences
- Purpose: Boom trucks are primarily for lifting heavy materials, while boom lift trucks are for elevating workers and tools to high places.
- Design: Boom trucks have a crane for lifting heavy loads; boom lift trucks have a platform or basket for worker elevation.
- Cost and Financing: Boom trucks tend to be more expensive due to their heavy lifting capabilities, impacting financing options and terms.
Boom Trucks
- Construction: Used for lifting and transporting heavy materials such as steel beams, concrete blocks, and large construction equipment.
- Utility: Employed in the installation and maintenance of electrical lines, telephone lines, and other utility services.
- Oil and Gas: Used for handling heavy equipment and materials on drilling sites.
- Forestry: Utilized for lifting and transporting logs and other heavy forestry materials.
- Aerial Trucks (Aerial Lifts/Cherry Pickers)
- Telecommunications: Essential for installing and maintaining telecommunication lines and equipment.
- Utilities: Widely used for electrical line maintenance and repair.
- Building Maintenance: Used for window cleaning, facade maintenance, and other high-reach maintenance tasks.
- Tree Care: Employed in tree trimming and removal services.
Lift Trucks (Forklifts)
Industries:
- Warehousing and Distribution: Central to moving and stacking pallets and other materials within warehouses.
- Manufacturing: Used to transport raw materials and finished products within manufacturing facilities.
- Retail: Employed in large retail settings, such as warehouse clubs and big-box stores, for stocking and inventory management.
- Construction: Utilized on construction sites to move materials around the site efficiently.
- Boom Trucks: Most prevalent in the construction, utility, oil and gas, and forestry industries due to their heavy lifting capabilities.
- Aerial Trucks: Common in telecommunications, utilities, building maintenance, and tree care for their ability to elevate workers to high and hard-to-reach areas.
- Lift Trucks: Dominant in warehousing, distribution, manufacturing, retail, and construction for their material handling capabilities.
Understanding these differences helps in selecting the right equipment for your business needs and in making informed decisions regarding financing. Each type of truck serves a specific niche and is critical to the operations of the industries that rely on them.
Financing your boom lifts, lift trucks, forklifts, aerial lifts, and scissor lifts involves several steps and options.
Here’s a detailed guide on how to finance both new and used equipment:
- Determine Your Needs and Budget
- Identify Equipment: Know exactly what type of equipment you need (e.g., boom lift, forklift) and its specifications.
- Budget: Determine how much you can afford to spend and whether you prefer new or used equipment.
- Research Financing Options
- Equipment Dealers: Many equipment dealers offer financing options directly. They often have relationships with lenders and can provide competitive rates.
- Banks and Credit Unions: Traditional lenders can offer equipment loans. It’s beneficial to have a good credit score and a solid business plan.
- Equipment Financing Companies: Specialized lenders focus on equipment financing and leasing. They understand the value and utility of the equipment and can provide tailored solutions.
- Leasing Companies: Leasing can be an alternative to purchasing, allowing you to use the equipment for a specified period while making regular payments.
- Prepare Documentation
- Business Information: Business plan, financial statements, tax returns, and proof of ownership or partnership.
- Personal Information: Personal financial statements, tax returns, and credit reports for small business owners or sole proprietors.
- Equipment Information: Details about the equipment, including make, model, age, condition (for used equipment), and vendor/seller information.
- Apply for Financing
- Application Form: Complete the financing application form provided by the lender.
- Submit Documentation: Provide all necessary documentation as per the lender’s requirements.
- Credit Evaluation: The lender will evaluate your creditworthiness, which may involve checking your credit score, business financial health, and overall risk.
- Review and Compare Offers
- Interest Rates: Compare the interest rates offered by different lenders.
- Terms and Conditions: Look at the loan term length, monthly payment amounts, and any fees or penalties.
- Repayment Flexibility: Check if the lender offers flexible repayment options that align with your business cash flow.
- Finalize the Agreement
- Negotiate: If possible, negotiate the terms to get the best deal.
- Sign Agreement: Once you’re satisfied with the terms, sign the financing agreement.
- Receive Funds or Equipment: Depending on the arrangement, you’ll either receive the funds to purchase the equipment or get the equipment directly from the dealer.
- Post-Financing Steps
- Insurance: Ensure the equipment is adequately insured.
- Maintenance Plan: Set up a maintenance plan to keep the equipment in good working condition.
- Monitor Payments: Keep track of your repayment schedule to avoid missed payments and penalties.
Financing Specific Equipment Types
Boom Lifts and Aerial Lifts
- Specialized Financing Programs: Look for programs tailored to construction and maintenance industries.
- Lease-to-Own Options: Many dealers offer lease-to-own options, making it easier to eventually own the equipment.
Lift Trucks and Forklifts
- Vendor Financing: Many manufacturers offer financing directly through their dealers.
- Seasonal Payment Plans: Some lenders provide seasonal payment plans that align with your business’s busy periods.
Scissor Lifts
- Short-Term Rentals: If you need the equipment for a short period, consider renting instead of buying.
- Operational Leases: These leases can be an affordable option if you plan to upgrade equipment regularly.
Tips for Successful Financing
- Good Credit: Maintain a good credit score to get better interest rates and terms.
- Shop Around: Don’t settle for the first offer. Compare different lenders to find the best deal.
- Understand Depreciation: Be aware of how the equipment’s value depreciates over time and its impact on resale value.
Ask About Our Financing Promotion:
Liberty Capital accommodates clients with to financing options that will yield very little working capital outlay.
Here’s our current promotion to save on cashflow.
- $99 for the first 6 months: Requires only $99 to start
- 90-day Deferred Payments
- $0 Down Equipment Financing
What you get when you finance your next boom truck with Liberty Capital.
Fast simple online application. No financials up to $250,000. Corp-only (no personal guarantee).
Here are the benefits to financing your next used Flatbed trucks.
- 120% equipment cost
- Up to $5,000,000 with financial statements
- Next-day funding approval
- 12 – 72-month fixed payment terms
- No down payment required for qualified borrowers.
- Lowest Rates in the industry for qualified borrowers
- Eligibility for all new and used equipment financing.
- Will not appear on personal credit reports.
- No pre-payment penalties
- Other off-balance sheet financing – Fair Market Value, 10%
- Lease – $1 buyouts.
- Equipment Finance Agreement
Equipment Financing and Leasing commercial Trucks.
- Off balance sheet financing – Fair Market Value, 10% FMV
- Capital Lease – $1 buyouts.
- Equipment Finance Agreement
- Lease Rental Purchase Option (RPO)
Overall, equipment financing and leasing solutions from Liberty Capital Group, Inc. will enable you to have the right funding partner. Liberty Capital Group, Inc. has served small businesses for over 20 years. We specialize in financing new or used service trucks, boom trucks, lift trucks and other business-related commercial vehicles.
Let us help you get the right financing.
What do I need to apply?
ONLINE APPLICATION: Please complete our initial application, upload documents (invoice if you’re buying equipment) for quick approval. We
do soft-inquiry, and our lender will do hard inquiries once you are approved and funded.
If you are looking for fast working capital funding, please upload 3-4 months bank statements, voided check and driver’s license for expedited funding. Thank you. We look forward to working with you. Call should you need immediate assistance.