Latest Posts

Dangers of Game Addiction

Ever since the advent of video games, there have been debates on the pros and cons of gaming. While there is no denial that...

Gaming: Evolution and Devolution

People often have trouble understanding the word "tradeoff", sure enough it's easy enough to understand as exchange but in today's corporate parlance it is...

Top 10 Best Facebook Apps (Games) Of June 2013

Facebook is a virtual world with a lot of apps. And they're all different and (sometimes) addictive in their own sense. Top Facebook apps...

Cloud Computing Security Threats Identify Cloud Security Breaches

Being the entirely new shift in the dimensions of information technology, cloud computing has offered new potential, innovation and paradigm to the industry verticals....

Dump Truck Financing – It’s Easier Than You Think




Financing a dump truck is different from financing a car, pickup truck, or any other vehicle. A dump truck buyer will probably find dump truck financing to be easier to get and more readily available than other types of commercial financing. For the most part, the reason for this is the high value of dump trucks and their high earning potential. Lenders still strictly view finance applications, but they are able to afford more flexibility in dump truck financing for these reasons.

Lenders, in fact, are very aggressive in promoting dump truck financing. Obviously this is because loans for these trucks are profitable to lenders and are reliably serviced and paid by borrowers. This is an interesting distinction from most forms of commercial financing, and even most vehicle financing of any kind, in that vehicle loans can generally be hard to qualify for and secure. Dump truck loans, however, are seemingly more easily obtainable. Financing is available for both new and used dump trucks.

Applicants for any kind of vehicle financing are normally screened as to creditworthiness. An applicant’s credit score will affect vehicle financing availability, as well as the rate and terms. The same is true with dump truck financing, but in fact many lenders feature financing targeted to buyers with bad credit. Credit is still an issue and lenders do qualify buyers in terms of credit, but buyers with bad credit are not excluded from financing. Given the high value of a dump truck and its potential profitability, lenders are able to extend credit to many buyers who might not normally qualify for vehicle financing due to credit.

Lenders also stress the simplicity of applying for financing for these trucks, and looking at lenders’ websites, the process does seem simple. Applications are short, and lenders indicate that credit decisions are often made in one day or less. This is commercial financing, but financial statements are generally not required with an application. Applications seem to focus more on the type of equipment to be financed, and less on the party it is to be financed for. Lenders ask for details on the truck to be financed, such as type of truck, including standard, articulated, or transfer, make, model, and year, along with details on the bed and lift mechanism. Lenders also ask where the vehicle will be operated from, allowing even for the truck to be based at the owner’s home. Borrower details are also collected, including information on the operating company, if any, and details on the individual buyer or buyers. Social security numbers are taken from the individuals, and applications do require a release of credit information from the borrower. The applications are credit applications. Some applications, though, also ask the applicant to merely estimate his or her credit score or Fair Isaac Corporation (FICO) score.

The hauling business can be a very profitable business. These types of trucks have the potential to earn very high incomes and create substantial cash flow for an operator. They also command high values, with new ones commonly selling for more than $200,000, and even used trucks three and four years old selling for $50,000 and more. Buyers needing financing will find financing to be available, even in the case of poor or bad credit. Of course, lenders are always strict in granting loan approvals as it is always necessary for a lender to have success in collecting loans. Still, given the unique business characteristics of these types of trucks, financing standards may be more flexible.




Latest Posts

Dangers of Game Addiction

Ever since the advent of video games, there have been debates on the pros and cons of gaming. While there is no denial that...

Gaming: Evolution and Devolution

People often have trouble understanding the word "tradeoff", sure enough it's easy enough to understand as exchange but in today's corporate parlance it is...

Top 10 Best Facebook Apps (Games) Of June 2013

Facebook is a virtual world with a lot of apps. And they're all different and (sometimes) addictive in their own sense. Top Facebook apps...

Cloud Computing Security Threats Identify Cloud Security Breaches

Being the entirely new shift in the dimensions of information technology, cloud computing has offered new potential, innovation and paradigm to the industry verticals....

Don't Miss

Web Templates

Users today can be able to come with good web designs for their websites by use of Web  templates . Web  templates  are tools that...

A Review of Host Monster Website Hosting

The Host Monster Website Hosting domain is actually a lot newer than I thought. They registered their domain in December 2006. The registration contacts...

Facts About Resumes

In a market where there are more people searching for work, your resume becomes a vital tool in your efforts to find employment. Hiring...

Video Templates – Adding Video to Your Website

This type of advertising strategy is only good if you are really serious about making a huge amount of money online. Static pages are...

The Web Design Template Advantage

Introduction: This article briefly discusses why should one use a web design template and what are the advantages of having a website template.Why use...

Stay in touch

To be updated with all the latest news, offers and special announcements.