Latest Posts

What to Expect When Using a Mac for the First Time

Macs are substantially more pricey than ordinary computers. However, like many Windows and Linux users, I used to think about what it is like...

Most Common Modes of Obtaining Mac Support

Mac OS is a series of graphical user interface-based operating systems developed and marketed by Apple Inc. for its Macintosh range. It was originally...

To Mac or Not to Mac?

Macs versus PCs which one is better? Mac VS. PC If you're reading this article, you're interested in the comparison of Macs versus PCs. Maybe you're...

This Is Why MAC Products Are Totally Worth Every Penny Spent

Whether you are a newbie in the makeup fraternity or you've been a makeup junkie for ages, one thing is for sure - you...

Dump Truck Financing – It’s Easier Than You Think

Facebook
Twitter
Pinterest
WhatsApp



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.Dump Truck Financing - It's Easier Than You Think 1

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

What to Expect When Using a Mac for the First Time

Macs are substantially more pricey than ordinary computers. However, like many Windows and Linux users, I used to think about what it is like...

Most Common Modes of Obtaining Mac Support

Mac OS is a series of graphical user interface-based operating systems developed and marketed by Apple Inc. for its Macintosh range. It was originally...

To Mac or Not to Mac?

Macs versus PCs which one is better? Mac VS. PC If you're reading this article, you're interested in the comparison of Macs versus PCs. Maybe you're...

This Is Why MAC Products Are Totally Worth Every Penny Spent

Whether you are a newbie in the makeup fraternity or you've been a makeup junkie for ages, one thing is for sure - you...

Don't Miss

Blogger Or WordPress? For Beginners Choose Blogger

I have heard a lot of debate about this issue. Blogger or WordPress? Which is the best blogging platform? Many people tend to go...

5 Top Bloggers Explain Their Defining Moments on the Road to Success

Starting to blog is an exciting time. Buying a domain, setting up the website, choosing a theme. It's like Christmas when you were a...

Blogger News

The number of blogger information sites is on the increase these days on the internet. More and more people are getting interested in blogger...

Guide to Being Expert Bloggers Online

 We have many bloggers on the Internet. There are millions of bloggers on the web blogging about various niches. While it is just a...

How to Get Guest Bloggers for Your Website or Blog

Do you own a blog of your own? Well, if the answer is yes, then you need to find guest bloggers for your site....

Stay in touch

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