The Best Way to Afford Your Next Tow Truck in 2023

See how you can break down your truck's purchase cost into low monthly payments AND free up your cash for operating your business.

By Stephanie Richards, CLFP| Jan 12, 2023| 1886 Views
The Best Way to Afford Your Next Tow Truck in 2023

Your towing enterprise is growing! It's a truly rewarding feeling when you see your hard work pay off. But now you face another problem – it’s time to add another truck to your fleet.

You could pay for your next truck with your saved cash, but using a big portion of your liquidity may stunt your business growth. Instead you can take advantage of new opportunities sooner by financing.

In this article you will learn how to break down your truck's purchase cost into low monthly payments AND free up your cash for operating your business. Plus, we'll show you a FREE tool that calculates your truck's low monthly payments in seconds.

In this article...

  1. How Tow Truck Financing Helps Your Business Grow Even More
  2. Calculate Your Next Tow Truck's Monthly Payments
  3. How Do You Choose a Good Financing Lender
  4. Apply for Tow Truck Financing Now

How Tow Truck Financing Helps Your Business Grow Even More

Expanding your fleet is crucial for keeping a competitive edge. Financing gives you access to funds to expand your fleet or upgrade your truck at a moment's notice. The hardest part is finding a lender who approves you.

Traditional lenders and banks lack equipment expertise, which means they have stricter lending criteria. If you’re looking to build your fleet, work with a tow truck financing partner that understands your business goals.

Advantages of Financing with Beacon Funding

  • Acquire Your Next Truck Faster. Apply for financing in minutes and get approved within 24 hours.
  • Achieve Ownership. Beacon’s Lease-to-Own program allows you to own your truck at the end of your financing term.
  • Earn as You finance. Put your new truck to work earning revenue, then use the funds to make your payments.
  • Maintain Liquidity. Keep more cash on hand for incidentals and expenses.

A fleet of new trucks line up the parking lot of a towing business.

Calculate Your Next Tow Truck's Monthly Payments

Affordability is a key part of deciding when to finance your next truck. That’s why we built an Equipment Financing Calculator to help you estimate your low monthly payments for your next truck. With this calculator 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 monthly revenue your business needs to breakeven on your monthly payment.

When you can calculate low monthly payments from anywhere, you don't have to disrupt your work schedule to get your next truck. Experience how easy it is to download, calculate, and apply for financing – even on your next tow! Download now for your mobile phone.

How Do You Choose a Good 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.

A handshake between a tower and a financing expert after closing a financing agreement.

When evaluating the right tow truck financing lender, ask the following questions:

1. Is the lender an expert in tow truck financing?

When you work with a lender who knows the towing industry, you’re talking with people who speak your language. Beacon Funding has over 30 years of experience helping towers achieve their dreams of equipment ownership. We know firsthand how adding another truck to your fleet allows to take more calls, increase profits, and improve customer service.

Why Beacon Funding is The Industry Leader in Tow Truck Financing

Icon of Beacon Funding's 30 years of equipment financing displays to the left of a young, male roadside assistance provider.

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.

Watch the video to see how Beacon Funding helped one towing business, like yours, expand their fleet with affordable financing.

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.

Beacon Funding recognizes not all roadside and recovery 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 towing needs. Most companies will qualify for affordable tow truck financing thanks to our flexible credit approval process.

As the industry leader in tow truck financing, Beacon Funding can help you:

  • 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
  • Get a Better Chance of Getting Approved. 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. Beacon Funding utilizes your pay history with us to help you build business credit you can use for future loans.
  • Get Approved Fast. 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.

Drivers count on you to haul them out of a crisis – let us help you make your next truck purchase more affordable. Check out the video to see how easy the process is:

Apply for Tow Truck Financing Now

When you need help maintaining your business growth, Beacon Funding can help you get another truck in your fleet no matter how simple or complex your situation is.

Getting started at Beacon Funding is easy. All it takes is a 5-minute, risk-free application. Apply in minutes and get approved within 24 hours. The process is simple, easy, and fast.

 Stephanie Richards, CLFP
Stephanie Richards, CLFP

P: 847.627.1614 |  ESchedule A Meeting with Me

Stephanie is a Certified Lease and Finance Professional (CLFP) that started with Beacon as a Business Development Consultant in 2012.