Truck wrecking equipment can be financed via loan or lease, depending on the specific type of asset, condition, and amount of financing required. These types of assets typically qualify for commercial equipment financing in a lease financing form whereby the asset you want to acquire is basically purchased by a leasing company and the business is provided with a lease in return. Equipment leases can either be operating or capital leases, depending on the taxation, balance sheet, and cash flow requirements of the individual company applying for financing.
For used truck wrecking equipment, the rates and fees related to equipment financing and equipment leasing programs are likely going to be higher with shorter repayment terms. Purchases of wrecking equipment from a private seller is also possible provided that a clean asset title can be provided to the equipment financing or leasing company prior to them acquiring it.
One thing about these types of assets is that they tend to have a long useful life, so used equipment, even if several years old, can still be considered for equipment financing.
If you’re just starting the process of looking for truck wrecking equipment that you know you’ll need financing to acquire, I suggest that you apply for a pre-approval so you can get the equipment financing process out of the way and concentrate on the asset procurement process knowing exactly how much money you have to work with and the required repayment terms.
If you have an accepted offer or bid in hand, we can help you get an application package together right away and get some quotes back from our various funding sources in as little as 24 hours for smaller purchase amounts. When the wrecking equipment financing amounts are greater than $100,000, the process can take anywhere from 2 to 5 business days.
Regardless of where you’re at in the process, we welcome the opportunity to go over your wrecking equipment financing requirements with you and get all your questions answered so you can better decide on the equipment financing approach you want to take.