Bucket Trucks – Financing Fundamentals
If you regard a bucket truck loan to be a very different financial product, it isn’t. There are certain advantages when it comes to financing used bucket trucks and other heavy duty vehicles. Financial organizations view these trucks as valuable assets despite tough economic times, their age or mileage. Because these trucks are considered valuable business assets, there is little risk of loss or sudden depreciation.
Financing these trucks is usually done by professional lending institutions who have working partnerships with the equipment dealers. It makes purchasing a used truck fairly simple because you don’t have to secure your own financing or deplete your working capital. Dealerships realize that by having lending partnerships in place, they can offer competitive rates to their customers. It is an arrangement which benefits everyone.
Banks are willing to lend money for used equipment purchases and determine their interest rates based on the stability of the borrower, credit rating and length of time in business. Used equipment purchases are typically at a slightly higher interest rate than new, but can still be very competitive depending on the length of time you plan on carrying the note.
Larger Dealerships will have several options for bucket truck financing which makes it even more convenient for the buyers. As for qualifying for financing, credit worthiness is a major factor. Borrowers with good credit scores are valued and offered the best interest rates, but that doesn’t mean that borrowers with less than stellar credit scores are exempt from getting a loan. Lending institutions may require more money down or a better trade-in.
When it comes to buying bucket trucks, financing options are available. It is the other factors which influence your decision. So whether you are buying bucket trucks, grapple trucks , forestry trucks or digger derrick trucks, you need not worry about financing. Most dealers will work with you to find the best deal you can afford.