Skid Steer Financing: The Complete Guide for Contractors and Business Owners
For contractors, landscapers, and agricultural business owners, a skid steer loader is not just a piece of equipment; it is a powerhouse of productivity. This versatile machine can dig, lift, grade, and clear, making it an indispensable asset on almost any job site. However, the significant upfront cost of a new or even a quality used skid steer can be a major hurdle for businesses of all sizes. This is where skid steer financing becomes a critical tool for growth. By leveraging smart financing options, you can acquire the equipment you need to take on more projects, increase efficiency, and boost your revenue without depleting your working capital. This comprehensive guide will walk you through every aspect of skid steer financing, from understanding the basics to navigating the application process, helping you make an informed decision that propels your business forward.
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What Is Skid Steer Financing?
Skid steer financing is a business funding solution that allows contractors and other business owners to acquire a skid steer loader by making regular payments over a set period, rather than paying the full purchase price upfront. This financial tool is specifically designed for commercial equipment and can be structured as either a loan or a lease. With a loan, you borrow money to purchase the equipment and build equity with each payment, eventually owning it outright. With a lease, you pay to use the equipment for a specific term, with options to purchase, upgrade, or return it at the end.
A skid steer is a compact, engine-powered machine with lift arms that can attach to a wide variety of tools or attachments. Its defining feature is its method of steering; the wheels on each side are synchronized and can be operated independently, allowing it to make zero-radius turns. This maneuverability makes it exceptionally useful in tight spaces. For industries like construction, landscaping, agriculture, and demolition, a skid steer is a foundational piece of equipment. It can be used for:
* Excavation and digging
* Material handling and loading
* Site clearing and grading
* Demolition
* Snow removal
* Landscaping projects
Given that a new skid steer can cost anywhere from $25,000 to over $75,000 depending on the size, brand, and features, paying cash is often not a viable or strategic option for most businesses. Financing makes this essential equipment accessible. It transforms a large capital expenditure into a manageable monthly operating expense, aligning the cost of the equipment with the revenue it generates. This approach allows businesses to conserve cash for other critical needs like payroll, marketing, or unexpected opportunities, ensuring financial stability while expanding operational capabilities. The principles of skid steer financing are also directly applicable to other compact construction equipment, making it a similar process for those seeking **mini excavator financing** or funding for other essential tools.
Important: Skid steer financing is a commercial product, not a personal loan. Lenders like Crestmont Capital will evaluate your business's financial health, including factors like revenue and time in business, in addition to personal credit history.
Benefits of Financing a Skid Steer
Opting for skid steer financing instead of an outright cash purchase offers numerous strategic advantages that can significantly impact your business's health and growth trajectory. It is more than just a way to buy equipment; it is a financial strategy to optimize cash flow and enhance competitiveness.
**1. Preserve Working Capital and Improve Cash Flow**
This is the most significant benefit of financing. Heavy equipment comes with a heavy price tag. Paying cash for a $50,000 skid steer can drain your company's liquid assets, leaving you vulnerable to unexpected expenses or unable to seize other growth opportunities. Financing allows you to keep that cash in the bank for payroll, marketing, materials, or emergency repairs. You acquire a revenue-generating asset through predictable, manageable monthly payments, which smooths out your cash flow and makes budgeting far more predictable.
**2. Immediate Access to Essential Equipment**
In a competitive market, waiting to save enough cash to buy a skid steer means lost time and lost contracts. Financing gives you immediate access to the equipment you need to start bidding on and completing jobs right away. The skid steer can begin generating revenue from day one, effectively paying for itself over the life of the loan or lease. This ability to act quickly can be the difference between landing a major project and watching a competitor get it.
**3. Competitive Advantage with Modern Technology**
Financing allows you to acquire newer, more advanced equipment than you might be able to afford with a cash purchase. A modern skid steer with the latest technology offers improved fuel efficiency, greater power, enhanced operator comfort, and better safety features. These improvements translate into higher productivity, lower operating costs, and the ability to complete jobs faster and more effectively, giving you a distinct edge over competitors using older, less efficient machinery.
**4. Flexible and Customizable Payment Structures**
Lenders like Crestmont Capital understand that business revenue can be cyclical. We offer flexible payment plans tailored to your specific cash flow. For example, a landscaping company in a northern climate might benefit from a seasonal payment plan with lower payments during the slow winter months and higher payments during the peak season. This level of customization ensures that your financing payments work with your business, not against it.
**5. Build Strong Business Credit**
Successfully managing an equipment loan or lease is an excellent way to build a positive credit history for your business. Each on-time payment is reported to business credit bureaus, strengthening your company's credit profile. A strong business credit score makes it easier and more affordable to secure other types of financing in the future, whether for more equipment, a line of credit, or a commercial real estate loan.
**6. Simplified and Fast Acquisition Process**
Compared to traditional bank loans, which can involve a lengthy and paperwork-intensive process, equipment financing through a specialized lender like Crestmont Capital is designed for speed and convenience. Our application is simple, approvals can often be granted the same day, and funding can happen within 24-48 hours. This efficiency means you can identify a skid steer you need on a Monday and potentially have it working on your job site by Wednesday.
How Skid Steer Financing Works
The process of securing skid steer financing is designed to be straightforward and efficient, allowing you to get the equipment you need with minimal disruption to your business operations. While specific steps can vary slightly between lenders, Crestmont Capital has streamlined the process to ensure a fast and transparent experience for our clients. Here is a step-by-step breakdown of how it typically works.
