Concrete mixer truck financing

A concrete mixer truck is a rotating drum on a heavy chassis, and the newer kind, the volumetric mixer, carries the sand, stone, cement and water separately and mixes on site, which is why concrete contractors are buying them to stop depending on the ready-mix plant's schedule. iFinancial Group finances both kinds, new or used, chassis and mixer 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

Rear discharge drum mixers with a 10 or 11 yard drum on a Class 8 chassis typically list new from about $180,000 to $280,000. Front discharge mixers, the ones the driver controls from the cab, run roughly $250,000 to $350,000. Volumetric mixers on a Class 7 or 8 chassis run $150,000 to $300,000 depending on capacity and the computer that meters the mix.

Those are market ranges. Drum size, the chassis, the number of axles and the mix control package move the number.

What goes on the same approval

The chassis and the mixer are two invoices and one truck, financed on one approval. The chute extensions, the water system, the admixture tanks on a volumetric unit and the printer that documents each load belong to the equipment.

Freight from the mixer builder, setup and operator training 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

Ready-mix producers adding trucks, independent haulers who run under contract to a plant, and concrete contractors buying a volumetric mixer so they can pour on their own schedule, in small quantities, without a plant minimum or a short-load fee. For a contractor, a volumetric mixer often pays for itself on the loads the plant wouldn't send.

Concrete work is seasonal in the north. Where the year is uneven, seasonal payments are written for it.

New or used

Used drum mixers five to ten years old typically trade from about $60,000 to $150,000, and used volumetric mixers from $70,000 to $180,000. Ready-mix producers cycle trucks on a schedule, so there's a steady used supply, and dealer, auction and private party sales are all financeable here.

On a used mixer, the drum wall thickness and the fins inside it, the drum drive, and the hours on the mixer separate from 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 mixer deal down

Build time. Mixers are built to order and the builder's queue can run months. An approval here holds up to 60 days, and we can often pay the builder at order so the deposit is part of the financing. How much is prefunded at order depends on the builder's terms and the file.

A contractor buying his first volumetric mixer is leaving a supplier, not starting a business, so the file is usually the existing concrete company's. That's a shorter review than a startup.

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, box truck, service truck, refuse truck. Or start with vocational truck financing.