Before you buy your first bucket truck, you need to understand the different financing options available for it. You will want to know about down payment, platform capacity, Leasing vs. loaning, and Requirements for qualifying. Getting financing is not an easy process, but if you know how to do it correctly, you will be on your way to owning your own bucket truck. Read on to learn more.
No down payment
When you need a bucket truck, you may not have a large amount of money to pay for the down payment. But you can still get financing if you have a decent credit score, some cash flow, and some collateral. There are many options for no down payment bucket truck financing. Here are some examples. Here are some advantages of these financing options. But remember to shop around to find the best deal. Using the information provided below can help you choose the best bucket truck financing option.
Platform capacity
A bucket truck has a low stowed platform that allows the rider or worker to enter easily. The L37M bucket is one of the lowest platform heights, sitting nine feet three inches from the ground. This bucket has a platform capacity of 350 lbs. and a travel height of 37 feet. It is equipped with hydraulic lift and telescopic boom systems that provide an extra-long reach. A bucket truck’s platform height can be adjusted between thirty and fifty feet.
A bucket truck with a telescopic boom is also called an articulated one. The telescopic booms on a telescopic bucket truck are only extendable telescopically, and their lower side reach is limited to around five feet. Telescopic bucket trucks provide a greater horizontal reach and are useful in places with limited access. The Elliott H110F telescopic bucket truck, the E-Line Series, and the XP series are examples of telescopic models.
Leasing vs. loaning
Before choosing between leasing and loaning for bucket truck financing, think about your financial situation. Are you a first-time buyer? If so, you should look into business vehicle leasing. Business vehicle leasing can be a good option for you if you don’t have a stellar credit score or a large down payment. Leasing allows you to get the bucket truck you need with flexible terms that allow you to add equipment if needed.
When choosing between leasing and loaning, consider the tax implications of each. In both cases, the actual value of your equipment lies in how you use it, not its financial history. The key difference between the two is that a capital lease allows you to own a vehicle for a specified amount, usually one to three years. However, there are fees and penalties associated with early termination, as well as forfeiture of security deposits. Leasing is a good option for your business if you don’t want to be tied down to a vehicle for a long period of time.
Requirements to qualify
When it comes to financing a bucket truck, many companies are familiar with the requirements. But before you apply for financing, you should know how to get the best rate possible. The rate that you can get is dependent on the type of bucket truck that you need, your credit history and your business financials. In some cases, you can get a bigger finance amount if you have a good credit history.