Asphalt pavers are a necessary purchase for any construction business. These machines have the capability to pave roads and other surfaces, making them an invaluable asset in the industry. But with prices running from $50,000 to over $100,000, depending on the model and features, financing can be a challenge.
Fortunately, there are options that allow businesses to make their asphalt paver purchases without breaking the bank. In this article, we will discuss what you can expect to pay for your asphalt paver machine, as well as some of the steps you need to take when considering financing for this equipment.
What Does an Asphalt Paver Do?
Asphalt pavers are machines that help in laying down asphalt over roads and other surfaces. They spread the material evenly, compacting it for a smooth finish. Depending on the model, they may have additional features such as augers and vibratory screeds to help with the paving process.
In addition, asphalt pavers are often used in combination with other construction equipment, such as milling machines. This helps to speed up the process and ensure a smoother finish.
What is the Cost of an Asphalt Paver?
The cost of an asphalt paver depends on the model and features that you select. Generally, prices range from $50,000 to over $100,000. If you plan on purchasing additional features and accessories for the machine, such as an auger or vibratory screed, then this will further add to the cost of your purchase.
Other factors that affect the cost of an asphalt paver include the brand and condition of the machine. Used asphalt pavers, for example, may be more affordable than new models.
Here are the pricing ranges for the leading asphalt pavers in the market:
- Caterpillar: $50,000 – $70,000
- Volvo: $60,000 – $90,000
- Leeboy: $75,000 – $100,000
- Case: $70,000 – $90,000
- Ingersoll Rand: $90,000 – $100,000
- Sakai: $50,000 – $70,000
These prices are just a general guide and may change depending on the features included in the machine. As you can see, the cost of an asphalt paver can vary greatly, so it’s important to do your research and compare prices before making a purchase.
How to Finance an Asphalt Paver
If you’re looking to purchase an asphalt paver but have limited funds available, then heavy equipment financing is a great option. There are multiple ways to finance your asphalt paver, from commercial loans to online lending services.
- Commercial Loan: A commercial loan is a loan used for business purposes, such as purchasing equipment, real estate, or other assets. This is a great option if you have good credit and an established business.
- Equipment Leasing: Equipment leasing is another way to finance your asphalt paver purchase. With this type of financing, you can get the equipment now and pay for it over time with fixed payments.
- Online Lending Services: If you don’t qualify for a traditional loan, then online lending services can be a great alternative. These services provide quick access to capital and may have lower interest rates than other financing options.
Qualifying for Asphalt Paver Financing
When considering asphalt paver financing, it’s important to make sure that you meet the requirements of the lender. Generally, lenders will require a minimum credit score of 650 and some form of collateral, such as real estate or equipment.
In addition, lenders will also look at your ability to repay the loan by examining your business’s revenue, expenses, and other financials.
Finally, you should also carefully research the terms of any loan or financing before committing to it. Make sure that you understand the interest rate, repayment schedule, and penalties for late payments.
Get Financing Support From Charter Capital
Asphalt pavers are a huge investment but can be essential for many construction businesses. Fortunately, financing is available to help you get the equipment you need without the cost eating into your capital expenditure.
Charter Capital provides equipment financing solutions by connecting small and medium-sized businesses with the right lending partner. We specialize in sourcing quick financing for businesses so you can get your asphalt paver as soon as possible. We have a network of over 20 lending companies that will be happy to help you get started or expand your operations. Charter Capital has been in the industry for over 40 years, and we are confident that we can find the right solution for you.
Contact us today to get started with asphalt paver financing and get the equipment you need to succeed. We look forward to hearing from you!