Street sweeper financing

A street sweeper is a chassis with a sweeping head and a hopper, and the three ways it picks up debris, mechanical broom, regenerative air and vacuum, set the price and the work it's suited for. Sweeping contractors, paving companies and municipalities buy them, and iFinancial Group finances them new or used, chassis and sweeper 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

Parking lot sweepers, compact vacuum units on a Class 3 or 4 chassis that stay well under the CDL line, typically list new from about $60,000 to $130,000. Regenerative air and vacuum sweepers on a Class 6 to 8 chassis, the trucks that sweep streets and highway shoulders, run roughly $220,000 to $350,000. Mechanical broom sweepers for heavy debris, millings behind a paving crew and construction site cleanup, run $200,000 to $320,000.

Those are market ranges. Hopper size, dual or single engine, water capacity and the chassis move the number.

What goes on the same approval

The chassis and the sweeper body are two invoices and one truck, financed on one approval. The auxiliary engine on a dual-engine unit, the extra water tank, the curb brooms, the lighting package and the camera system belong to the equipment.

Freight from the builder, setup and operator training 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

Sweeping contractors on commercial property and HOA contracts, paving contractors who sweep ahead of their own crews, municipalities and the contractors that sweep for them, and construction site maintenance companies. Parking lot sweeping is night route work on monthly contracts, which is steady, recurring revenue that underwrites well.

Municipal and highway sweeping is contract driven, and a contractor who wins a multi-year sweeping contract often needs a specific truck to perform it. The contract is a useful thing to have in hand when the application goes in.

New or used

Used regenerative air and mechanical sweepers six to ten years old typically trade from about $60,000 to $180,000. Used parking lot sweepers run $25,000 to $70,000. Municipal fleets cycle sweepers on a schedule, so there's a steady used supply through dealers and government auctions, and all of it is financeable here.

On a used sweeper, the sweeping head, the hopper floor, the fan on an air unit and the hours on the auxiliary engine 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 street sweeper deal down

Lead time on new trucks. Sweeper builders work from a queue and a new regenerative air truck can be months out. 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.

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

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, water truck, roll-off truck, box truck, service truck, refuse truck, concrete mixer truck. Or start with vocational truck financing.