Skid steer financing

A skid steer is the most versatile machine on a job site, and most of its value is in the attachments: the same loader runs a bucket, forks, a grapple, a trencher, a cold planer and a snow pusher. iFinancial Group finances the machine and the attachments together, new or used, 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

A small frame skid steer, the size that works inside buildings and on tight residential lots, typically lists new from about $40,000 to $55,000. A mid frame machine, the most common, runs roughly $55,000 to $75,000. Large frame and high flow machines run $75,000 to $95,000. A cab with air and heat, two-speed and high flow hydraulics each add to the number.

Those are market ranges. The maker, the hours and the hydraulic package move them.

What goes on the same approval

The attachments are the point, and they go on the same approval: buckets, pallet forks, a grapple, an auger, a trencher, a hydraulic breaker, a cold planer, a brush cutter, a snow pusher or blower. A contractor who finances the machine and three attachments on one deal has one payment and a machine that works year round.

Freight and an extended warranty are soft costs and can ride on the same deal, on many deals up to 30% of the total. The trailer that moves it can go on the approval too.

Who buys them and how the payment gets covered

General contractors, landscapers, concrete and masonry crews, demolition contractors, snow removal operators and farms. The skid steer is the machine that's on every kind of job, and a lot of owners keep it working in the off season with a snow pusher on the front.

Where the work is seasonal, seasonal payments follow it, and a snow contract can carry the winter months.

New or used

A mid frame skid steer three to six years old typically trades from about $20,000 to $45,000. Rental fleets cycle skid steers constantly, so used supply is deep through dealers and auctions. All three channels are financeable here.

On a used skid steer, the tires, the loader arm pins, the hydraulic couplers and the hours get the inspection. On the financing side it's the invoice or bill of sale, the serial number, and proof of what was paid. There's no title; the lender's claim is a UCC filing against the serial number.

Rental to owned

The most common way a skid steer gets bought is after a year of renting one. The dealer offers a rental purchase option, some of the rent applies to the price, and the contractor finances the rest. That's financed here like any purchase, on the invoice net of the rent credit.

A skid steer is also a common first machine. It starts with the one-page application, and a newer business will typically need a little more up front.

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 construction equipment: excavator, mini excavator, compact track loader, wheel loader, dozer, backhoe loader, motor grader, telehandler, compactor, asphalt paver, aerial lift. Or start with construction equipment financing.