Garbage Truck Rental for Financing Delays
Running a successful waste management company relies on having reliable equipment to cover all your runs and any possible pitfalls that come up along the way. Unfortunately, there are many causes for delay, especially with regard to garbage truck financing. You may be raising the funds to buy your own truck, improving your credit, or waiting on municipal approval. With offices in Markham, Ontario and Tampa, Florida, Big Truck Rental services the United States and Canada with short term garbage truck rentals to bridge the gap between ordering and obtaining new equipment.
Finding the Right Garbage Truck Financing Partner Takes Time
Finding the right financing partner is critical for a specialized industry like refuse. You can go to local banks, manufacturer finance companies, or independent financiers, for instance. Banks tend to be conservative with financing and unforgiving when it comes to fluctuations in your daily operations. Though approvals can be quick and rates competitive, manufacturer-offered financing is model-specific and may not help you if you’re purchasing a lot of different products at once. Using an independent financier that specializes in your business is a good way to go. In choosing a lender, you’ll need to look at the company’s rates, service, knowledge of your industry, and convenience. If you know you need new equipment, take your time with financing and purchasing new trucks, but do not let your day-to-day operations suffer. Garbage truck financing delays are one of the chief reasons our clients rent short-term.
Common Causes for Garbage Truck Financing Delays
Financing should be fast and straightforward. Unfortunately, there is much room for error that can result in delays. Top financing errors include:
- Not being in business or “local” long enough – Lenders like to see well-established businesses with history in the area. They don’t care how the previous owner ran the business or how successful you were in another state. Proving yourself can be a challenge if you’re new to the area, the business, or the industry. You may have to work with a broker to spread the risk among several different lenders. Or you may need to document how acquiring the equipment will replace other expenses, rather than adversely affecting your monthly cash flow.
- Incomplete or dated personal credit history – Your credit history will be a key factor in whether or not you get approved for financing. Before applying, you should get a copy of your credit report from Equifax, Experian, and TransUnion and spend time combing through to correct any errors you find. It’s actually pretty easy to clear up issues — as long as you spot them and ask!
• Insufficient bank balance – Different banks have different ideas about what is considered “adequate,” but you should have a balance in your checking account that indicates you are capable of taking on new debt. In some cases, as with a proprietorship, you may be able to combine your business and personal checking accounts to show a greater average daily balance. Be sure to list money market and savings account data on your application.
- Overapplying – It is possible to put too many irons into the fire. The more applications you fill out, the more “hits” there will be on your credit in a short period of time, which indicates to lenders you may be desperate to obtain financing because you’re running out of money. Lenders can’t tell if you’re trying to get small loans from multiple sources or if you’ve been turned down multiple times already. Either way, you’ll have some explaining to do.
- The wrong debt – Ideally, your financial history will have a successful mix of credit cards and revolving loans. Mortgage debt will never count against you, no matter how substantial it is. Unsecured credit card debt in excess of $25,000 can be a red flag. Try to keep your credit balances lower than 30% of your credit line.
- Inaccurate data – Financing companies can be real sticklers about legal, documented names. Never use your nickname, abbreviations, or short forms for your exact corporate name. Do not estimate your time in business; look up the exact dates. Use a street address, not a P.O. Box. Double-check all account and social security numbers. Take time to make a detailed equipment list and describe the equipment as “new” or “used.”
- Hiding flaws – You can’t hide from your past. If there was a bill in dispute, a tax lien filed, or divorce proceedings, the lender will see it. Addressing known flaws openly and honestly will likely improve your chances of gaining approval.
With more than 16 years of experience working with garbage trucks, we truly understand the waste management industry. Simply finding the time to gather the information to obtain financing can be difficult when your days are filled with managing employees, driving trucks, and putting out fires.
Garbage Trucks to Rent for Financing Delays
Securing financing may not be a slam-dunk, but Big Truck Rental can help you through the process. Whether you need a refuse truck for one month or six, our process is SIMPLE, FAST, and EFFECTIVE. In most cases, we can get you a truck within 48-72 hours. Big Truck Rental’s terms and conditions are straightforward:
- We ask that you carry insurance with at least $1 million in liability and $200,000 in physical damage coverage.
- We’ll need a signed and emailed or faxed copy of our rental agreement.
- You’ll need a security deposit of $1,500, which is held until the truck is returned and inspected.
- We allow payment by cash, cashier’s check, wire transfer, or credit card.
- We supply you with a well-maintained, new garbage truck of your choosing.
- You agree to pay for minor repairs, insurance claims, damages, and routine maintenance.
We offer many different garbage trucks to rent for financing delays: roll-off trucks, side loaders, front loaders, and rear loaders. Choose from top-of-the-line chassis from Mack, Freightliner, or Peterbilt, and high-tech bodies made by Heil, McNeilus, Labrie, and Galbreath. Our garbage trucks are less than 30 months old on average. You can rely on Big Truck Rental to keep your runs serviced.
Contact Us When You Need Garbage Truck Rental for Financing Delays
Garbage truck rental for financing delays helps you plan for every contingency with premium, route-ready trucks that will save you in time and fuel cost. With excellent availability, competitive pricing, and specialty financing, we’re confident that we can keep you on the road and earning money. Contact us to discuss your current needs and we will help you come up with a flexible solution requiring minimal upfront cost and paperwork, so you can continue doing business as usual.