Dump Truck Financing: Best Loan Options
Dump Truck Financing: Best Loan Options
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Pros
- Competitive interest rates.
- Longer repayment periods.
- Bank of America’s Preferred Rewards program can offer interest rate discounts and other perks.
- Fee discounts available for veteran-owned businesses.
Cons
- Charges an origination fee.
- Prepayment fees may apply to early repayments.
- Can be slow to fund.
- Application cannot be completed online.
Bank of America - Equipment loan
Best for low-interest
Pros
- Competitive interest rates.
- Longer repayment periods.
- Bank of America’s Preferred Rewards program can offer interest rate discounts and other perks.
- Fee discounts available for veteran-owned businesses.
Cons
- Charges an origination fee.
- Prepayment fees may apply to early repayments.
- Can be slow to fund.
- Application cannot be completed online.
Pros
- Funding in as little as 24 hours.
- Prepayment discounts available.
- Offers loans to startups and borrowers with bad credit.
- No collateral or down payment required.
Cons
- Charges a factor rate that makes it more difficult to compare costs with other lenders.
- Requires higher annual revenue than other online lenders.
- Misleading website marketing: National Funding offers only short-term loans and equipment financing/leasing.
- Charges an origination fee.
National Funding - Equipment financing
Best for new businesses
Pros
- Funding in as little as 24 hours.
- Prepayment discounts available.
- Offers loans to startups and borrowers with bad credit.
- No collateral or down payment required.
Cons
- Charges a factor rate that makes it more difficult to compare costs with other lenders.
- Requires higher annual revenue than other online lenders.
- Misleading website marketing: National Funding offers only short-term loans and equipment financing/leasing.
- Charges an origination fee.
Pros
- Can fund within one to two business days.
- No prepayment penalty.
- Flexible repayment options: monthly, quarterly, annually or semiannually.
Cons
- Charges an origination fee.
Triton Capital - Equipment financing
Best for bad credit
Pros
- Can fund within one to two business days.
- No prepayment penalty.
- Flexible repayment options: monthly, quarterly, annually or semiannually.
Cons
- Charges an origination fee.
Pros
- Funding available within 48 hours.
- Competitive rates and repayment terms.
- Flexible payment options available, including deferment options for certain industries.
- No down payment required.
- Can be used to build business credit.
Cons
- Must have good credit to qualify for no prepayment penalties.
- Charges an origination fee.
JR Capital - Equipment financing
Best for zero down financing
Pros
- Funding available within 48 hours.
- Competitive rates and repayment terms.
- Flexible payment options available, including deferment options for certain industries.
- No down payment required.
- Can be used to build business credit.
Cons
- Must have good credit to qualify for no prepayment penalties.
- Charges an origination fee.
CAG Truck Capital - Commercial truck financing
Best for used dump truck financing
Pros
- Specialty direct lender with over 40 years of experience in truck financing.
- Can fund startups and borrowers with bad credit.
- Offers a dedicated program for financing high mileage trucks, with engine overhaul included.
Cons
- Minimum down payment of 20% required; may be higher based on your qualifications.
- Limited information about interest rates, terms and qualifications disclosed online.
CAG Truck Capital - Commercial truck financing
Best for used dump truck financing
Pros
- Specialty direct lender with over 40 years of experience in truck financing.
- Can fund startups and borrowers with bad credit.
- Offers a dedicated program for financing high mileage trucks, with engine overhaul included.
Cons
- Minimum down payment of 20% required; may be higher based on your qualifications.
- Limited information about interest rates, terms and qualifications disclosed online.
Balboa Capital - Equipment financing
Best for fast financing
Pros
- Multiple financing options available.
- Fast funding and simple application process.
- Accepts borrowers with fair credit.
Cons
- Lack of pricing information on website.
Balboa Capital - Equipment financing
Best for fast financing
Pros
- Multiple financing options available.
- Fast funding and simple application process.
- Accepts borrowers with fair credit.
Cons
- Lack of pricing information on website.
Commercial Fleet Financing - Equipment financing
Best for customizable loans
Pros
- Offers specialized experience in trucking and construction industries.
- Can fund applications as fast as 24 hours.
- Established businesses may not need to provide a personal guarantee.
Cons
- Borrowers with lower credit scores may need to provide a 20% down payment.
- Interest rates not disclosed on the website.
Commercial Fleet Financing - Equipment financing
Best for customizable loans
Pros
- Offers specialized experience in trucking and construction industries.
- Can fund applications as fast as 24 hours.
- Established businesses may not need to provide a personal guarantee.
Cons
- Borrowers with lower credit scores may need to provide a 20% down payment.
- Interest rates not disclosed on the website.
🤓 Nerdy Tip
To get the best dump truck financing terms, it’s helpful to have good credit, strong finances and multiple years in business. If your credentials aren’t quite where you want them to be, consider offering a larger down payment (or offering one when it’s not required) or additional collateral (e.g. equipment, real estate, inventory), to help you access better interest rates and terms. Learn more about how to get the best interest rate on your business loan.Banks and credit unions | Online lenders | Specialized commercial truck lenders | |
---|---|---|---|
Interest rates and terms | Competitive interest rates and terms. | Higher interest rates compared to business bank loans. | Competitive interest rates with customized options. |
Qualification requirements | Strict: often requires good credit and multiple years in business. | Flexible: can offer startup funding or equipment financing for bad credit. | Flexible: can offer better repayment schedules and less restrictive qualification requirements. |
Funding speed | Slower to fund compared to other types of lenders. | Quick: may fund in as little as 24 hours. | Varies: can be more flexible with payment schedules and funding speed. |
Unique features | May offer SBA commercial vehicle loans with long repayment terms and slightly easier qualification, but still slow to fund. | Streamlined application process with minimal documentation, ideal for businesses needing quick financing or unable to qualify for bank loans. | Industry-specific expertise, offering customized financing and personalized funding experience, ideal for those seeking tailored options for truck financing. |
- Credit score. Many dump truck lenders want to see a credit score in the mid 600s or higher. Some lenders are more flexible, but these options may come with higher interest rates.
- Annual revenue. Dump truck financing companies may not have a specific annual revenue requirement or may not disclose one upfront. Nevertheless, most lenders will look at your revenue and cash flow as part of their underwriting process. A strong financial history can help you qualify for the most competitive trucking business loan options.
- Time in business. Because dump truck purchases can be expensive, lenders often prefer you to have at least a few years in business under your belt. If, however, you have good credit or can provide a large down payment, some lenders may work with younger companies.
More resources for trucking companies |
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Check out NerdWallet's other guides for small-business owners who run a trucking company: |
Methodology
Wondering if you qualify?
It’s possible to get a business loan even if you have bad credit. Bad-credit business loans are available from alternative sources, like online or nonprofit lenders.