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Top 6 Questions About Skid Steer Leasing

Posted On: July 12, 2017 author Paul Kendall

 As a construction company owner, you know that getting a skid steer is a valuable investment for your operations. Whether you’re buying a new or used skid steer, they can increase overall efficiency and help you get jobs done even faster. 

But what if you’re trying to figure out how to lease a purchase or rental of a used skid steer and don’t know where to start? Below are some of the most popular questions that are asked about skid steer leasing, which you can use to help you get started with acquiring your very own skid steer.

 

1. What if I don’t own a business?

Because skid steers are great assets for any type of construction job or outdoor project, some people may seek out a skid steer to help them with at-home projects. Unfortunately, most financiers will look at certain statistics like business cash flow before they give out a loan. 

If you are not a business owner but need to utilize a skid steer, you could look at a temporary rental. The cost to rental skid steer will generally be much more affordable compared to getting a lease when you only need to use a skid steer on occasion for big projects.

2. What do I need to qualify for skid steer leasing?

Like most types of businesses seeking outside leasing to boost their business, there are key statistics that financiers will be looking for: credit score (business and/or personal), longevity of the business, cash flow, and more.

Your financial situation is unique, but skid steer financiers will review your business’ financials situation. Thankfully, it’s much easier to get financing for a used skid steer than other types of business assets. Below are a few financial situations and guidelines that you can view to see where your business fits.

  • Good Credit (2+ Years of Business) -- Easy to acquire leasing.
  • Good Credit (New/Startup Business) -- Fairly easy to acquire leasing.
  • Fair Credit (2+ Years of Business) -- Easy to acquire leasing, but may require a small (10%) security deposit.
  • Fair Credit (New/Startup Business) -- Slightly more difficult to lease, using collateral to cover the risk.
  • Bad Credit (2+ Years of Business) -- Generally will always require collateral of some kind (e.g., security deposit).
  • Bad Credit (New/Startup Business) -- Expect to provide collateral that is the same value of what you are intending to lease.

 

3. How much are skid steer leasing rates?

Leasing rates for skid steers will vary from company to company and the financials of your business. As a generality, expect skid steer leasing to cost about $40K with financing spanning for 4 years. Depending on your credit, monthly payments can range from $1,100 (685+ credit) to $1500 or $2,000 (less than 625 credit) per month.

4. How much are down payments for skid steer leasing?

As long as you have decent credit and have been operating for a couple of years, you can usually get away with a down payment as small as 5%. The less business history or lower your credit score, the higher your security deposit will get (upwards of 10% to 20%).

5. What equipment can I lease?

Lenders want to make sure that the equipment you are purchasing is in fairly good condition. If the used skid steer breaks down in the middle of a payment period, you are less likely to get funding, and that can raise alarms for the financier.

6. How long does it take to get leased?

Getting leasing for your skid steer can take as quick as 24 hours for businesses with good credit and up to 7 days for businesses that have lower credit. There are many factors that go into how fast you receive your finances, so make sure to provide as much information as possible when talking with skid steer financing companies. 

 

Make The Right Decision

Make sure you’ve chosen the financing company that really cares about their clients. Out of all the financing companies on the internet, I highly suggest skidsteer financing by Trust Capital USA.

Trust Capital has created a solution that minimizes cost and maximizes return. Their company makes leasing FAST....EASY....AND FLEXIBLE.

 

They have many different affordable payment plans…

·         $99 for the first 6 months: Requires only $99 to start

·         90 Day Deferral: Offers payments of only $0 for the first three months

·         Seasonally Varied: Matches payment plans to a business' uneven cash flow

·         "0% Interest" for 24 Months with a 20% buyout (restricted to specific equipment)

·         Customer Specific structures are also available

·         *Standard products offer Fair Market Value, 10% and $1 buyouts and terms from 12-84 months

·         Their Widened Credit Appetite offers financing to all levels of credits, as well as younger businesses 


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