Refuse truck financing
A refuse truck is a compactor body on a heavy chassis, and the three kinds, rear loader, front loader and automated side loader, match the three kinds of pickup: hand-loaded cans, commercial dumpsters and residential carts. iFinancial Group finances 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
Rear loaders, the truck for hand-loaded routes and the easiest way into the business, with a 20 to 32 yard body on a Class 7 or 8 chassis, typically list new from about $200,000 to $300,000. Front loaders that pick up commercial dumpsters, and automated side loaders that pick up residential carts with an arm, run roughly $300,000 to $450,000. Grapple trucks for bulk waste and storm debris run $180,000 to $300,000.
Those are market ranges. Body size, the chassis, the arm or the lifter package and the hydraulics move the number.
What goes on the same approval
The chassis and the compactor body are two invoices and one truck, financed on one approval. The cart tipper on a rear loader, the arm on a side loader, the camera system, the lighting and the carts or dumpsters that go out with the truck belong to the package.
Freight from the body 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
Private haulers on residential subscription routes and commercial dumpster accounts, contractors serving a municipal franchise, and companies adding a route in an area the big national haulers don't want. Residential subscription revenue is monthly and recurring, and a route of a few thousand homes is a business that keeps running.
A hauler who wins a municipal contract often has to put a specific truck on the road by a start date. An approval here holds up to 60 days, and the contract is a useful thing to have in hand when the application goes in.
New or used
Used rear loaders five to ten years old typically trade from about $90,000 to $200,000, and used side and front loaders from $120,000 to $250,000. Municipal fleets and national haulers cycle trucks on a schedule, so there's a steady used supply through dealers and auctions, all of it financeable here.
On a used refuse truck, the packer blade and cylinders, the body floor, the arm hydraulics on a side loader and the hours on the body matter as much as the chassis miles. On the financing side it's the bill of sale, the title and proof of what was paid.
What slows a refuse truck deal down
Build time on new trucks. Refuse bodies are built to order and a new side loader can be months out. 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 hauler building a fleet past $1,000,000 is typically written under a master lease so one approval covers several trucks. Below that line it's the same one page per truck.
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 the carts along with an automated side loader?
Yes. The carts that go out with a new residential route belong to the equipment package and can go on the same approval.
Can I finance a used rear loader from a municipal auction?
Yes. Government surplus auctions are a normal source for used refuse trucks. The auction invoice, the title and proof of payment are what the review works from.
I won a municipal contract and need two trucks by the start date.
Each truck can be its own one-page application, or past $1,000,000 the fleet can be written under a master lease. An approval holds up to 60 days, which is usually enough to bridge an order to a start date.
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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