Snow Plow Financing: Finance Snow Removal Equipment
Providing expert advice and solutions to small business owners looking for snow plow financing.
Snow Plow Financing
Charter Capital has been a household name when it comes to equipment financing for more than 40 years. We have helped thousands of business owners get the funds necessary to jumpstart or expand their ventures through affordable equipment loan and leasing solutions.
We place your needs at the forefront of what we do, and we are determined to see you succeed. If you are in the snow plowing and hauling business and are seeking financing support for heavy machinery and tools, you can count on our team to be your ally in growth.
Some of the examples of snow management equipment we’ve helped finance in the past include:
- Skid-steer loaders
- All-wheel steer loaders
- Backhoe loaders
- Mini track loaders
- Snow broom and ice scrapers
- Tractor plows
- Winter service vehicles
- Salt trucks
- Ice scrapers
We don’t just get you the best financing or leasing deal out there and then leave. We are with you for the long haul. We value partnerships that are built on reliability and trust, and you can rest assured that we will be rooting for you and your business at every stage of your growth.
As a family-run loan and leasing broker, we understand the pain points of growing businesses. Whether you’re a small company just starting out in the snow plowing and hauling business or an established firm looking to add more services or branch out, the Charter Capital team is here to connect you with the best snow plow financing providers to see your goals through.
Contact us today to learn more about the different snow plow financing solutions available to you.
Some of our customers...
- are interested in the lowest rate.
- are interested in a specific tax treatment.
- want to avoid breaching existing lending covenants.
- are interested in the longest term.
- are interested in getting reimbursed for equipment they have already paid for.
- want seasonal or other cyclical structures.
- want to finance software.
- want us to give the seller a deposit before the equipment is shipped.
All of our customers want a fair deal at a fair price and no surprises.
Snow Removal Equipment Financing vs. Leasing
There are a couple of different ways to finance your snow plow: through a loan or a lease. Here’s a look at the pros and cons of each option:
Financing a snow plow through a loan:
- You’ll have full ownership of the equipment once you’ve paid off the loan.
- You can usually get a lower interest rate than you would with a lease.
- You’ll need to come up with a large down payment.
- You’ll be responsible for repairs and maintenance on the snow removal equipment.
Leasing a snow plow:
- You won’t have to worry about repairs or maintenance, as those will be taken care of by the leasing company.
- You’ll need to make a smaller down payment.
- You won’t own the equipment at the end of the lease.
- The interest rate may be higher than with a loan.
Which option is right for you depends on your needs and budget. If you want to own the snow removal machines outright, financing through a loan is the way to go. If you don’t mind handing over ownership of the equipment and paying a bit more in interest, leasing may be a better option for you. Talk to your lender about what’s available in your area so you can make an informed decision.
Tips on Getting Snow Plow Financing With Bad Credit
If you have bad credit, don’t worry. There are still options available to you when it comes to financing a snow plow. Here are five tips for getting bad credit snow plow financing assistance:
1. Shop around.
Don’t just go with the first lender you come across. Compare interest rates and terms from several different lenders to find the best deal. If you’re unsure how to go about this, work with an experienced finance broker who can help you gather the information you need about different providers so you can make the right decision.
2. Be prepared to make a down payment.
Most lenders will require a down payment when you finance a snow plow. The amount you’ll need to pay will vary, but it’s best to have at least 20% of the purchase price saved up.
3. Improve your credit score.
If your credit score is below 600, it may be difficult to get approved for financing. Work on improving your credit score before you apply for a loan. There are several ways to do this, including paying your bills on time, maintaining a good credit history, and using a credit monitoring service.
4. Get a co-signer.
If you can’t get approved for a loan on your own, ask a friend or family member to co-sign with you. This will help increase your chances of being approved.
5. Consider leasing.
Leasing a snow plow may be a better option if you have bad credit. Leasing companies are usually more lenient when it comes to credit score requirements.
If you’re considering financing a snow plow, be sure to talk to your lender about all of your options. They can help you find the best deal for your needs and budget.
Charter Capital can help connect you with the right lending providers for snow plow financing, regardless of your credit score. We work with a variety of lenders who offer financing for all types of equipment, including snow plows. So don’t hesitate to contact us today.