Crane Financing | Minimum Down Payment Requirement for Financing a Crane

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Crane Financing | Minimum Down Payment Requirement for Financing a Crane

Rough video transcript:
Today I'll be talking about crane financing, more specifically the minimum down payment to finance a crane. With that said, let's dive in.

Of course, it depends on all the particulars, but cranes are typically pretty good collateral compared to others.

For example, a semi truck is hard to track down (if the lender has to repossess it). It can be anywhere in the country or even across borders. Here in the US, it could certainly go into Canada. It can be really hard to track down so there's not alot of options for zero down semi truck financing.

Now, back to the crane. Let's say you have 2 years time in business and just a 610 credit score (keep in mind this could change as markets are always evolving). In this case you can probably finance get crane financing with zero down with just one payment due up front.

Now, if you're a start up, you might need like a 675 fico or higher to get zero down on a crane loan (or as close to it as possible).

Keep in mind, the lenders look at a whole bunch of different things. That's not the only TWO criteria we look at, but in terms of credit scores that's roughly what we look at in terms of putting nothing down for crane financing.

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