As a tow truck service provider, you’re an expert in helping people in dangerous roadside breakdowns. Meanwhile, keeping yourself safe working on the road with heavy-duty equipment isn’t for the faint of heart.
Your equipment is your lifeline. Without the correct towing equipment, you are losing opportunities and business revenue to your competitors. Even more, having equipment that's future-proof so you can tow electric vehicles like Teslas might be the difference between success and failure.
How do you even begin considering what equipment you’ll need, let alone how to even purchase it?
Get answers for these topics...
- What Should I Know About High-Tech Vehicles?
- What Type of Equipment Do I Need Now?
- How To Buy a Reliable Tow Truck?
- Are There Financing Benefits For Roadside Service Providers?
- How Can I Apply For Tow Truck Financing?
Whether you’re acquiring your first tow truck or adding another to the fleet, here are some questions to consider for fulfilling your towing needs:
What Should I Know About High-Tech Vehicles?
Every year as new automotive models leave manufacturers, hi-tech vehicles are becoming the norm. A Mordor Intelligence January 2020 forecast revealed hybrid vehicles with battery technology are expecting high global growth rates by 2025.
Your towing business may already be seeing an increased demand for roadside service to Teslas and other electric vehicles.
For tow truck service providers this means learning about high-tech vehicle requirements, how to transport them correctly, and what tow truck equipment is required for the job. For example, Tesla’s roadside assistance manual specifies only a flatbed trailer should be used to avoid damaging the vehicle.
By knowing the kind of tow truck equipment you need, you will have a better chance to secure financing.
What Type of Equipment Do I Need Now?
Providing reputable towing service means knowing the job’s requirements: What works for towing a vehicle in one scenario may not work in another.
Having the correct truck for the type of vehicle will make you more efficient and getting the job done correctly.
For example, a large Freightliner semi-truck requires more underlift than a small 2-door Honda Civic. If you specialize in moving larger vehicles like semis, buses, or agricultural equipment, then an integrated tow truck might be a good investment to get you started.
Another factor is your company’s surroundings: Are you located in an open rural area or in a crowded city? Moving a disabled vehicle from a field ditch is a different scenario than moving an illegally parked car in a downtown parking garage where a large boom lift won’t work.
Instead, a light-duty tow truck will just do.
How To Buy a Reliable Tow Truck
Let's face it -- getting a reliable tow truck isn't easy. It's even harder to decide which tow truck will bring you a positive return on your investment.
Finding the right truck at the right price is must. If you want to haul home more profits and keep your costs low, check out prices for a new tow truck.
What Purchasing Options Are Available?
Are you thinking about buying a tow truck the traditional way with cash? Even if you have enough, paying that way might eat up your precious savings. It could put your business at risk without enough liquidity for future expenses.
Growing your towing enterprise is harder without cash on hand. After all, the #1 reason why businesses fail is lack of cash, so you might want to consider spreading out the cost of your tow truck with an equipment financing agreement or a lease-to-own program.
While you think securing a loan presents different problems for getting the equipment you need, it’s simpler than you might think. Take into account whether or not you should purchase new or used tow truck equipment.
If you think poor or no credit history automatically denies your equipment financing, reputable lenders are willing to work and negotiate with tow truck service providers and help them get their needed equipment.
We go a step further -- Beacon Funding will even work with private party sellers.
Whether you’re just starting your tow truck company or an experienced enterprise, applying with a reputable finance provider for your equipment is the first step.
Earn When You Finance with Beacon Funding
With Beacon's experience in tow truck financing, your business can get the funds needed to afford more trucks, take on more calls, reduce ETA, improve service, and bring in more revenue.
If you're an Allstate Roadside service provider, you may also be eligible to receive the following perks with every truck you finance:
- $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.
Apply For Tow Truck Financing That’s Quick, Easy, and Convenient
At Beacon Funding, our goal is to help tow truck providers keep the roads safe. That’s why we go the extra mile to make applying for equipment financing quick and fast. Applying has no cost or commitment and only takes a couple of minutes to complete. 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.
Take the first step toward financing your tow truck and see how we can help you keep cash in your bank and earn revenue while you achieve equipment ownership.