If you want to lease a dump truck, you will be happy to know that it is much easier to do that then to least another vehicle such as a pick-up truck or a car. In fact, you are likely to find that leasing a dump truck is even easier than any other form of commercial financing. The reason for this is mainly because dump trucks are high value items and because their earning potential is also very high. All financial lenders have very strict requirements when it comes to accepting a finance application, but because of the value and earning potential of the dump truck, they tend to be a lot more flexible.
Why It Is so Easy to Lease a Dump Truck
You may not be aware of the fact that dump truck financing is something that lenders actively search for. At the end of the day, financial institutions must lend money if they are to make money. Hence, they look for finance situations in which they are able to profit a lot as well. Dump trucks are the perfect example of doing so. Vehicle loans tend to be quite difficult to secure but a dump truck does not face these types of problems. In fact, it is now even possible to lease not just new dump trucks but also used ones.
Usually when you apply for a lease, you will have your creditworthiness screened. One of the key factors of consideration is your individual credit score, which will also have a significant impact on the rates and terms and conditions of your finance agreement. This also holds true for a dump truck lease but it is far easier to obtain a lease contract even if you have bad credit. If you do have bad credit, your interest rates are likely to be higher and your terms and conditions different, but the fact that there is such a high potential for profitability means that lenders will usually be happy to supply you with finance even if they would not agree to finance any other vehicle for you.
Another great benefit is that applying for a dump truck lease is very simple and easy to do. In fact, many lenders have a simple online application form that will give you a decision in minutes or, if you have some special circumstances, 2 or 3 working days. Usually you will not even have to supply any financial statements. The focus is strongly on the type of equipment that you want to receive a lease for and not so much on you and your creditworthiness. You will notice that the application form focuses heavily on the make and model of dump truck that you were hoping for, the standard, whether it is an articulated model, what year it was built, the lift mechanisms, and so on. They will also ask questions such as where the vehicle will be kept and what it will be used for.