This video was made by Peter Reuling, a Financing Associate at Beacon Funding. As a Financing Associate, Peter helps entrepreneurs realize their dreams of starting their own company by securing the funds needed to acquire equipment for sustainable grow. He works diligently and goes the extra mile to get them approved for the program best suited for their business needs in a timely and honest manner.
Growing your fleet is challenging for any towing enterprise, regardless of how long you’ve been in business. The fact is the cost of buying a tow truck is expensive, however tow truck financing offers an affordable alternative to using a lot of your hard-earned savings.
Financing your tow truck can offer several benefits:
- Reduced upfront expenses. Spread the cost of your tow truck into low monthly payments.
- Access to the latest truck models. Afford advanced equipment and technology to enhance your operations.
- Ease of fleet expansion. Grow your fleet hassle-free with approval decisions within 24 hours.
- Increased towing opportunities. Expand your fleet to widen your towing radius and boost your earnings.
In this article, I will address five common questions I hear from my customers who want to grow their towing companies with tow truck financing.
5 Common Questions about Financing a Tow Truck with Beacon Funding
- Why should I consider tow truck financing?
- How fast is tow truck financing?
- Is it possible to finance a used tow truck?
- How does financing a tow truck help my business today?
- Can I get approved for tow truck financing as a young business?
- Your path to tow truck ownership begins with Beacon Funding
Why should I consider tow truck financing?
Your business depends on your fleet for generating revenue. Growing your bottom line may require adding another tow truck but buying one can be expensive (the purchasing cost of a new rollback, for example, can range anywhere between $90,000 - $150,000).
If you don’t have all the cash on hand right now to add a tow truck, equipment financing is your solution. When you finance a tow truck, the cost of the tow truck is broken down into manageable, low monthly payments. This helps you afford the tow truck you need to start generating revenue now.
To see how affordable it is to finance a to truck, use Beacon Funding’s monthly payment calculator.
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How fast is tow truck financing?
Time is money, and as towing business owner, you don’t have time to wait for another tow truck.
Whether your old tow truck is down, or you have a new contract, Beacon Funding understands you need to move fast. Our tow truck financing programs are designed to get the truck you need in your hands sooner rather than later.
We want you to get approved fast – that’s why our credit application process allows for a same-day credit decision. The faster the approval, the faster you can make purchase so you don’t miss out on any available trucks.
Is it possible to finance a used tow truck?
Beacon Funding specializes in financing used tow trucks from private-party sellers. If you do find a quality used tow truck being sold, there’s a good chance we can finance it! If you’re interested in financing used trucks or equipment, you can check out our requirements here.
How does financing a tow truck help my business today?
If your business needs to add a tow truck immediately, there’s no time to wait. Waiting can lead to loss of potential revenue and lost contracts. Equipment financing requires less upfront investment, helping you get your tow truck sooner and start using it to produce revenue immediately.
Tow truck financing also allows you to use your savings to grow other areas of your business. A fixed low monthly payment allows you to budget your income and invest into other areas of need, like payroll, marketing support, unexpected expenses, etc.
Can I get approved for tow truck financing as a young business?
Yes! Beacon Funding understands the value of your tow truck and believes in helping small businesses and start-ups.
When you get your first contract, you might not have enough cash on hand to buy the equipment right away. Unlike traditional lenders who require a minimum of 2-5 years’ time in business, we take your experience in the towing industry into account.
Your Path to Tow Truck Ownership Begins with Beacon Funding
At Beacon Funding, you are not just a number. We look at a variety of factors and approve 7 out of 10 applicants. No matter how simple or complex your situation is, you can rely on Beacon Funding to get the tow truck you need.
We believe in small businesses and are committed to making them more successful for the people who run them. There is no cost or commitment to explore your options.
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