Best Dump Truck Financing Options

Updated on January 30, 2023
Advertiser Disclosure

The Ultimate Guide to Dump Truck Financing

If you own a construction, renovation, or landscaping company, you might find yourself needing to purchase a dump truck at some point during the life of your business. As you can imagine, dump truck financing, however, is expensive—purchasing one of these trucks can cost anywhere from $15,000 to $150,000.

Therefore, whether you’re looking for new or used dump truck financing, you’ll want to compare a variety of different business loans to ensure you’re getting the best deal for your needs. Wondering where to start your search?

We’re here to help.

In this guide, we’ll break down everything you need to know about commercial dump truck financing—including four of the top solutions in 2020.

Dump Truck Financing for Small Businesses

Apply Now

What Is Dump Truck Financing?

First and foremost, it’s important to understand what dump truck financing is and how it works.

In general, dump truck financing is a form of commercial truck financing that allows you to borrow a lump sum of capital—for the specific purpose of purchasing a dump truck—that is paid back over a set period of time, with interest. Typically, the dump truck you purchase actually serves as collateral on the loan.

This being said, this loan structure, similar to a traditional term loan or commercial auto loan, is the most common type of dump truck financing and is available from both banks and online lenders.

In addition, there are also a few variations on dump truck financing—namely leasing and equipment financing:

  • Dump Truck Leasing

    In this case, your financing will operate similarly to the description above, with one important difference—at the end of your lease, you won’t actually own the dump truck you’ve been paying for. Instead, you’ll either return the truck or you might have the option to purchase it at residual value from the lender.

    Some businesses choose equipment leasing over a loan so that they don’t have to worry about the maintenance of their truck or the truck becoming outdated by the end of the loan terms. Additionally, you’ll often see lower monthly payments with leasing over a loan.

    This being said, although leasing might offer lower monthly payments, this type of financing can entail higher interest rates—and therefore, ends up being more expensive at the end of the day. Dump truck leasing is also available from banks and online lenders.

  • Equipment Financing

    Certain equipment lenders, once again, including banks and online lenders, will offer dump truck financing as a form of heavy equipment financing.

    Typically, these lenders will finance a dump truck just as they would any other type of equipment in their program—using the dump truck itself to serve as collateral on the loan.

    Generally, like our other options, you’d repay this equipment financing over time, with interest.

    Many equipment lenders, however, will require a down payment for this type of dump truck financing.

Dump Truck Financing Terms and Rates

On the whole, the rates, terms, and loan amounts you’ll see with dump truck financing will depend on a number of factors—including your business’s qualifications, the dump truck you’re looking to purchase, and the lender you’re working with.

This being said, however, because the dump truck serves as collateral on the loan, you’ll usually see longer terms, lower interest rates, and more flexible qualifications than you will with other types of business financing.

In general, you can expect:

  • Loan amounts: Up to 100% of the value of the dump truck, ranging up to $500,000
  • Terms: Dump truck financing terms are usually based on the quality and projected life of the dump truck you’re going to purchase. These terms can range from two to six years.
  • Rates: Interest rates on commercial dump truck financing are typically lower than other types of business loans, starting as low as 4% or 5%.

Best Dump Truck Financing Options

Now that we’ve reviewed the basics of commercial dump truck financing, let’s explore some of the top options for small businesses.

All in all, there are a variety of places you can turn for this type of funding, including both banks and online lenders, but you might start your search with these four options, summarized in the chart below:

Top Options for Dump Truck Financing

Lender Loan Amount Interest Rates Terms Qualifications Best for:
Up to $1 million
Starting at around 10%
Two to five years
$100,000 annual revenue; one year in business; “decent” FICO credit score
Fast funding; same-day funding for financing under $250,000
$3,000 and up
6% to 35%
Two to five years
Specifics not available
Dump truck financing for startup businesses, businesses with lower qualifications
Up to $1 million
Starting at 5%
Two to seven years
Two years in business; 650 credit score
Highly qualified businesses; low interest rates
Up to $500,000
Starting at 6%
Up to six years
$120,000 annual revenue; 620 credit score
Fast financing for smaller amounts; startup businesses

Let’s compare these options in more detail.

Balboa Capital

Balboa Capital is an equipment financing company that can help finance your business’s purchase of a dump truck.

Overall, Balboa can offer:

  • Loan amounts: Equipment loans from $2,000 to $1 million that can be used for dump truck financing.
  • Interest rates: Rates from Balboa will range based on your qualifications and financing, generally, you’ll see them around 10%.
  • Terms: Balboa’s terms range from two to five years. The repayment term you qualify for will depend on your business’s credentials and the projected life of the dump truck you hope to finance.

You can apply for dump truck financing from Balboa Capital in only minutes. Plus, not only is their online business loan application fast and easy, but this lender can provide same-day funding for loans up to $250,000.

To qualify for this financing from Balboa, you’ll need a minimum annual revenue of $100,000, at least one year in business, and a “decent” FICO credit score.

This being said, even with loans over $250,000, you can expect funding with Balboa Capital to be fast and easy—with no additional collateral required, fixed monthly payments, and competitive rates.

eLease Capital

eLease Capital is another equipment financing company that can help finance your business’s purchase of a dump truck.

