Excavator Financing For Good & Bad Credit
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How to finance an excavator
Excavators can vary in price, and be purchased from retailers/dealers or private parties. The details of the excavator you wish to finance can influence the financing options available. In addition, due to the cost of some excavators you may wish to lease or rent an excavator instead. In order to land on the right decision, here are some steps you can take.
- Shop excavators: Starting the process by researching excavators can help you explore what’s available. Narrowing down details such as price, new or used, and places to buy the excavator can aid you in the financing process.
- Explore financing: If you decide to go with a new excavator, retailer/dealer or secured loans may make the most sense. However, if you go the used route, especially the private party route, alternative financing options such as a personal loan may be worth considering. When you use secured excavator financing, the excavator may need to meet certain requirements. In addition, you may need to provide a down payment. An unsecured loan such as a personal loan can remove these requirements.
- Get pre-qualified: Once you’ve found the right excavator and understand financing options, you can start to get pre-qualified to check real offers. This can help you land on the specific financing offer that makes the most sense. Once your financing is lined up you can proceed with purchasing the excavator you need.
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How hard is it to finance an excavator?
Excavator financing is a common vehicle used to help individuals and entrepreneurs. The difficulty of qualifying can depend on factors such as the loan amount needed and the creditworthiness of the borrower. Alternative options such as leasing an excavator can also be utilized.
Excavator Loans for Bad Credit: Frequently Asked Questions
How long can you finance an excavator?
The repayment period offered for excavator financing can depend on a few factors such as the type of loan, loan amount, and creditworthiness. Generally speaking, repayment periods between 24-72 months are common. A longer repayment period can lower the monthly installment. However, it can also increase the cost of borrowing. A more cost-effective way to lower the monthly payment is to increase your down payment. While an unsecured loan may not require a down payment, you have the option to only finance a partial amount of the excavator cost.
Can I get an excavator loan with bad credit?
Getting a loan with bad credit can mean limited options and a higher cost of borrowing. However, some lenders may be more willing to help those with bad credit. When it comes to excavator financing, a secured loan may lead to more options for those with less than perfect credit. With requirements such as collateral and or a down payment, secured loans can offer less risk for the lender. Another option is to apply with a co-signer with good credit, which could increase your chance of approval for a secured or unsecured loan. At the end of the day though the best way to increase your chance of approval is to boost your credit score before applying. Excavators are generally not cheap, and therefore, loans can be costly.
What is the monthly payment on a mini excavator?
With an average cost of $30,000, the monthly payment for a mini excavator can vary. If you choose to finance a mini excavator, here are some example payments. In order to get a more realistic idea about what payments will look like for you, we encourage you to check real offers. As you review the examples, you may realize that the monthly payment and estimated interest paid is higher for the unsecured loan. However, the unsecured loan option has a higher principal balance since there’s no down payment requirement. In addition, the unsecured loan option can be funded as a lump sum deposited directly to your account, so you may be able to shop the private marketplace to find a less expensive mini excavator.
Secured loan sample payment:
- Out the door price of mini excavator: $36,000
- Down payment: $3,600
- Repayment period: 60 months
- APR: 7.99%
- Estimated monthly payment: $657/month
- Estimated total interest paid: $7,008
Unsecured loan sample payment:
- Out the price of mini excavator: $36,000
- Down payment: $0
- Repayment period: 60 months
- APR 9.99%
- Estimated monthly payment: $765/month
- Estimated total interest paid: $9,883
What types of excavators can I finance?
More importantly than the type of excavator, the total amount you need to finance can play a role in available loan options. However, the total amount you need to borrow can be influenced by the type of excavator you wish to purchase. Here are some types of excavators that can qualify for financing.
- Mini excavator
- Long reach excavator
- Wheeled excavator
- Skid steer excavators
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Can I finance a used excavator?
Used excavators can be financed. Most commonly, secured excavator financing is utilized. If the excavator is used as collateral for the loan, the lender can evaluate factors such as
Are mini excavator loans a good investment?
Mini excavators are a cost-effective option, with the average cost coming in around $30,000. However, a mini excavator may not always meet your needs. Mini excavators are designed for lighter projects with most designed to handle 3,000 to 14,000 pounds. For digging drainage ditches or landscaping mini excavators can get the job done. In addition to the cost, mini excavators can also be more versatile with the ability to handle more terrains. That may also mean they can handle more projects too.. Most mini excavators can be tracked or wheeled. Mini excavators can be a good investment if they meet your needs, and your needs justify purchasing one as opposed to renting or leasing.
How do I choose the right lender for an excavator loan?
In order to find the right lender for an excavator loan, you should first determine how much you need to borrow. Determining who you wish to purchase from can also come into play. If you opt to purchase from a dealer or retailer, you can explore secured financing options through lending partners of the dealer, banks, and credit unions. If these loans require a down payment, and you don’t have the cash, you may be able to use a personal loan to come up with the down payment. If you opt to purchase from a private party, a personal loan may provide more flexibility. In either case, finding the right lender will help you find the most competitive offer. Requirements can vary by lender, and therefore offers can too. Beyond the offer though, some lenders may offer more perks for borrowers and be easier to deal with. As you navigate the landscape of excavator financing, be sure to analyze all aspects of the lender. Afterall, you may be dealing with them for several years to come.
Why choose Acorn Finance for excavator financing?
Acorn Finance can help you find the right loan offer without getting stuck in the trenches. We partner with top national lenders to simplify the process of checking personal loan offers. Through our secure platform, consumers can submit some personal information to check personal loan rates in seconds with no credit score impact. With no collateral requirement and access to multiple lenders in one place, you can hopefully find a loan that meets all of your needs.
Watch excavator financing offers pile up at Acorn Finance. . . check rates with no credit score impact now!
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