Dump truck financing

A dump truck is the vocational truck most contractors buy first, and the one with the widest range of prices: a single axle landscape dump and a super dump are both dump trucks and one costs three times the other. iFinancial Group finances all of them, new or used, 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

Single axle dump trucks on a Class 6 or 7 chassis with a 5 to 7 yard bed, many of them spec'd under the 26,001 pound line so the driver doesn't need a CDL, typically list new from about $90,000 to $150,000. Tandem and tri-axle trucks on a Class 8 chassis with 14 to 20 yard beds run roughly $180,000 to $280,000. Super dumps with a trailing axle and transfer dumps run $250,000 to $350,000 and up. Dump trailers, end dumps, side dumps and belly dumps, run $50,000 to $90,000 for the trailer alone.

Those are market ranges. The chassis maker, the body (steel or aluminum), the axle configuration and the options list move them.

What goes on the same approval

The chassis from the truck dealer and the dump body from the builder go on one approval as one truck. So does the tarp system, the pup trailer behind a transfer dump, the plow package on a municipal spec, and the tractor and trailer together on an end dump setup.

Freight, setup and lettering 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

Excavation and site work contractors, paving and aggregate haulers, demolition, landscapers and owner-operators hauling for a broker. Most of it is billed by the load or by the hour, and in paving season a tri-axle runs every day the plant is open.

That season is the point. Paving and site work shut down in winter in half the country, and a payment that follows the season instead of fighting it is a structure we write regularly.

New or used

The used dump truck market is the deepest in vocational trucks, and it's where most first trucks get bought. A tri-axle five to eight years old typically trades from about $70,000 to $150,000. Single axles run $35,000 to $80,000 used. Dealer, auction and private party sales are all financeable here, and on dump trucks the auction lane is a legitimate place to buy.

On a used truck, the body and hoist get inspected as closely as the engine: bed floor condition, hoist cylinder, frame cracks behind the cab. On the financing side it's the bill of sale, the title and proof of what was paid.

What slows a dump truck deal down

Not much, which is the appeal. Dump trucks are the most common vocational truck on dealer lots, so a new one is often in stock rather than built to order, and a used one can fund inside a week once the terms are signed.

The one thing that does slow it: an owner-operator with one truck, one broker and no history. It starts with the one-page application, and a newer business will typically need a little more up front, usually a look at the hauling 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, bucket truck, tow truck, street sweeper, water truck, roll-off truck, box truck, service truck, refuse truck, concrete mixer truck. Or start with vocational truck financing.