EXCAVATOR FINANCE FAQS | VERACITY FINANCIAL

Excavator Financing Frequently Asked Questions!

If you’re in the market for a new excavator, you may be wondering how you’re going to finance it. The good news is that Veracity Financial offers financing for both new and used excavators. We know that excavators are important for construction, builders, mining operations, and demolition sites. That’s why we offer competitive rates and terms.

Here at Veracity Financial, we understand that choosing the right excavator financing solution is a big decision. We’ve compiled a list of some frequently asked questions to help you make the best choice for your business.

New or Used Excavator:

There are a few things to consider when you’re looking for excavator financing. The first is whether you want to finance a new or used excavator. Veracity offers financing for both, so you can choose what’s best for your needs. If you’re looking for a lower monthly payment, financing a used excavator may be the way to go. However, if you want the latest and greatest technology, a new excavator may be the better option.

Loan Term:

Another thing to consider is the length of the loan term. At Veracity Financial, we offer loan terms up to 60 months. This means that you can make smaller monthly payments spread out over a longer period. Or, if you prefer, you can opt for a shorter loan term and pay off your excavator sooner.

Amount Financed:

Finally, you’ll need to decide how much money you want to borrow. The amount you qualify for will depend on various factors such as your credit score and income. Once you’ve applied for financing, one of our loan officers will work with you to determine how much money you can borrow.

The benefits of financing through Veracity Financial:

When it comes to excavator financing, Veracity Financial has you covered. We offer competitive rates and terms on both new and used excavators. We also have loan terms up to 60 months so that you can make smaller monthly payments spread out over a longer period. Why wait? Get started now! Give us a call and we’ll help you find out all about our excavator options.

-What is excavator financing?

  Excavator financing is a loan that allows you to purchase an excavator without paying the full price upfront. This can be helpful if you don’t have the cash on hand to pay for an excavator outright, or if you want to free up some capital for other expenses.

-How does excavator financing work?

  When you finance an excavator, you will typically make a down payment followed by monthly payments until the loan is paid off. The amount of your down payment and monthly payments will depend on the total cost of the excavator and the terms of your loan.

-How much does an excavator cost?

  The price of an excavator can vary depending on the size and intended use. A small excavator used for landscaping might start around $30,000, while a large mining excavator could cost upwards of $2 million.

-What types of excavators are there?

  The most common types of excavators are crawler excavators, wheeled excavators, and compact (mini) excavators.

  determine which type is best suited for your needs based on the terrain where you’ll be working and the size of the project site.

-How long does it take to receive financing?

  At Veracity Financial, we strive to provide quick and easy financing solutions. Typically, it takes 1-3 weeks to get approved for financing and receive the equipment.

  During this time, our team will work with you to determine the best leasing or loan option based on your budget and needs.

-What are the current rates for financing an excavator?

  Veracity financial offers some of the most competitive rates in the industry, with great terms to match. We are always looking to offer our customers the best possible options when it comes to financing their equipment.

-How do I apply for financing an excavator?

  The process is simple and straightforward – you can apply online or give us a call, and one of our representatives will be more than happy to help you through the process.

-What are the benefits of financing an excavator?   

  There are several benefits of financing an excavator instead of paying cash up front. Financing can help you get the equipment you need without tying up all your cash reserves. It can also allow you to take advantage of early payment discounts, which can save you money in the long run.

-What are the drawbacks of financing an excavator?

  The biggest drawback of financing an excavator is that it will likely cost you more in interest over time than if you paid cash up front. This is because when you finance an item, you are essentially borrowing money and paying interest on that money. However, if you need to finance an excavator to purchase it, it may be worth it in the long run if it helps your business be successful.

-What are the requirements for qualifying for financing or leasing an excavator?   

  We have a few basic requirements that must be met in order to qualify for financing, such as a minimum credit score and a down payment. However, we are more flexible than most banks and financial institutions, so even if you don’t meet all the requirements, you may still be able to qualify.

-How long does the process take? 

  The process is relatively quick and easy, and in most cases, you will know whether or not you’ve been approved within a few days.

-What are the benefits of financing an excavator through Veracity financial?   

  There are many benefits to financing or leasing your excavator through us, such as our competitive rates, flexible terms, and the fact that we don’t have all the restrictions that most banks impose.

-Do I have to have a lot of collateral to finance an excavator?   

 No, you don’t need a lot of collateral to finance an excavator through Veracity financial. We understand that not everyone has a lot of assets or equity to put down, which is why we offer financing options with low down payments and flexible terms.

-What if I have bad credit? Even if you have bad credit, you may still be able to qualify for financing or leasing through us?

 We are more flexible than most banks and financial institutions, so we may be able to work with you even if your credit score isn’t perfect.

-What if I don’t have a lot of money for a down payment?

 We understand that not everyone has a lot of money saved up for a down payment, which is why we offer financing options with low down payments. Even if you don’t have a lot of money to put down, you may still be able to qualify for financing through us.

-What are the terms and conditions of financing an excavator through Veracity financial?

 The terms and conditions of our financing and leasing options are very flexible, and we work with our customers to come up with terms that work best for them. We want to make sure that you are comfortable with the agreement, so we will always take the time to explain everything in detail and answer any.

-I’m not sure if I can afford the payments. What are my options?  

 If you’re not sure if you can afford the payments, we offer a variety of flexible payment options that may be able to help. We also offer leasing options, which can be a great way to get the equipment you need without having to make a large upfront payment.

-Can I prepay my loan?  

Yes, you can prepay your loan at any time without penalty.

-What if I need to cancel my loan?

 If you need to cancel your loan for any reason, we will work with you to make the process as easy and stress-free as possible.