MIDVALE, Utah, April 20, 2017 /PRNewswire/ -- Dallin Hawkins, Director of Sales & Operations - Integrity Financial Groups, LLC, discusses how to get dump truck financing:
How to Get Dump Truck Financing
Securing financing for a dump truck can be a tricky process. Particularly for a new business owner or if an owner has some issues with their credit history.
Dump Truck Financing: Understanding the Qualifications
Financing companies are going to look at certain aspects of an owner's financial, business, and personal situation. This will allow them to determine what kinds of financing deals they can qualify them for. It's to your advantage to know what they're looking for before you shop for a dump truck financing program.
First of all, the financing company is going to look at credit history. If you've got a FICO score above 700, you've got good credit and will qualify. If your FICO score is between 650 and 700, your credit is average, but you'll still be attractive to lenders. With FICO scores in the low 600s or less, you're going to have to work harder to secure financing.
The financing company will look at financial liabilities, both in your past and current situations. Past bankruptcies, bad debts, late payments on past obligations, tax liens, or delinquent child support payments are all red flags for lenders.
The financing company will also look at business history to determine risk. If the owner is a new business, the terms of the dump truck financing offered might be high, or not as attractive as those who'd qualify with a proven track record in the industry.
How Your Qualifications Affect Your Dump Truck Financing Options
If you've got great credit, a solid business history, and no financial strikes against you, you'll qualify for dump truck financing. You'll qualify for programs with low down payment requirements, or no down payment at all. And you'll also qualify for leases with low rates. That means, in the end, that the monthly lease payments will be lower, and you may be able to get into a newer truck.
If credit is average, expect to put some money down at the onset of the lease. If the business history is short or less than two years, you'll also be required to put up a larger down payment. Typically this is around 20% down. This will also be determined by the age and condition of the dump truck.
If credit is bad, you will face a bigger down payment, higher rate, and higher monthly payments. You may also be required to put up free and clear collateral to secure the financing.
There is a wide range of options for dump truck financing. Most business owners, even those with less-than-ideal credit, can qualify for some type of dump truck financing.
Visit us or call us at 801-386-8222 today to find out how we can help you secure dump truck financing.
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SOURCE Integrity Financial Groups, LLC