Your Guide to Used Bucket Truck Financing
Bucket trucks and boom trucks are both types of utility vehicles commonly used in construction, maintenance, and various other industries. While they share some similarities, they serve different purposes and have distinct features:
Bucket Truck (also known as Aerial Bucket Truck or Cherry Picker): Bucket trucks feature a hydraulic-powered bucket or platform attached to a hydraulic boom.
The bucket is typically enclosed and has controls for the operator to raise, lower, and rotate it.
These trucks are primarily used for tasks that require personnel to work at heights, such as tree trimming, utility maintenance (e.g., power lines), and building maintenance. The bucket provides a safe and stable platform for workers to perform tasks at elevated heights.
Bucket Truck (also known as Lift Truck or Telescopic Boom Truck): Bucket trucks have a telescopic boom that can extend horizontally and vertically.
They are equipped with a crane or hoist mechanism attached to the end of the boom.
Bucket trucks are used for lifting and moving heavy materials or equipment, or for material handling companies, such as loading and unloading cargo, construction materials, and machinery.
During the COVID 19 supply-shortage, commercial trucks including bucket trucks, boom trucks. lift trucks, utility trucks, were also affected, causing prices to go up, and, thus, making it less affordable without the used commercial truck financing. Afforded to small businesses who doesn’t have the access to liquid working capital or savings or a line of credit to gain to capital to purchase new or used equipment, equipment financing became and still is a critical part of any business cashflow management. Inflation hit the hardest in the heavy duty equipment, heavy duty truck and many other heavy duty machinery, many small business where priced-out from big corporation increasing the pent up demand thus prices will naturally go up. It’s all about supply and demand. It means that it becomes less and less affordable to access heavy equipment without using some form of funding. Due to increase in prices of heavy equipment or heavy-duty trucks, it indeed translated to higher prices for consumers.
Used boom truck or used equipment do not typically have the same price increase as other assets, but owning heavy equipment can be an investment and a wealth builder for most small businesses. Instead, they have a hook for lifting and moving your working capital or operating capital into real asset by utilizing financing and leasing to give them ownership and free and clear title upon termination of the financing term. Once owned, it can liquidate or sell to gain access to capital if you are no longer using the equipment. Boom Truck Financing is the best way to gain asset without having to put out money upfront. It retains its value. You can let the equipment pay for itself.
In summary, the main difference between a bucket truck and a boom truck lies in their primary functions and the equipment they are equipped with. Also, lies whether you have it on your balance sheet or off-balance sheet financing for profitability’s sake. Bucket trucks are designed for personnel to work safely at heights, while boom trucks are primarily used for lifting and moving heavy loads that can help your business generate revenue until it’s useful like. Some of them passes their amortization life therefore, you still have cash behind it as long as it has a market for it, but knowingly, heavy equipment falls under commercial trucks and used yellow iron will always have a secondary market for lender to resell leased returned trucks or repossessed trucks. Not just in the US but worldwide with more and more demand for commercial vehicles than ever.
Guide to your Bucket Trucks configurations to suit different applications.
Here are some common types of Bucket or Boom Trucks:
- Telescopic Bucket Boom Trucks:
- These bucket trucks have a straight, extendable boom that can reach long distances both horizontally and vertically.
- They are versatile and used for a wide range of lifting and material handling tasks.
- Articulating Bucket Boom Trucks:
- Articulating boom trucks have multiple sections or segments that can bend or articulate, providing flexibility in reaching around obstacles or accessing tight spaces.
- They are useful for tasks that require precise positioning or maneuverability, such as construction and maintenance in urban environments.
- Knuckle Boom Trucks (also known as Loader Cranes or Hiab Trucks):
- Knuckle boom trucks have a hydraulically powered articulating arm with multiple joints, resembling the knuckles of a finger.
- They are commonly used in logistics, construction, and forestry for loading and unloading cargo, as well as handling materials in confined spaces.
- They are used in construction projects to pump and distribute concrete to various locations, such as building foundations, slabs, and elevated structures.
Bucket Boom Trucks:
- Bucket boom trucks combine features of bucket trucks and boom trucks.
- They have an extendable boom with a bucket or platform at the end, allowing workers to access elevated areas for tasks such as maintenance, installation, and repair work.
Aerial Work Platforms (AWPs) on Bucket Trucks with Boom Lift:
- Some boom trucks are equipped with aerial work platforms (AWPs) instead of traditional crane booms.
- These platforms provide a safe and stable working area for personnel to perform tasks at height, such as painting, signage installation, and window cleaning.
These are just a few examples of the different types of bucket trucks available, each tailored to specific industries and applications. Would the tree trimmer be a bucket truck?
With new or used bucket truck financing, Liberty Capital can help you get the right financing fast and affordable. Whether you take dollar buy out lease, equipment financing agreement (EFA) or fair market value, these types of commercial truck financing assure you get the approval you need. Some banks or equipment lenders won’t finance used bucket trucks that are over 5 year old, or 10 years old, but with Liberty Capital, we have no age restriction on used bucket truck financing. Even with over 10 years old, Liberty Capital can still offer you term up to 5 years, with monthly payment and with very little down payment.
