Need Backhoe Financing or Excavator Financing?
First Capital Business Finance can help you secure backhoe financing or excavator financing. Depending on your needs and the line of work you are in, you will want to choose one or the other. So how do you make that choice? Let the experts at First Capital Business Finance break it down for you. Below we discuss the differences between excavators and backhoes, so you can get a better idea of what would best fit your needs for your business.What’s the Difference Between Excavators and Backhoes?
Excavators and backhoes are both pieces of heavy construction equipment that allow users to dig and move materials. Though they may look similar, they both have different strengths and weaknesses. You should decide to pursue either backhoe financing or excavator financing based on a few factors, including the scope of work, space you’ll be working in, and others.Backhoes or Backhoe Loaders
- Best suited for light to medium-duty work
- Has a 200-degree pivot
- Typically used on farming and industrial sites
- Can move between work sites on its own
Backhoe Financing – Monthly Payment Examples
Depending on your scenario, you will see that there are programs that will require anywhere from a zero down payment to some that may require as high as a 50% down payment. So we’ll list a few examples to give you an idea of what you can expect. As you might already know, there’s a lot that goes into pricing and qualifying a transaction:- Length of time in business
- Credit history & credit score for the business owner(s)
- Equipment type
- Sometimes income will also come into play
Payments & Terms
Example A: Used Backhoe Loader $35,000
- 5 Years in Business, Excellent Credit, Good Business Credit
- Zero Down, 1st & Last Months Payments Due at Closing
- 36 months: $1,199
- 48 months: $935
- 60 months: $769
Example B: Used Backhoe Loader $35,000
- Startup Business, Average Credit, No Business Credit
- Zero Down, 1st & Last Months Payments Due at Closing
- 36 months: $1,445
- 48 months: $1,185
- 60 months: $1,029
Example C: Used Backhoe Loader $35,000
- Startup Business, Less than Average Credit, No Business Credit
- Zero Down, 1st & Last Months Payments Due at Closing
- 36 months: $1,719
- 48 months: $1,479
- 60 months: $1,349
Example D: Used Backhoe Loader $35,000
- Anytime in Business, Poor Credit, No Business Credit, Income Qualifications
- 10% Deposit Due at Closing
- 36 months: $1,715
- 42 months: $1,610
- 60 months: $NA
Example E: Used Backhoe Loader $35,000
- Anytime in Business, No Recent Poor Credit, No Business Credit, Income Qualifications
- 10% Deposit Due at Closing
- 36 months: $1,635
- 48 months: $NA
- 60 months: $NA
Example F: Used Backhoe Loader $35,000
- Anytime in Business, Very Poor Credit, No Business Credit, Recent Bankruptcy & Repo Ok
- 50% Deposit Due at Closing
- 36 months: $1,035
- 48 months: $915
- 60 months: $NA
Excavators or Mini Excavators
- Best suited for medium to heavy-duty work
- Has a 360-degree pivot
- Typically used on industrial and commercial sites
- Mini excavators can be transported via trailer or truck
Mini Excavator Payments & Terms
Here are a few practical examples of what it takes to finance a mini excavator for your business.Example A: Used Mini Excavator $20,000
- 5 Years in Business, Excellent Credit, Good Business Credit
- Zero Down, 1st & Last Months Payments Due at Closing
- 36 months: $690
- 48 months: $535
- 60 months: $440
Example B: Used Mini Excavator $20,000
- Startup Business, Average Credit, No Business Credit
- Zero Down, 1st & Last Months Payments Due at Closing
- 36 months: $829
- 48 months: $679
- 60 months: $589
Example C: Used Mini Excavator $20,000
- Startup Business, Less than Average Credit, No Business Credit
- Zero Down, 1st & Last Months Payments Due at Closing
- 36 months: $979
- 48 months: $849
- 60 months: $770
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Example D: Used Mini Excavator $20,000
- Anytime in Business, Poor Credit, No Business Credit, Income Qualifications
- 10% Deposit Due at Closing
- 36 months: $980
- 42 months: $920
- 60 months: $NA
Example E: Used Mini Excavator $20,000
- Anytime in Business, No Recent Poor Credit, No Business Credit, Income Qualifications
- 10% Deposit Due at Closing
- 36 months: $934
- 48 months: $NA
- 60 months: $NA
Example F: Used Mini Excavator $20,000
- Anytime in Business, Very Poor Credit, No Business Credit, Recent Bankruptcy & Repo Ok
- 50% Deposit Due at Closing
- 36 months: $588
- 48 months: $520
- 60 months: $NA