Forklift financing

A forklift is the most common piece of equipment in American business, in every warehouse, plant, lumberyard and distribution center, and most companies buy them more than one at a time. iFinancial Group finances forklifts new or used, several units 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

Electric forklifts of 3,000 to 5,000 pounds typically list new from about $30,000 to $50,000 without the battery and charger. Internal combustion cushion and pneumatic tire forklifts of 5,000 pounds run roughly $35,000 to $60,000. Reach trucks and order pickers run $45,000 to $75,000. High-capacity lifts of 15,000 pounds and up run $90,000 to $250,000.

Those are market ranges. Capacity, mast height, the power type, the tires and the attachments move them.

What goes on the same approval

Several trucks go on one approval, and so do the batteries and chargers that run them. A lithium-ion battery and charger can add $10,000 to $25,000 per truck and pay it back in eliminated battery changes and longer runtime. Attachments, side shifters, clamps, rotators and fork positioners, belong to the equipment.

Freight 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

Warehouses and distribution centers, manufacturers, lumber and building supply yards, food and beverage distributors, and third-party logistics companies. The common case is a company that has been renting trucks for a peak season or a new contract, or one replacing an aging fleet whose repair bills now run more than a payment would.

Where volume is seasonal, seasonal payments can follow it.

New or used

Used forklifts three to eight years old typically trade from about $10,000 to $35,000 for standard capacities. Dealers, rental fleets and auctions all move them, and private sales between businesses are common. All are financeable here.

On a used forklift, the hours, the mast and chains, the battery condition on an electric truck, and the tires get the inspection. On the financing side it's the invoice or bill of sale, the serial number and proof of what was paid.

What slows a forklift deal down

Almost nothing. Dealers stock them, used ones are everywhere, and a deal can fund inside a week once the terms are signed. A fleet replacement above $1,000,000 is structured under a master lease so one approval covers repeated purchases. Below that it's the same one page.

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 manufacturing equipment: CNC machining center, CNC lathe, fiber laser cutting machine, press brake, injection molding machine, waterjet cutting machine, robotic welding system, industrial 3D printer, packaging machinery. Or start with manufacturing equipment financing.