If your operation is looking to invest in more dump trucks, you’ve got a lot of decisions to make. One of the biggest is how you’re going to pay for it. Even if your company has the capital to buy your dump trucks outright, there are significant benefits to financing can often outweigh the interest costs. In fact, some 70% of our customers choose to finance their trucks – including those who could have purchased it outright.
These are some of the biggest reasons we see Coopersburg & Liberty Kenworth customers choose financing when they’re buying dump trucks.
Four Reasons Financing Your Dump Trucks Can Make Sense
1. Low-interest rates
If you technically have the cash-on-hand to buy the truck outright, a bank has little reason to worry about you making your payments. You’ll get highly favorable rates that minimize your extra costs.
2. Preserving working capital
Just because you could buy outright, that doesn’t mean you necessarily want to suddenly lose access to $100,000-$200,000 in capital. That’s a big chunk of money that might be better kept in the bank, as a hedge against emergencies or to pay for ongoing maintenance.
3. Get upgrades up-front
If you’re looking to finance your truck, that potentially allows you to get more truck for your money from the outset. Upgrade your vehicle with optional extras such as a larger engine, custom livery, and a comfortable cab for your drivers. If your budget allows, these added features will enhance your driving experience.
4. Better expense planning
Since your payments are going to be regular, that makes it easier to predict the expenses involved with owning and operating your dump truck for the first few years. For many operations, this is a major benefit in terms of long-term planning.
5. Tax benefits : Deductions based on Lease / Loan
The tax advantages are different for each. People who choose a lease can claim their payment as a deduction. People who finance traditionally (with a loan) can claim the interest and depreciation of value as a deduction.
As the price goes up on the vehicle, leasing usually becomes more preferable. But don’t forget: if you purchased the vehicle, you can also deduct the interest on the vehicle’s loan based on the percentage of business use. We offer both forms of financing here.
Coopersburg & Liberty Kenworth Wants to Help You Get the Trucks You Need!
As one of the premier providers of dump trucks for sale in PA, we work with a wide variety of customers with an equally wide variety of financial situations. We offer a multitude of financing options. We will work with you to find the best solution to your own budgetary concerns.
Contact Coopersburg & Liberty Kenworth today to discuss our financing options.