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How to Finance a Dump Truck

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Dump truck leasing and dump truck financing are different from traditional vehicle financing and leasing. Traditional truck loans typically require your credit, business revenue, and time in business to determine if you’re qualified.

When it comes to leasing a dump truck, the truck you decide to purchase becomes the collateral, which helps to limit the lender’s risk on the dump truck lease or dump truck loan. By reducing the risk you’re more likely to be qualified for truck financing.

Several factors will determine your dump truck lease term, interest rate, and down payment. Here’s a list of all the requirements and factors that determine your eligibility and financial requirements.

1. DETERMINE YOUR ELIGIBILITY

Before you go dump truck shopping it’s recommended first to get pre-approved for dump truck financing. Our partners at TopMark Funding have a quick and easy pre-approval process. One of our finance specialists will ask you a few questions about your credit and business history. We will then do a soft pull on your credit, not a hard inquiry. 

The majority of our competitors do a hard credit inquiry. That’s not good for your credit score. Our pre-approval process is guaranteed not to harm your business or personal credit score. Once we get your credit results back we’ll get you pre-approved with the amount you’re allowed to finance.

2. FIND YOUR NEW OR USED DUMP TRUCK

Here’s the fun part of the dump truck financing process: shopping for your new big rig! When shopping for your new dump truck you need to keep in mind some requirements the lenders have. We always recommend buying your new or used dump truck from a reputable dump truck dealer.

When you start looking for a dump truck for sale you should take into consideration several factors.

REPUTABLE DEALERSHIP

We always recommend buying from a reputable dump truck and commercial vehicle dealership. Nothing is wrong with buying from a private party, but it’s always better to be safe than sorry. Especially when you’re spending a bunch of money and your income relies on a reliable truck.

If you need help finding a dump truck dealer in your area, feel free to give us a call at (866) 627-6644 and we can assist you in finding a reputable dealership and the perfect dump truck for you.

WHAT YOU’RE HAULING

Dump truck 101 – what are you hauling and how much does it weigh. This is a very important question and answer. You want to look at the gross vehicle weight rating (GVWR) of the make and model of dump truck you’re looking to buy.

To reduce damage to federal highway roads and bridges, federal law limits the gross weight of trucks based on the number and spacing of axles.

Determining what you’re going to haul on a regular basis will help determine which type of dump truck you’re going to need. (A detailed list of the different type of dump trucks above)

DETERMINE YOUR ENGINE

Many of the dump truck manufacturers come equipped with similar engines. Whether it’s a Cummin’s, Detriot Diesel, Paccar Engines. Mack has its own line of engines names the Mack MP Engines. 

You’ll need to determine what you’re going to haul and what the GVWR is going to be. You’ll need enough horsepower and torque to efficiently haul your loads. Not having enough horsepower can cause issues, and buy an engine that’s too power may be more costly. You want to find a happy medium of power and fuel efficiency.

TYPE OF TRANSMISSION

Depending on your dump truck make and model you’ll be able to choose between manual or automatic. 

There are several pros and cons between manual vs automatic. A lot of it has to do with personal preference, the make, and model of your dump truck, and what your skills level is when it come to driving a manual transmission.

The old school driver loves the control of a manual transmission. But, the newer automatic transmission are easy to drive and very efficient. 

The automated manual transmission is gaining popularity. It eliminates the clutch and the hand shifting of a manual transmission. Instead, electronic sensors, processors, and actuators do the shifting to match travel speed with the load and job application.

MANEUVERABILITY

Depending on the make and model of your dump truck, the manufacturers typically have two choices of axle positions. Axle forward and axle back. 

The positioning of the axles can greatly affect your turning radius and maneuverability. If you need to be able to make tighter turns you probably want to look at an axle-back dump truck configuration. 

If you’re not sure which dump truck dealer in your area is reputable, give us a call and we’ll have some suggestions at (866) 627-6644. We have a list of great dealers throughout the US.

3. FIND GOOD DUMP TRUCK INSURANCE

Before you get approved and obtain your dump truck lease, you’ll need to have dump truck insurance. dump truck lenders will make sure you have good dump truck insurance. Just like your personal vehicle, you’ll need good insurance for your dump truck. 

Just like anything else in life, you get what you pay for. Your dump truck and business are valuable assets and you don’t want to be under-insured and liable for the potentially massive repair and legal bills.

Dump truck lenders required coverages:

If you own a fleet of dump trucks and have employees driving for you, you’re going to need workers’ compensation. Contact your local business insurance agent for more details.

Lenders will not allow you to finalize the deal without the correct type of insurance for a dump truck. If you have any questions please feel free to contact your finance specialist. (866) 627-6644

4. SUBMIT ALL DOCUMENTS AND GET FUNDED

Once you’ve picked out your dump truck that meets all the requirements and you have the proper insurance in place, it’s time to finalize your funding. Contact your finance specialist to finalize your application.

Documents will be generated and then emailed for review and signature. An electronic signature is acceptable on most documents.

After the signed contract is returned, we’ll process your documents. Most transactions fund within 1 to 3 days. We have a fast turn-around to get you the truck you want up and running.

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