The range can be pretty large...
...it depends greatly on the length of time you can be approved for, the size of your down payment and collateral, and exactly how bad your credit situation is.
Payments will much higher than if your credit was good.
You might even even be happy when you start seeing offers.
Here's the deal:
Consider payments versus what the dump truck will provide you.
Payments may be higher with bad credit...
...but that doesn't make high payments a bad idea.
Our typical customer with bad credit who is buying $25,000 in equipment plans to use that equipment to generate around $16,000 a month in cash flow with it, with $8,000 in costs before factoring in the equipment payments. With that being said, there's two ways to look at your situation:
- The pessimistic view: My payment is $850 monthly versus the $600 monthly I'd pay if my credit was perfect, which is a big difference
- The optimistic view: After my payments of $850 a month, I end up making $7,150 in profits, which really isn't much difference from the $7,400 in profits I'd make if I had the lowest payment.
If you take a step back...
...in most cases...
... the difference in your profit is small (so don't worry...)
I mean... don't overpay for your equipment loan...
...but find high payments for your dump truck is usually 10X better than no payments and no dump truck.
Smarter Finance USA can help you finance a dump truck with good or bad credit.
You may contact us, or you may call at (866) 631-9996.