Although eLease doesn’t detail their minimum qualifications on their website, they do state that they work with businesses that have been operating less than two years, as well as those with prior financial issues. In this way, eLease is a great option for dump truck financing for startup businesses.

This being said, with eLease, you can expect:

  • Loan amounts: The minimum amount of financing you can receive from eLease is $3,000. eLease doesn’t specify a maximum loan amount on their website.
  • Interest rates: Interest rates on commercial dump truck financing from eLease Capital range from 6% to 35%.
  • Terms: Based on both your business’s creditworthiness and the projected life of the dump truck you’re hoping to finance, eLease Capital will offer repayment term lengths from two to five years.

All in all, eLease allows you to apply for dump truck financing online with a quick and easy application.

As we mentioned above, they don’t list specific qualifications for businesses, so they’re an especially worthwhile solution for startup funding. It’s important to remember, however, that the riskier eLease deems your business based on your qualifications, the higher interest rates you’re likely to see.

Crest Capital

Next, Crest Capital boasts one of the very best reputations on the market for equipment financing.

If you’re looking for affordable dump truck financing, Crest Capital can offer:

  • Loan amounts: Equipment financing from Crest Capital can range in amounts from as small as $5,000 to as large as $1 million.
  • Interest rates: Starting at 5%, there’s no doubt that Crest can offer some of the most competitive business loan interest rates out there.
  • Terms: Crest Capital allows equipment financing borrowers anywhere from two to six years to repay their loans.

Of the commercial dump truck financing options we’ve discussed thus far, Crest Capital has the highest qualification requirements. You’ll need a credit score of 65o or higher and at least two years in business to qualify for this type of financing from Crest.

This being said, however, for highly qualified borrowers, you can access bank-like interest rates with the simple application process and funding speed of an online lender by working with Crest.

Currency Finance

Finally, another worthwhile lender for dump truck financing is Currency Finance (formerly known as Currency Capital). Like the other lenders we’ve reviewed, Currency is well-known for their equipment financing program.

With Currency, you can expect:

  • Loan amounts: You can access new or used dump truck financing from Currency in amounts up to $2 million.
  • Interest rates: The specific interest rate will vary based on your financing and qualifications, but generally, Currency’s interest rates start around 6%.
  • Terms: Currency offers flexible repayment terms of up to seven years.

Like Balboa, Currency offers an expedited application process for smaller loan applications. If you’re applying for dump truck financing under $150,000, you can simply fill out an application and then provide a formal quote for your funded equipment. For these smaller deals, Currency can fund businesses in 24 hours.

This being said, overall, it’s pretty straightforward to apply and receive business funding with Currency. Additionally, their qualifications are fairly flexible—you only need a credit score of 620 and annual revenue of $120,000 to qualify.

In this way, like eLease, with no time in business requirement, Currency is another notable option for dump truck financing for startup businesses.

How to Qualify for Dump Truck Financing

As you can see, some of the business loan requirements you’ll need to meet to qualify for commercial dump truck financing will depend on the lender you’re working with. This being said, however, as we’ve mentioned, dump truck financing can be easier to qualify for than other types of financing—as the dump truck itself serves as collateral on the loan.

With this in mind, although many alternative lenders (like those we discussed) offer expedited funding and streamlined application processes, you’ll still be asked to provide some documentation with your loan application. Preparing this documentation ahead of time, as well as responding promptly to any requests for additional information, can expedite your application process substantially.

Therefore, it will be helpful to gather some, if not all, of the following before applying:

  • Basic personal and business information, including ID, EIN, business licenses, formation documents (if applicable)
  • Personal and business bank statements
  • Personal and business tax returns
  • Business financial statements
  • Dump truck quote and purchasing information

In addition, even though you likely won’t be asked for collateral on top of the dump truck itself, you may be asked for a down payment (often around 10%) as well as a personal guarantee.

Bottom Line

At the end of the day, although most dump truck financing comes from equipment lenders, when it comes down to it, any business loan can be considered dump truck financing if you use it for the purpose of purchasing a dump truck.

This being said, it’s important to remember that through your search process, you’ll want to compare multiple options before making a final decision. You can start with the four lenders we’ve reviewed here, or, if you think you can qualify, you might explore commercial truck financing programs from a bank—like the Wells Fargo equipment financing program.

In any case, comparing all of your options will help you ensure that you’re getting the most ideal rates and terms for your business.

Frequently Asked Questions

Meredith Wood
Vice President and Founding Editor at Fundera

Meredith Wood

Meredith Wood is the founding editor of the Fundera Ledger and a vice president at Fundera. She launched the Fundera Ledger in 2014 and has specialized in financial advice for small business owners for almost a decade. Meredith is frequently sought out for her expertise in small business lending. She is a monthly columnist for AllBusiness, and her advice has appeared in the SBA, SCORE, Yahoo, Amex OPEN Forum, Fox Business, American Banker, Small Business Trends, MyCorporation, Small Biz Daily, StartupNation, and more. Email:
Read Full Author Bio