Does Your Business Need To lease Finance a New or Used Dump Truck?
Dump Truck leasing can be an excellent and cost effective solution to provide the capital your business needs to acquire fixed assets.
While technically a leasing company will be the owner of the truck at the time the lease is set up and during the lease term, you can have different buyout options to purchase the asset at the end of the lease term if you so choose.
For new dump truck lease financing, there are a number of leasing companies that have a focus on transport equipment leasing opportunities and can provide excellent rates and terms for these types of assets.
Depending on the credit and financial profile of your business, leasing rates for “A” credit applicants are directly comparable to bank interest rates on equipment loans, but with higher loan to value lending in many cases where you can get financing at or near 100% of the purchase price of the dump truck.
With lower levels of credit, there are other leasing options available as well, but rates will be higher and terms more conservative in order to reduce the financing risk to the leasing company.
For used dump truck leasing, there are also a number of potential options available as well, depending on the make, age, and condition of the unit.
Even though used dump truck financing will likely not provide the same terms as new with higher down payments required and shorter repayment terms on average, equipment leasing can still be an excellent approach to financing this type of purchase.
Get Dump Truck Leasing That Meets Your Business Needs
Depending on your cash flow and tax planning requirements, there can be a lot of flexibility on the end of term buyout amount that is written into the lease.
In some cases, a balloon payment greater than 10% can be written into the end of the lease term to reduce your cash outlay on a monthly basis to the lowest possible level.
If cash flow is not a concern, then a capital lease can be structured that functions very similarly to an equipment loan from an accounting and bookkeeping point of view.
If you have a dump truck lined up for financing or just want more information on the leasing process, give us a call and we’ll get all your questions answered right away.