Your Guide to Boom Truck Financing
A boom truck. lift trucks, and boom lift equipment are distinct pieces of equipment used for different purposes. Many industries carry this type of equipment in their fleet for contractor and subcontractors. However, when it comes to financing, we don’t treat the differently. We can finance them up to 5 years with monthly payment for any new or used boom trucks, boom lifts and lift trucks. This will guide you on how to get the best business financing for you next equipment purchase.
Compare types of financing available for boom trucks.
Feature | Business Loans | Equipment Leasing | Equipment Financing |
Ownership | 50% | 100% | 100% |
Initial Costs | $0 | Low to moderate | Varies |
Monthly Payments | Monthly, Daily, Weekly | Monthly | Monthly |
Credit Minimum: | 500 | 600 | 650 |
Fund Disbursements | Client | Vendor | Vendor |
New/Used Equipment | n/a | Yes | Yes |
Maximum Term | 24 months | 60 months | 60 months |
Time in Business | 3+ years | Startup OK | Startup Ok |
Interest Rates | Moderate | Low | Low |
Application Only | $150K | $250K | S250K |
Loans Types Available to Your Business
Factoring | Line of Credit | |||
Credit Score | Credit Score | Credit Score | Credit Score | Credit Score |
600+ | 550+ | 600+ | 650+ | 650+ |
Time in Business | Time in Business | Time in Business | Time in Business | Time in Business |
Any | 12 months+ | Any | 12 months+ | Any |
Monthly Revenue | Monthly Revenue | Monthly Revenue | Monthly Revenue | Monthly Revenue |
$10,000+ | $20,000+ | Startups Ok! | $20,000+ | Any |
Loan Amount | Loan Amount | Loan Amount | Loan Amount | Loan Amount |
$20k+ | $1k – $3MM | $20k – $5M | $100k+ | $250k+ |
Starting Discount Rates | Starting Rates | Starting Rates | Starting Rates | Starting Rates |
1-5% | 7% – 18% | 8% – 36% | <10% | 7% – 18% |
Collateral | Collateral | Collateral | Collateral | Collateral |
Invoices | Unsecured | Equipment | Unsecured | Property |
Boom Truck vs. Lift Truck
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.
Specific Equipment Financing for Boom Trucks
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 Boom Trucks
- 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.
By following these steps and considering various financing options, you can secure the necessary funds to purchase or lease the equipment essential for your business operations. Liberty Capital Group, Inc. Can you guide through the funding process for any of your new or used commercial truck, boom truck, lift trucks or any other service trucks when it comes to financing and leasing. APPLY TODAY.
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 boom 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?
Liberty Capital is committed to helping small business owners acquire the heavy equipment they need to thrive. So, we make it simple for you to apply using our Simple Application
Join the thousands of businesses that have trusted Liberty Capital Group with their financing needs. Let us help you achieve your business goals and take your business to new heights.
What do we need?
To get a free quick no obligation loan offer analysis, we would need the following: but subject to additional info depending on the loan type, amount and your credit profile.
- ONLINE APPLICATION
- Recent bank statements
- Last Years Tax returns
- Current financial statements
