Looking online for how to finance a concrete or cement truck?
I know where you’ve been...
Almost like you’ve gotta take a shower now, right?
Ready for the truth yet?
Let’s show you some info you can actually use….
What are the Rates to Lease or Finance a Cement Truck?
Cement truck finance rates…
That’s probably the first question you’ll ask about.
Of course, nobody can tell you the real rates online…
They’ve got to insult your intelligence with some “rates start at 5%” baloney…
… ain’t never heard of Oscar Mayer.
Here’s some truth for you.
The best rates you might be offered are usually in the 7% range.
Everyone says that though, right?
(Well… they make up a lower number… but you usually will not qualify for that) .
Nobody comes clean with what the worst rates are, though.
Check this out:
The rates to finance concrete equipment really depend on your business.
That’s pretty risky… so good luck with that whole “6% rate” thing.
Want to know the real rates if you want to finance a concrete truck?
You may notice we talk about “payments” and not “interest rates.”
That’s because most of the time, that’s how you’ll be quoted. We can give you a pretty good estimate of what your payments will be.
Unless you’re getting a loan from the bank, you’ll seldom see an interest rate quoted on a finance contract.
Also, we talk a lot about credit scores above, but some issues go beyond just FICO.
Here are some issues where even with a good credit score, your rates might be higher:
- Large open tax liens
- Open judgments or collections
- Past bankruptcy
- Being overextended
- Limited amount of credit or new credit file
In most cases though, if your credit score is 640 or above, you’re going to see reasonable offers.
In any case, you should work with someone who will be honest with you.
Some clown that only advertises their lowest rates…
… you’ll have to wonder what else they’re trying to hide from you.
Will You Qualify for a Concrete Truck Lease?
Here’s the good news…
Concrete trucks are great collateral.
They hold their value.
It’s generally easier to qualify for concrete equipment leasing than for many other equipment types.
With good credit, you’ll usually need only a minimal down payment.
(One or two payments upfront).
A quick call is usually all that is needed to determine your down payment.
That’s true for concrete pump leasing as well.
Good credit means more than just your FICO score.
Here’s what you’d ideally have for the lowest down payment on a cement truck loan:
- Having financed a vehicle in the past (this is called “comp credit”)
- 5 or more “tradelines”
- At least 5 years credit history
Tradelines simply mean other financing. Each car loan or credit card on your credit report counts as one tradeline.
What if you have thinner (or “bad”) credit?
You can often still get by with one or two payments upfront.
Sometimes, you’ll need more, it really depends on how ugly your credit and/or bank statements look.
What if your credit is awful?
Collateral or a larger down payment can get you over the hump.
The amount of collateral or extra down payment needed to get a “tougher” deal done depends.
If you are buying a vehicle, and you can offer another vehicle worth the same amount for collateral… you will almost always be approved.
With 50% down…
…you could have a 450 FICO and still get your mixer truck financed.
A Word of Caution on Concrete Equipment Financing
We explored sample monthly payments for concrete equipment…
…and example down payment scenarios.
I guarantee you…
Someone will call in and get offered a different payment.
Those numbers are “best guesses” but there are 30+ different investor portfolios and sometimes a deal just doesn’t fit the box.
Oh… and the investors change things up sometimes.
…most of the time…
The numbers we went over above will be right on.
To get started on financing your cement truck financing, give us a call at (866) 631-9996 or click below.