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*Qualification criteria, rates, and other funding terms will vary depending on the type and location of your business, and upon other factors. This is not a guarantee of funding, and it should not be relied upon as an accurate assessment of the availability or terms of the represented funding products.
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Dump truck financing can be pivotal when creating or expanding a dump truck business. With equipment financing, you can upgrade to a newer model or expand your fleet. Lendio can match you with the perfect financing for your company’s needs.
These are the most popular types of funding that other dump truck-based businesses qualify for through Lendio.
Access available funds whenever you need them, and only pay interest on what you draw.
Convert unpaid invoices into immediate cash flow by selling your accounts receivable to a third party.
Cover everyday expenses with revolving credit and earn rewards for your spending.
Find answers to some commonly asked questions in the dump truck industry.
Dump truck financing is a form of equipment financing used to purchase or lease a new dump truck. Monthly payments are required until the loan is paid off in full with interest.
Requirements for equipment financing vary by lender. Minimum credit score requirements start at 500. Some equipment lenders will work with startups while others require at least one year in business. Some will also look for a minimum monthly revenue.
Equipment financing can be used only for the specified equipment designated in the funding agreement.
Dump truck financing operates similarly to other forms of equipment financing. Essentially, a lender provides you with the necessary funds to purchase the dump truck, which then serves as collateral for the loan. This means that if you default on your payments, the lender has the right to seize the dump truck to recoup their losses.
Interest rates and terms for dump truck financing can vary greatly depending on the lender, your credit score, the age and condition of the dump truck, and the overall financial health of your business.
Financing periods typically range from one to five years. It’s important to note that while some lenders may offer 100% financing, most will require a down payment. Therefore, it’s crucial to prepare accordingly and ensure your business can afford the monthly payments before committing to a dump truck loan.
Equipment leasing is a common way to finance a dump truck. The lessee pays a monthly rental fee over a fixed term. Depending on the structure of the lease, at the end of the term you either own the dump truck, have the option to purchase the dump truck, or in some cases return the equipment. A major benefit of equipment leasing is that the equipment itself serves as collateral for the loan, so you won’t need to put up any other business or personal assets as collateral.
By applying for equipment financing via an online marketplace, you connect with multiple funders with a single application allowing you to quickly find the best option for your business.
See what you can qualify for on the Lendio Marketplace.