Bucket truck financing
A bucket truck is an aerial lift on a chassis, and the two numbers that set its price are working height and whether the boom is insulated. Tree services, electrical and sign contractors, telecom and utilities all buy them, and iFinancial Group finances them new or used, chassis and lift 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
Non-overcenter lifts with 35 to 45 feet of working height on a Class 5 or 6 chassis, the truck a sign company or an electrical contractor runs and often under the 26,001 pound CDL line, typically list new from about $130,000 to $200,000. Overcenter lifts with 55 to 65 feet of working height on a Class 7 or 8 chassis, the forestry and tree service spec with a chip box behind the cab, run roughly $180,000 to $280,000. Insulated material handling buckets for utility line work run $250,000 to $400,000 and up.
Those are market ranges. Working height, insulation rating, the platform capacity, the chassis and whether it's a forestry package move the number.
What goes on the same approval
The chassis and the aerial device are two invoices and one truck, financed on one approval here. The chip box, the toolboxes, the hydraulic tool circuit at the platform, the wheel chocks and outrigger pads, and the chipper that works alongside a forestry truck all belong to the package.
Freight from the upfitter, the initial dielectric test and operator training are soft costs and can go on the same deal, on many deals up to 30% of the total.
Who buys them and how the payment gets covered
Tree services are the biggest group, then electrical and sign contractors, telecom and cable installers, lighting maintenance companies and utility contractors. Tree work bills by the job and runs year round in most of the country; storm season is a surge, not a slowdown.
A bucket truck is typically the highest-earning piece of equipment a tree service owns, because the work it does can't be done any other way at that height. The payment on a $180,000 truck is usually covered by a few days of work a month.
New or used
Used bucket trucks five to ten years old typically trade from about $50,000 to $130,000, and the market is deep because utilities and rental fleets cycle trucks on a schedule. Dealer, auction and private party sales are all financeable.
On a used aerial device, the thing that matters is the inspection history. Aerial lifts carry an annual inspection requirement under ANSI A92.2, and an insulated boom carries a dielectric test. A truck with a current inspection and the records to go with it is worth more and is an easier file than one without.
What slows a bucket truck deal down
Rebuilt and remounted units. A lot of used bucket trucks are a newer chassis with an older aerial device moved onto it, which is a legitimate truck and a common one, but the device and the chassis have different ages and the invoice needs to say so. A clear invoice that separates the two keeps the review short.
On new trucks, the upfitter's queue. An approval holds up to 60 days, and we can often pay the upfitter at order. How much is prefunded at order depends on the builder's terms and the file.
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.
Common questions
Can I finance a remounted bucket truck, a newer chassis with an older lift?
Yes. It's a common truck. The invoice should separate the chassis and the aerial device, and a current inspection on the device helps the file.
Can the chipper go on the same financing as the forestry truck?
Yes. The chipper that works with the truck is part of the package and goes on one approval.
Does the truck need a current ANSI inspection to be financed?
Not as a condition of the financing, but a used aerial device with a current inspection and the records is a stronger file, and you'll need the inspection to put it to work anyway.
Can the truck chassis and the body be financed together?
Yes. The chassis from the truck dealer and the body from the upfitter are two invoices and one piece of equipment. They go on one approval and one payment.
What do you need to approve a deal?
A one-page application. 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.
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