Box truck financing

A box truck is a van body on a cab and chassis, and the most popular one in the country is built to a number: 26 feet of box at 25,999 pounds, the biggest truck anyone can drive without a CDL. iFinancial Group finances box trucks new or used, with a liftgate or a reefer unit, chassis and body on one approval, on a one-page application. No tax returns and no audited financial statements to apply, no minimum and up to $1,000,000.

Who you're dealing with

iFinancial Group has funded equipment since 1997, roughly $600 million of it, in all 50 states. We're a direct lender, not a broker, so the file is underwritten in house and not shopped around. Our customers have ranged from independent manufacturers to global technology companies. We've barely advertised in almost three decades. The business came from repeat customers, referrals, and vendors sending us their customers.

What you're financing

A 16 foot box on a Class 4 chassis typically lists new from about $60,000 to $85,000. A 26 foot box on a Class 6 or 7 chassis spec'd to 25,999 pounds GVWR runs roughly $90,000 to $130,000. A refrigerated body with a diesel or electric standby reefer unit adds $25,000 to $50,000 on top of the dry van price. A liftgate adds $5,000 to $12,000.

Those are market ranges. The chassis, the body maker, aluminum or FRP walls, the liftgate and the reefer unit move the number.

What goes on the same approval

The chassis and the box are two invoices and one truck, financed on one approval. The liftgate, the reefer unit, the e-track and shelving, the ramp and the walk-through door belong to the equipment, and so does the wrap.

Freight from the body builder, setup and lettering are soft costs and can ride on the same deal, on many deals up to 30% of the total.

Who buys them and how the payment gets covered

Delivery contractors running routes for the big parcel and retail networks, moving companies, food and beverage distributors on reefer trucks, furniture and appliance delivery, and expediters. Route and contract delivery is the most common use, and the contract is a useful thing to have in hand when the application goes in.

A 26 foot non-CDL truck is popular for a simple reason: any employee can drive it. That shapes who buys it and why it holds its value.

New or used

The used box truck market is the deepest in trucks, because rental and leasing fleets cycle them out on a schedule. A 26 foot box three to six years old typically trades from about $30,000 to $75,000. Used reefer trucks run $40,000 to $90,000 depending on the age and hours on the reefer unit. Dealer, auction and private party sales are all financeable here.

On a used box truck, the box floor and roof seams, the liftgate cycles, the reefer unit hours and the chassis miles get the inspection. On the financing side it's the bill of sale, the title and proof of what was paid.

What slows a box truck deal down

Almost nothing. Box trucks are on dealer lots in volume, used ones are everywhere, and a deal can fund inside a week once the terms are signed.

The one thing: a new delivery contractor with a signed route and no history. It starts with the one-page application, and a newer business will typically need a little more up front, usually the delivery agreement the truck is bought to serve.

How it works with iFinancial Group

It's the same one-page application whether the equipment is small or the deal runs to $1,000,000: no tax returns and no audited financial statements to apply, no minimum and up to $1,000,000. Decisions typically come back within 24 hours, and an approval holds up to 60 days. New and used equipment, terms up to 84 months, and soft costs up to 30% so freight, setup and training can go in the same deal. Payment structures beyond level payments are there when the equipment earns unevenly. We've been doing this since 1997, in all 50 states.

Other vocational trucks: vacuum excavator, vacuum truck, bin cleaning truck, dump truck, bucket truck, tow truck, street sweeper, water truck, roll-off truck, service truck, refuse truck, concrete mixer truck. Or start with vocational truck financing.