That’s the beauty of working with equipment loan broker. You get the best of both worlds. You get an equipment broker who make sure you get approved and can finance even an old used boom truck, or bucket trucks. As long as it’s an essential equipment to your business, Liberty Capital can make sure you get the right commercial truck financing. How about a lift that can reach few stories for window cleaners, or roofer who needs to use a lift?
Used Truck Financing solutions typically will involve two primary options:
Finding the Commercial Bucket Truck you want financed:
Vendor financing option will provide dealers with financing options through secondary lender or captive lender like manufacturing company, national banks, private lenders and captive finance through vendor dealer acting as the lenders who can offer you businesses truck financing at a very minimal documentations at the lowest discounted interest rates. These types of financing allow businesses to spread the cost of the equipment over time, making it more manageable to afford with equipment financing, allowing manufacturer to offer low rates to gain a sale.
Commercial Truck Leasing through a Equipment Loan Broker: This second option is leasing it. Leasing involves off-balance sheet financing in the form of Fair Market Value (FMV). During the lease term, the business pays regular payments to the leasing company. Payments is deducted 100%. At the end of the lease term, the business may have the option to purchase the equipment based on current fair market value. Or, return the truck, or negotiate a new lease agreement for upgraded equipment.
Did you know you can lease to own used Commercial Trucks like Boom Trucks?
Dollar Buyout Equipment Lease for Bucket Trucks: Dollar Buyout leases allows you to own the truck at the end of the term. Depending how old your bucket truck, you can lease it from 3 to 5 years. You can make low monthly payment. Have ownership at the end.
Both financing and leasing options offer benefits such as preserving cash flow, avoiding large upfront costs, and providing flexibility in of consistently predictable payments, tax benefits as well. Additionally, financing and leasing solutions may include all soft costs into the agreement like maintenance, installation, delivery and service agreements, furthering, your cashflow savings. It’s an inflation buster strategy.
Overall, bucket truck 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.
Ask About Our Financing Promotion for Used Boom Truck purchase:
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 bucket trucks with Liberty Capital.
- Up to 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
- Off balance sheet financing – Fair Market Value, 10% FMV
- Capital Lease – $1 buyouts
- Equipment Finance Agreement
- Lease Rental Purchase Option (RPO)
Should I buy from an Equipment Vendor or Private Seller?
Both have advantages from the pricing and accessibility standpoint. However, for equipment loan lenders, buying from a dealer give them the ease knowing that there’s a dealer who looks out and does the proper inspection to make sure used boom truck being sold is running and is up to speed. However, buying from a private seller is riskier for both the buyer and the lender. Once equipment stops working, likelihood a loan will continue payment will be very less feasible to most small businesses, thus making concession with the lender to accommodate for truck that’s not operational or costly to fix that rather a salvage option would be financially wise decision.
While financing comes with its own set of advantages and disadvantages, one thing remains evident: Liberty Capital provides a diverse range of loan programs to assist and navigate you through the funding process and avoid the pitfalls.
There are pros and cons to financing but one thing is clear, Liberty Capital can offer you diverse of loan products that’s to help and guide you through the funding process.
Can I still finance used bucket truck even with bad credit?
Bad Credit?
Financing for bad credit can be accommodated but it must be structured right to avoid a never-ending paper.
Being a homeowner helps even if you don’t use your home as collateral. If you have collections that must be paid over years ago, can’t be recent. Can’t have Repossession in the past. Can’t have previous BKs, Liens and Judgment. Equipment financing is like a bank in terms of credit underwriting but there are many lenders who specialize with different credit appetite. So, the best is to contact Liberty Capital to discuss your situation. We don’t charge application fees.
Yes. You can still finance new or used bucket truck even if you have bad credit. Sometimes, you might have to come up with down payment, or additional collateral, or co-signer to strengthen your application. With out 95% approval rate, you have a high chance if you meet the requirement. If you don’t as long as you have revenue, there’s always a chance you get funded through merchant cash advance (MCA). You can take MCA to purchase equipment if all else fail. You just have to grind it out to term. You don’t really look at MCA to be a long-term solution but a gap for such case when you aren’t able to get traditional financing.
How to apply thru Liberty Capital?
Securing bucket truck financing is essential for businesses to grow and thrive if you don’t have the banks to back you up. You know they’re not there because they don’t like to finance used bucket truck, but Liberty Capital can get you approved for your used bucket truck financing no matter your credit or business history. We can do used bucket truck financing for startups as well. We can have you running your bucket truck with very little out of pocket money, saving you and your business cashflow.
At Liberty Capital Group, we simplify the process to get you approved swiftly. To apply, simply submit your online application along with your invoice and recent bank statements.
With flexible terms and competitive rates, we help businesses of all sizes acquire the equipment they need to succeed. Apply today and unlock the funding you need for growth and efficiency.
Our one page application can get you pr-approved up to $250,000 without financials or tax returns.
Apply now to get pre-approved so you can shop confidently For a free consultation, call our toll-free 888-511-6223 to speak with our funding specialist. No obligation conversation on what types of used truck financing you can get approved.