SIMPLE CREDIT GUIDELINES TO DUMP TRUCK FINANCING
At Liberty Capital Group, Inc. Group, Inc., we offer new or used dump truck financing to all industries who qualify. Pre-approval is free. We never charge application fee. We work with private and dealers. Our finance and leasing programs improve cashflow and liquidity while preserving capital, and benefiting from tax advantages equipment financing brings and provide predictable, affordable low fixed monthly payments.
We’ve been financing in the trucking and construction industry for 20 years
Does it make sense to Finance or Lease a Dump Truck?
There are two types financing agreements – Lease or Finance. When choosing the right financing for your next dump truck, you have options. It’s critical to your business to pick the right one. Your preference is based on your specific needs.
- First, is the “Dollar Buy Out” lease. “Fair Market Value” is the other form of equipment lease.
- You can structure your dump truck loan as Equipment Finance Agreement, where lender is just a lienholder and you’re the owner from day one.
- You can structure it as a TRAC Lease. A terminal rental adjustment clause lease (TRAC Lease) combines all the advantages of dump truck leasing while retaining the option to purchase the equipment at the end of the lease term at a predetermined residual agreed to when the lease starts. This is a great way to dump truck lease to own.
- Dump truck finance agreements and “$1 buyout leases” give you ownership just as you would have when paying cash but gives you the cashflow benefit of not having to come out of pocket for the full cost of Dump Truck.
- Building equity of the ownership can enable you to build assets for your business. Upside proceeds gained from the sale of Dump Truck.
Dump Truck financing will give you lower monthly payments which will result in improved cash flow. Financing allows you to upgrade your dump truck. It can benefit your balance sheet with off-balance-sheet financing. Full tax deductibility. The IRS code allows the dump truck company to maintain the “full deductibility” of a true/operating dump truck lease. It’s only best to factor by choosing financing for your next dump truck.
What do I need to apply?
1. ONLINE APPLICATION: You can fill out our application, upload and authorized us to process. We do soft-inquiry, and our lender will do hard inquiries once you are approved.
2. Equipment Invoice or Quote for the truck or equipment you want to buy. Multiple vendors accepted. We’ll lump them into one monthly payment for you.
3. Banks statements (3-4 months) – Proof income, proof of banking, and proof funds availability in case down payment is needed and to match for ACH Payment Drafting – as an auto pay.
Compare Different Types of Loans Available for Dump Truck Purchase
|
Feature |
Business Loans |
Merchant Cash Advance |
Equipment Financing |
|
Ownership |
50% |
50% |
100% |
|
Origination, Admin Titling Fees |
Low |
Low to moderate |
Varies |
|
Monthly Payments |
Monthly, Daily, Weekly |
Daily / Weekly |
Monthly |
|
Credit Minimum: |
600 |
500 |
650 |
|
Fund Disbursements |
Client |
Client |
Vendor |
|
New/Used Equipment |
n/a |
n/a |
Yes |
|
Maximum Term |
24 months |
12 months |
60 months |
|
Time in Business |
2+ years |
6 months |
Startup Ok |
|
Interest Rates |
Moderate |
High |
Low |
|
Application Only |
$150K |
$250K |
S250K |
|
Funding Time |
Same Day Funding |
Same Day Funding |
1- 5 days |
Credit Requirements for Dump Truck Financing
- Down Payment: For startups, there is no such thing as a $0 down payment. You must have “skin in the game.” This typically means providing a down payment, which can be higher for those with lower credit scores.
- Security Deposit: Lenders often require a security deposit to mitigate their risk, especially for startups with sub-prime credit.
- First and Last Month’s Payment: Be prepared to pay the first and last month’s lease payments upfront.
- Line of Credit for Startups: Hard to come by. If they do, will not offer huge amount.
- Administrative Fees: An admin fee may also be required to cover the costs of processing your lease application.
- Balloon Payment or Buyouts: There will be lenders who will be willing to fund startups for equipment but sometimes they will only offer FMV, TRUE LEASE or CAPITAL LEASE with a buyout like dollar buyout.
Credit Minimum Requirements for dump truck financing:
- Online Application
- Driver license, Business license or active business entity with the secretary of state
- Personal guarantees required from all owners.
- Minimum 650 credit score
- No bankruptcies in the last 7 years
- No unresolved tax liens
- No application fees
Call 888-511-6223. Liberty Capital today get approved for financing and leasing new or used dump trucks.
How to Become a Preferred Equipment Finance Vendor.
If you’re a dump truck dealer, you want the best leasing company, the best broker or the best direct lender, but not all have the same expertise when it comes for financing new or used Dump Trucks. Vendors who offer our Vendor Financing and Leasing, usually find it very helpful when selling large ticket items like dump trucks, trailers and construction equipment.
As a dealer having an easy to understand CREDIT GUIDELINES will help you get your client pre-approved quickly and easily.
Get a reliable funding partner to make your vendor financing strong DOWNLOAD our EQUIPMENT VENDOR FINANCING
If you would like Liberty Capital to provide financing for your new or used dump truck buyers, let us get you approved today as vendor. Dump Truck vendors in your who offers Dump Truck Equipment are likely to have higher sales and happy salespeople. We fund nationwide truckers and construction companies.
