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Wholesale Used Dump Truck Specials For Sale, Quad, Tri, Tandem And Single Axles, Off Lease And Repos, Dealer Financing. Part

There are many alternatives in obtaining wholesale used off lease and repo dump trucks, quad, tri, tandem and single axles, for sale with special dealer financing. Whether you are a start up or a seasoned business, the first logical place to investigate your financing is at your local bank. The seasoned business must have at least mid 600s in their credit scores and be prepared to go through a lengthy paper process. Prior Year Tax Returns may be required, current personal financial statements needed and various other requests.

The start up business must have a credit score properly 680 or higher and will have a much smaller success rate in obtaining bank financing. The business start up is a high risk factor and must adhere to higher lending standards.

Most banks offer loan and/or lease programs. The difference is that the loan program transfers title at the end of the payment obligation, whereas the leasing component offers a rent type environment during the course of the lease with a buy out option at the end of the lease period to take title. Usually, the monies required upfront to acquire a loan are higher and eliminates many candidates. The Leasing arena requires anywhere from usually first and last payment to approximately 20% down depending on the type of industry financing is requested for.

On the loan and lease programs for a dump truck applicant, the applicant must investigate whether the bank and/or financial institution considers this a qualified asset which they will lend on. Most lenders like this type of asset but others may specialize in other industries such as medical and transportation such as limos, limo buses, ambulances etc. Some Lenders will only lend up to ten years based upon the age of the truck where others may extend beyond this parameter. Loans and leases usually run anywhere between 36 -60 months based upon the age of the dump truck.

The front money to commence the lending vehicle, the monthly payments and the buyout clauses at the end of the lending instrument, if there is one, is paramount in making a prudent business decision. The amount of paperwork and hoops to jump through to get to end of the financing process are considered in the total evaluation process.

As we discussed above, there can be a lengthy paperwork process to obtain your financing. Recently, some of the lenders have changed their computer qualification models and require application only programs

This means there are no income tax returns required, time consuming personal financial statements needed, and other key documents either prepared and /or requested. This program is usually geared for the seasoned business. These application lending programs run as high as $50,000.

It is important for the dump truck applicant to check out all the lending programs available. The collateral is the dump truck and usually no additional collateral is required. The minimum credit score required for all dump truck applicants may run as low as 600 for conventional financing.

The last thing you should be aware of is dealer/financing inventory programs. What this means, the lender has repos and/ off lease inventories that they want to move for cash flow purposes. This financing arrangement is geared to the start up as well as seasoned business and may offer the dump applicant an excellent buying and financing opportunity.

As of April 10, 2010 the economy is still in a contraction mode and lenders have taken back dump trucks repossessions back by the droves. Lending in the financial markets has become very tight and the qualifications for prospective customers extremely difficult. The repo dump truck market offers the startup and seasoned business an excellent opportunity. Cash buyers have the best opportunity to acquire a dump truck at the lowest price….

When you are shopping for dump truck financing, consider the following, the front money, the monthly payments, what collateral is required, and what the buyout clauses mean. Also, make sure you have a good source of income coming from a contract and/or other methods.

Happy hunting for your quad, tri, tandem, single axle dump truck and its related financing..

About the Author

Rick has over thiry years in the financial field, including leasing, working capital and hard asset money loans, and commercial lending

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Need help with RC trucks?!?

So i know my boyfriend always watches those videos that show the rc trucks racing and playing. and because hes into machinery at work he likes the dump trucks and all those kinds. so for christmas i wanna order him some of them offline. Most of the ones i find are around 60$ each. one website has them on sale for 25. they all look the same so im wondering if anyone knows what the difference is or if their any good the ones i wanna get him... heres the website for the one.....http://www.hobbytron.com/RC-Super-Scraper-Front-End-Loader-Tractor.html thanks!!

A good starter truck is the TRAXXAS T-MAX (I think that's how they spell it lol) It's a little pricey (around $125) but it's worth it. Also its a nitro (outside only)