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Backhoe Financing | New Used

First Capital

Backhoe Financing – Top Rated Financing Programs

Backhoe Financing 2

New and Used Backhoe Financing Is Available Now

Backhoes play a crucial role across various industries, particularly in construction and mining. These versatile machines are indispensable on job sites, where they excel in both digging and material movement tasks. However, investing in a backhoe outright with cash may not be feasible or preferable for many businesses. That’s where new and used backhoe financing comes in handy, offering a solution to meet diverse needs.

Whether you’re in construction, mining, or another industry that relies on backhoes, securing financing is essential. Finding a lender with expertise in backhoe loans can make all the difference in streamlining the process and accessing the right financing options for your business.

Contractors and construction companies all across the country trust First Capital as their go-to heavy equipment financing company for over a decade. We have specialized expertise in the heavy equipment financing industry.

We understand the essentials for securing approval with the optimal equipment finance program tailored to fuel your business growth and boost your revenue.

Do You Need Backhoe Financing?

The ability to access backhoe financing for new or used equipment can make or break a small business. You’re likely to find plenty of equipment finance companies out there to choose from, but how do you pick the right one?

Well, we asked our clients to shop around and find out what type of programs are being offered by these other equipment finance companies. Do some research on the company. A simple Google search will tell you many of the things you need to know about the company. How easy are they to find? What kind of reviews do their own clients give them? We believe that our service and our reviews from past clients speak louder than words!

Good and Bad Equipment Finance

The Good and Bad of Equipment Finance Companies

From our past experience, we’ve heard clients tell stories about how they were ripped off by other companies. When we dug a little deeper we found out that these equipment finance companies even charged an up front processing fee or commitment fee. Now, this isn’t completely unheard of. There are reports of companies informing the client that this is their down payment, or their first two months’ payments and processing fee.

What these customers failed to ask is whether those funds are refundable if they decide to cancel the transaction, or if the finance company can’t obtain the financing. Some of these equipment financing companies will have fine print that allows them to keep some or all of those funds. So if you are ever asked to pay anything upfront, be sure you read the fine print. Better yet, look up these equipment finance companies and read their reviews. As we said, actions speak louder than words.

Of course, there are some exceptions to the rule. For example, larger transactions do have more underwriting costs, such as pulling UCC records. Plus, when you’re speaking about transactions greater than $250,000 the financial institution wants to allot the capital in advance. And when doing so, they certainly want to make sure the client is serious about the relationship and will, therefore, at times request a commitment fee.

The Fun Part – Getting Qualified for Backhoe Financing

Now that you’re a little wiser about picking between equipment finance companies, the next step is to see what you qualify for. As you already know the cost for a new or used backhoe can be way up there. Finding one with low hours and all the right amenities might be a better cost-saving strategy! We encourage our clients to do some research on the equipment they are interested in. This helps them get an idea of what their budget needs to be. You might find one for sale at a dealer location, or even through a private party seller. When it comes to actually financing the equipment, however, there’s a huge difference between buying from a dealer versus a private party. To learn more about the two, we have some great info over here.
Who Can Offer New or Used Backhoe Financing?

Are You Eligible for Backhoe Financing?

Let us help you determine whether new or used backhoe financing is right for you and your business. The easiest way to accomplish this is by either calling our office at 888-565-6692 and speaking with one of our advisors, or you can chat with our help desk. Our help desk is typically open from 5 am PST to 11 pm PST, 7 days a week. Once you’ve found out what you are eligible for, now comes the fun part…shopping around! Plus, don’t forget, we have a wide variety of programs for all credit grades, including start-up businesses.

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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’ Time 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 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 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 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 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 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

Benefits of First Capital’s New and Used Backhoe Leasing and Financing

Simple Application Process – Applying for backhoe loans under $250k is hassle-free with our easy online form. Say goodbye to paperwork and the need for extensive financial statements. It’s straightforward and convenient.

Competitive Fixed Rates – Enjoy the advantage of fixed rates with our financing options, ensuring that your monthly payments remain low and predictable throughout the term.

Rapid Approvals – When you need your equipment quickly, First Capital has you covered. Our Quick Turnaround approval process means most lease or loan deals can be approved within a few hours sometimes, with rare instances taking longer than a business day. We pride ourselves on being the fastest in the industry!

Exceptional Customer Service: Our team of financing experts is dedicated to providing top-notch customer service. We’re here to answer your questions, address your concerns, and guide you through every step of the financing process.

Industry Experience: With years of experience in the industry, we have the knowledge and expertise to understand your business needs and deliver the right financing solution for you.

Tailored Solutions: We understand that every business is unique. That’s why we offer personalized financing solutions that fit your specific needs and budget.



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Which One Are You?

Now that you have an idea of where your down and monthly payments might fall, which backhoe financing example do you fall in?

Please keep in mind, these payments and terms are not set in stone. There are so many variables that can improve your pricing, but this will give you a basic idea of where you might be. There are more details that go into qualifying, so it’s always best to either call our office and speak to one of our advisors, or you can use our chat help desk. If you look at the lower right of your computer screen, you’ll see a purple box that will allow you to chat with one of our professionals.

Commonly Asked Questions
  1. What types of heavy equipment can I finance?

    • You can finance a wide range of heavy equipment, including backhoes, excavators, bulldozers, loaders, cranes, and more.
  2. Do I need a down payment for equipment financing?

    • Down payment requirements vary depending on the lender and your creditworthiness. Some lenders may require a down payment, while others offer 100% financing options.
  3. What are the typical terms for equipment financing?

    • Equipment financing terms typically range from 1 to 7 years, depending on the type of equipment and your financial situation.
  4. What credit score do I need to qualify for equipment financing?

    • Credit score requirements vary among lenders, but generally, a credit score of 600 or higher is considered good for equipment financing. Some lenders may work with lower credit scores or offer specialized programs for businesses with less-than-perfect credit. Call us!
  5. Can I finance both new and used equipment?

    • Yes, many lenders offer financing options for both new and used equipment. Used equipment financing may have different terms and requirements compared to financing for new equipment.
  6. What documents do I need to apply for equipment financing?

    • The required documents may vary depending on the lender, but commonly requested documents include financial statements, tax returns, equipment quotes, and proof of business ownership.
  7. Can I finance equipment if I have a new business or limited credit history?

    • Yes, lenders like First Capital offer financing options for startups and businesses with limited credit history. These programs may have higher interest rates or require additional documentation to demonstrate your business’s viability.
  8. What happens if the equipment breaks down or becomes obsolete during the financing term?

    • It’s essential to understand the warranty coverage and maintenance requirements for the equipment you finance. In some cases, you may need to purchase additional insurance or maintenance plans to protect against breakdowns or obsolescence.
  9. Are there any tax benefits to financing equipment?

    • Yes, in many cases, you may be eligible for tax deductions or depreciation benefits when you finance equipment for your business. Consult with a tax advisor to understand the specific tax implications for your situation.


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