Buying a tow truck can be a big investment. Even at the right price it takes a lot of upfront cash to purchase a tow truck. The reality is tow trucks aren’t cheap in 2023.
Saving up enough cash for your truck purchase is possible. However, saving cash takes time. Not to mention, a large cash purchase can leave a huge hole in your business’s balance sheet.
Fortunately, you have choices on buying your truck. Even better – you have an alternative that’s faster and more affordable than paying with cash.
Save time and make your purchase more affordable with tow truck financing
When your goal for 2023 is to expand your towing radius – and keep your costs low – it pays to have a fast and affordable solution. Tow trucking financing is a choice that works.
Tow truck financing spreads out your expensive equipment purchase into low monthly payments. This allows you to get your next truck into your fleet fast, conserve your business liquidity, and expand your towing capabilities in one smart move.
And with another truck in your fleet, that means your business can generate more revenue fast.
With the help of an A+ rated lender, chances are good can get approved within 48 hours for tow truck financing – even if you’re a start-up.
In this article...
- The Advantages of Tow Truck Financing
- How Tow Truck Financing Helps Your Business
- Estimate Your Next Truck Purchase’s Low Monthly Payment
- Finance Your Next Tow Truck with Beacon Funding
The Advantages of Tow Truck Financing
There are several advantages to financing your next tow truck instead of paying cash. Not only can you conserve your cash, you’ll also be able to:
- Lower the upfront cost of your next tow truck.
- Establish business credit and protect your personal assets.
- Qualify for a major tax deduction by acquiring equipment.
Financing a truck allows your business to:
- Expand your towing radius.
- Add more hauling power to your fleet.
- Have cash on hand for unexpected expenses like repairs, accidents, etc.
In general, adding a tow truck to your fleet not only means saying yes to more customers, but you can also accelerate your bottom line.
How Tow Truck Financing Helps Your Business
A large cash payment may seem convenient, but tow trucks can be pricey. When prices for a new rollback can cost anywhere between $75,000 - $130,000, that’s a lot of dough for a single purchase.
Unlike paying cash, tow truck financing allows you to keep your savings.
Your business may need savings for:
- Emergencies: You don’t know when the next truck breakdown or business expense will pop up.
- Payroll: Your employees need to get paid for their hard work.
- Saying yes to growth opportunities: There might be a new opportunity to expand your business in the near future… are you ready for it?
Estimate Your Next Truck Purchase’s Low Monthly Payment
When you decide to finance your next truck, we understand affordability is important. That’s why we’ve built an Equipment Financing Calculator mobile app to help you know which truck is right for your budget.
With Beacon Funding’s mobile app, you can calculate a tow truck financing estimate anywhere. You can even do it over your next tow! See how easy it is to calculate and even apply from one convenient tool.
With three powerful calculators at your fingertips, you can:
- Get a readout of your monthly payment.
- See how much equipment financing will save you on your next tax return.
- Determine how much revenue you need to earn to breakeven on your monthly payment.
Finance Your Next Tow Truck with Beacon Funding
Since 1990, we’ve been helping companies of every size get the tow truck they need to grow their fleet fast and rev in more revenue. We’ve financed over $1 billion in equipment, providing quality customer service to tow truck companies of every size.
As an A+ rated Better Business Bureau lender, our experienced financing consultants can have you with a tow truck that’s right for you in no time. Plus, you could finance a used tow truck too!
Take the first step towards financing your next tow truck today and see why thousands of towing companies chose us to help them keep more cash in their hands, get the truck they need, while earning revenue to growing their dream towing business.