Excavator vs Backhoe Financing

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.

Get Prequalified

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

Backhoes are really just small tractors supporting an arm with two sections, called the dipper and the boom. The dipper is the part of the arm holding the digging bucket, while the boom is the piece closest to the tractor. The backhoe earned its name from the way it digs, by drawing dirt backward onto itself. Other machinery, like bulldozers, dig by lifting in a forward motion instead. The biggest benefit of owning a backhoe is the machine’s versatility. You can customize your backhoe with different attachments to do different jobs. Examples of attachments include the tilt rotator, breaker, grapple, auger, and more. They are also smaller than excavators and can fit in places standard excavators cannot. Finally, the backhoe can drive 25 mph if it needs to move between work sites. They’re also great for snow removal!

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

Excavators and mini excavators are great for commercial and industrial work, including digging, lifting, demolition, landscaping, and more. They weigh around 3,500 to 200,000 pounds, depending on the model. The mini sizes can be transported from site to site via trailer or truck, but the larger models cannot. The biggest advantage to owning an excavator is the way it moves. While the backhoe has a pivot of 200 degrees, excavators have the ability to rotate 360 degrees – both the chassis and the boom altogether! These can also use a variety of hydraulic attachments to perform different work, like quick couplers, augers, etc.

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, 1^st & 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, 1^st & 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, 1^st & Last Months Payments Due at Closing
• 36 months: $979
• 48 months: $849
• 60 months: $770

Bad Credit? No Problem. Click Here for Financing!

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

Get Backhoe Financing or Mini Excavator Financing from First Capital!

Now that you know the differences between excavators and backhoes, it’s time to make a decision. If you’re still unsure, the experts at First Capital can help you to pick the perfect equipment. Just call us at [phone number=”888-661-4191″] and we will be happy to discuss your needs with you. If you’ve made your choice and you’re ready to secure excavator financing or backhoe financing, contact us now! We are ready to help you get what you need today!

Get Prequalified Now!

Excavator vs Backhoe Financing | First Capital Business Finance