Wondering about dump truck financing with bad credit? Has a dealer told you “no” for your dump truck financing request? Maybe you haven’t tried or applied yet, but you’re fully self aware that your credit is not the best. Hence, you may be wondering if you’d be able to get dump truck loans with bad credit.
The good news is that we function as a broker. In plain english, that means we have partnerships with MANY lenders. We have plenty of lenders for business owners with good credit. More importantly, we have PLENTY of lenders that have options for the worst possible credit scenarios and everywhere in between.
We’ll highlight a few of the options we have for dump truck financing with bad credit.
Obviously, there are different levels of poor credit. We’ll discuss options for the worst possible credit as well as options for those with less tarnished bad credit
Please contact us at Info@TheBroker.Finance for more info about dump truck loans with bad credit or at (714) 271-8524
Specific Credit Issues That Can Hinder Heavy Equipment Financing With Bad Credit
There’s an abundant amount of credit related nuances that can hurt your ability to get dump truck financing with bad credit. Since we operate as an equipment leasing and equipment financing broker, we are aligned with numerous banks, lenders, equipment financing and leasing lenders, and private money financiers. We enjoy helping business owners with challenged credit get the equipment that will allow them to start, expand, or improve their small business.
We’ll talk about a couple options that may help you finance your new or used dump truck.
Below are some of the credit issues we can work with when it comes to financing a dump truck with bad credit:
- Credit scores DO NOT matter for some programs
- Bankruptcy (recent, but does need to be dismissed or discharged, but can be as recently discharged as yesterday).
- Repo’s
- Judgments Ok
- Works for private party sales
- Too much revolving credit on credit report
- Start Up construction / contractor companies that use heavy equipment
- Tax liens
- Owner / Operators
- Slow pay on revolving accounts
Please contact us at Info@TheBroker.Finance for more info about dump truck financing with bad credit or at (714) 271-8524
Dump Truck Loans with Bad Credit Option 1 (Worst of Credit)
We have several lenders that can offer financing for a dump truck with even the most challenged of credit scenarios as mentioned above. Here’s the deal. There are a couple of ways that we can pretty much finance ANYBODY:
- If you have a down payment of 25% – 50% then we have a lender that will finance your dump truck pretty much no matter what.
- If you don’t have a down payment to the tune of 25% – 50%, you can potentially pledge secondary collateral. Typically, they are looking for a 1:1 ratio in terms of the secondary collateral. Below is an example:
Let’s say you have a Kenworth T-800 dump truck (or any other heavy equipment, commercial vehicles, yellow iron, etc.) that’s got an auction value of $42,000 and it’s free and clear with no liens. This free and clear truck can be pledged as secondary collateral to help you finance new dump truck despite your credit issues. You potentially can finance a little more than $42,000 because technically you only need about 40% down payment or collateral. So, in a case like this, if you have a $42,000 free and clear truck, you may be able to finance as much as $61,000 or $62,000. This lender looks at every case on an individual basis and they listen to your story and sometimes they may only need 25-30% down or collateral in the transaction.
Please contact us at Info@TheBroker.Finance for more info about dump truck financing with bad credit or at (714) 271-8524
Dump Truck Financing with Bad Credit Option 2 (Less Damaged Credit)
We have another lender we work with that will finance heavy equipment with about a 35% down payment and credit scores lower than 570. This is another lender that likes to hear the story behind what happened as well as what you’ll be make happening with the new credit (jobs/contracts lined up etc.).
There really is no SET guidelines. They do provide basic guidelines, but I’ve seen them finance outside of those guidelines etc.
Here’s a sample transaction that was funded by this lender:
A Texas contractor with 25 years plus experience needed an another dump truck during the Corona Virus Pandemic to stay caught up with strong demand. Traditional funding sources like banks had turned him down because of a small charge-off and a debt settlement 4+ years earlier. A net 50% down payment and strong auction comps for the collateral made it a deal for this particular lender.
Lender’s Solution: $40,750 36-month term loan
Collateral: 2014 Freightliner Cascadia CA12DC Quad-Axle Dump Truck priced at $81,500
Please contact us at Info@TheBroker.Finance for more info about dump truck loans with bad credit or at (714) 271-8524
And again, we do function as a broker, so we are connected to MANY great lenders that cover all credit and company scenarios. Even if you don’t see your exact scenario in this post, give us a call, text, or email. Let;s connect and see if we can get you your new business equipment.
In addition, we may be able to help with revenue based working capital via our partner DAC