Towing is a fast-paced business that doesn’t allow for much downtime. If a truck breaks down, or you land some new business requiring you to get an additional truck(s), you may not have all the cash on hand to purchase outright. Tow truck financing can help you acquire all or some of the funds to get the truck you need on the road sooner.
In this article...
- Calculating Affordable Tow Truck Financing
- Why Should You Finance Your Next Truck?
- How Do You Evaluate a Suitable Tow Truck Financing Lender?
- Answer More Calls With More Trucks
Calculating Affordable Tow Truck Financing
Beacon Funding understands affordability is a key part of deciding when to finance your next truck. That’s what we’ve built an Equipment Financing Calculator mobile app specifically to help towers know what truck they can afford.
With Beacon Funding’s Equipment Financing Calculator mobile app you can calculate a tow truck financing estimate from anywhere. Watch how easy it is to download, calculate, and apply within the app between tows.
With three powerful calculators at your fingertips, you can:
- Get a fast, easy readout of your monthly payment.
- See how much equipment financing will save you on your next tax return.
- Determine how much business you need earn monthly to break even on your monthly payment.
Best of all, each calculation is delivered in real-time, so it is available wherever you are, even when you are on-the-go.
Available for iOS and Android, search for Beacon Funding to download the Equipment Financing Calculator. We make equipment financing easier than ever.
Why Should You Finance Your Next Truck?
Having access to funds to expand your fleet or upgrade your truck is crucial in keeping your business running. If you’re looking to build your business, you need a tow truck financing partner that understands your business model and goals.
Benefits of financing:
- Acquire a Truck Quicker – With financing, you can get a truck now, start earning and pay for the truck over time as you earn income.
- Achieve ownership – Beacon’s Lease-to-Own program allows you own your truck at the end of your financing term.
- Earn as you finance – Put the truck to work to earn revenue for your business.
- Maintain liquidity – Keep more cash on hand for incidentals and expenses.
How Do You Evaluate a Suitable Tow Truck Financing Lender?
Finding the right lender is just as important as hiring a new truck operator. They should understand your industry and how your business operates. When evaluating the right tow truck financing lender, ask the following questions:
1. Does the lender have tow truck financing expertise?
When you work with a lender who knows the towing industry, you’re talking with people who speak your language. As an equipment lender with over 30 years of equipment financing experience, Beacon Funding has worked hard to help towers achieve their dreams. We know firsthand that expanding your fleet can allow you to take more calls, increase profits, and improve your customer service.
Are you an AllState service provider?
Beacon Funding helps support Allstate Roadside service providers by offering the following perks with every truck financed:
- $300 VISA gift card (when financing $50,000+)
- $200 VISA gift card (when financing $25,000-$49,999)
- $100 VISA gift card (when financing $25,000 or less)
Beacon’s tow truck financing expertise allows us to approve over 70% of applications received. Learn more about the advantages for Allstate Roadside providers.
2. What is the lender’s reputation?
When you sign a tow truck financing agreement, you’re entering into a long-term relationship with your lender. Before you finance, look at their testimonials to evaluate their customer experience. When you work with Beacon, you’ll have a dedicated rep who will treat you like family.
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Beacon Funding has financed over $1 Billion in Equipment since 1990 to tens of thousands of small businesses.
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35% of Beacon clients are repeat businesses
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Beacon has a 5-star rating with over 42 reviews on the Better Business Bureau
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+4 out of 5 stars earned via Google Review with over 200 people reporting
Watch one of dozens of Success Spotlights videos to see what our clients have to say about our service.
3. How do you get approved for tow truck financing?
Knowing what qualifying criteria the lender considers will give your business its best chance for approval. We recognize that not all businesses are the same. Our tow truck financing and leasing programs are designed to ensure your business is matched with a program that works best for your needs. Most companies will qualify for affordable tow truck financing thanks to our flexible credit approval process. As a tow truck financing expert, Beacon Funding can help:
- Finance Both New or Used Tow Trucks – As long as the equipment is in good condition and being sold at a fair price, there’s a good chance that Beacon Funding can you help you finance
- Approve More Start-ups – Beacon Funding is able to look at other factors to help get businesses approved regardless of time-in-business. We can offer creative options such as using a truck as additional collateral, adding a co-signer, or using more money down to get you approved.
- Establish Business Credit – If you’re looking to expand your fleet and acquire bigger trucks, it’s near impossible to do so unless you have established business credit. Working with Beacon Funding helps build business credit to make adding your next truck easier.
- Get You Approved Within 24-48 Hours – Beacon understands that towers are always on the go. That’s why we’ve made our digital application process easy to complete from anywhere. Fill out the app online or over the phone. If you’re approved, documentation can be e-Signed in between tows.
With Beacon, we work with you to make sure the truck financing process isn’t a mystery. Check out the video to see how easy the process is:
Answer more calls with more trucks
24/7 drivers across the U.S. count on your business to haul them out of a crisis. No matter how simple or complex your situation is, you can depend on Beacon Funding to get the tow truck funding you need. Take the first step toward financing your tow truck. We believe in small businesses and are committed to making quality equipment more affordable for the people who run them.
If you have questions about financing, contact Stephanie Richards at 847-897-2735.