Are you trying to start a dump truck business?
It might seem like nobody wants to help you with financing.
The truth is…
… most companies won’t lend to startups no matter what.
That doesn’t mean you can’t finance a dump truck when your business is new.
You just got to know where to look.
Let’s go over 5 of the best programs out there:
Want to know about the best startup loan you can get to buy a dump truck?
Here’s the deal:
Sounds awesome, right?
Now, here’s the catch…
Since you’re a startup (risky) and you’re going to get pretty darn close to the lowest payments on the market for startups… these guys try not to do dumb deals.
You’ll be asked things like:
With that said, if you’re approved, payments will be good.
Let’s say you buy a $50,000 dump truck with 15% down. That’s $42,500 financed.
You could expect payments around $1,025 a month for 5 years.
We do often hear from folks who want to start a dump truck business and get a loan with no money out of pocket.
Here’s the thing:
It’s very, very rare for a startup business to finance a dump truck with zero out of pocket.
With that said, there are some programs on the market that ask for just two payments in advance.
That’s usually about the lowest you’ll get away with for a startup.
The program is credit-based, but you don’t need perfect credit.
You should have:
This program goes up to $50,000 and is on the higher-rate spectrum.
That’s because of the low-down payment and no questions asked. Also, there are no age or mileage restrictions on this program.
Payments on a $42,500 dump truck will usually run around $1,700. That means you’d come out of pocket $3,400 plus a few hundred for titling and documentation fees.
So… payments aren’t the best… but it’s the easiest program to get into if you’ve got low down payment and don’t want to provide a pile of paperwork.
What if you have bad credit (or no credit)?
Did you know… even as a startup with lousy credit…
All you need is 50% down and a pulse.
Payments are as bad as you could imagine – that same $42,500 of financing we talked about above (so imagine you’re buying an $85,000 truck and putting 50% down) is going to run you $2,500 a month for 3 years.
The truth is, if that matters, you shouldn’t start a business.
Most dump drivers we talk to plan to make $15,000 a month before their payments. For real.
If your choices are to make $12,500 a month with high payments or drive someone else’s truck for $4,000 a month… well, you do you.
So… let’s say you’ve got OK credit…
And some money… you won’t be broke after making a down payment.
..and you’re smart enough to know any startup is high risk…
But you want your total payments to be better than the worst available…
There’s a program that can be good.
That $42,500 financed amount – plan on payments of $1,900 or so over 3 years.
You’ll need decent credit and you’ll have to provide some documentation – tax returns, a business plan, bank statements, a personal financial statement… the whole shebang.
It’s a pain…. but can save you some change in the long run compared to other programs in the marketplace.
There’s a program in the marketplace that will allow you to access up to $150,000 based just on your credit.
Even as a startup business.
The dump truck would have to be less than 10 years old.
Here’s what you’d need…
It can be a pretty good deal.
Keep in mind that not everyone will be approved up to that big amount, and not everyone will have only a 10% down payment.
(It depends on what their finance nerds in the back decide… I have no idea what their secret sauce is...)
We just went over 5 dump truck financing programs in the market for startup businesses.
These aren’t the only programs though.
There are more than a dozen different programs on the market that will allow new business owners to finance dump trucks.
To find the program that’s best for you, give us a ring at (866) 631-9996 or click the picture below to get started.