**Step 1: Determine Your Equipment Needs**
Before you apply, you need a clear idea of what you are looking for. Research different skid steer models, brands (like Bobcat, Caterpillar, or John Deere), and whether a new or used machine is the right fit for your budget and intended use. Consider the attachments you will need, as these can often be bundled into the same financing package. Get a quote from a reputable dealer to establish the total cost you need to finance.
**Step 2: Complete a Simple Application**
The next step is to fill out a financing application. With Crestmont Capital, this can be done online in just a few minutes. You will need to provide basic information about your business, such as its legal name, address, years in operation, and annual revenue. You will also provide personal information as the business owner. Unlike traditional bank loans that require extensive business plans and financial projections, our application is concise and focused on the key information we need to make a quick decision.
**Step 3: Submit Necessary Documentation**
For most skid steer financing requests, the documentation requirements are minimal. Often, a simple one-page application is all that is needed for amounts under $150,000. For larger financing amounts or more complex situations, we might request a few additional documents, such as recent bank statements or business financial statements. Our goal is to keep the paperwork as light as possible to expedite the process.
**Step 4: Receive and Review Your Approval Offer**
Once your application is submitted, our underwriting team gets to work immediately. We pride ourselves on fast approvals, often providing a decision within hours on the same business day. If approved, you will receive a clear, easy-to-understand offer outlining the approved amount, interest rate, term length, and monthly payment. Your dedicated Crestmont Capital financing advisor will walk you through the offer, answer any questions you have, and ensure you are comfortable with all the terms.
**Step 5: Finalize the Agreement and Get Funded**
After you accept the offer, we will send you the final loan or lease documents for your signature, which can typically be completed electronically. Once we receive the signed documents, we coordinate directly with the equipment dealer or private seller. We pay the seller directly, and you arrange to take delivery of your skid steer. The entire process, from application to funding, can be completed in as little as 24 hours, meaning you can get your new equipment on the job and generating revenue almost immediately.
Skid Steer Financing: How It Works
Step 1
Apply Online
in Minutes
Step 2
Get Approved
Same Day
Step 5
Put Your Skid
Steer to Work
Types of Skid Steer Financing
When it comes to funding your skid steer, there is no one-size-fits-all solution. Different financing structures are designed to meet different business needs, goals, and financial situations. Understanding the options available is key to choosing the right path for your company. Crestmont Capital offers a variety of flexible solutions.
**1. Equipment Financing Agreement (EFA) or Skid Steer Loan**
This is the most common type of equipment financing. An EFA, or a standard **skid steer loan**, functions much like a traditional auto loan. Crestmont Capital provides the funds to purchase the skid steer, and you make regular monthly payments for a predetermined term (e.g., 36, 48, or 60 months). The skid steer itself serves as the collateral for the loan, which often simplifies the approval process as it reduces the lender's risk. With each payment, you build equity in the machine, and at the end of the term, you own it free and clear. This option is ideal for businesses that plan to use the equipment for its entire useful life and want the benefits of ownership. Learn more about our equipment financing options.
**2. Equipment Leasing or Skid Steer Lease**
A **skid steer lease** is an excellent option for businesses that want lower monthly payments or prefer to upgrade their equipment every few years to keep up with the latest technology. With a lease, you are essentially renting the skid steer for a set period. At the end of the lease term, you typically have several options:
* **Purchase the equipment:** Often for a pre-agreed price (e.g., a $1 buyout lease) or its fair market value.
* **Return the equipment:** Simply hand it back to the leasing company with no further obligation.
* **Upgrade to a new model:** Start a new lease with the latest, most efficient skid steer.
Leasing is attractive for companies that want to manage their balance sheets carefully and avoid the responsibilities of long-term ownership, like major repairs on aging equipment.
**3. Small Business Loans**
A general small business loan can also be used to purchase a skid steer. This type of loan provides a lump sum of cash that can be used for various business purposes, including equipment acquisition. These loans might be secured or unsecured, and the terms can vary widely. They can be a good option if you need to finance more than just the skid steer, for instance, if you also need to purchase an enclosed trailer to transport it. Our guide on **Enclosed Trailer Financing** can provide more insight into funding complementary assets.
**4. SBA Loans**
Backed by the U.S. Small Business Administration, SBA loans are a popular choice for their long terms and competitive interest rates. While the application process can be more intensive and take longer than other financing types, the favorable terms can make them worth the effort for well-qualified businesses. An SBA 7(a) loan or a CDC/504 loan can be used to purchase heavy equipment like a skid steer. Crestmont Capital is experienced in navigating the SBA process and can help determine if this is the right fit for your business.
**5. Working Capital Loans**
If your primary need is short-term, a working capital loan could be a solution. These loans are designed to cover day-to-day operational expenses and can provide a quick infusion of cash. While not typically the first choice for a large equipment purchase due to their shorter repayment terms, they can be used to cover the down payment on a skid steer or to purchase a lower-cost used model, helping you acquire the asset without disrupting your regular cash flow.
Who Qualifies for Skid Steer Financing?
Lenders evaluate several key factors to determine a business's eligibility for skid steer financing. While specific requirements can vary, Crestmont Capital takes a holistic view of your business to find a solution that works. We understand that every business is unique, and we have programs designed for a wide range of credit profiles and company histories, from established corporations to growing startups.
Here are the primary criteria we consider:
**1. Time in Business**
Most lenders prefer to see a business that has been in operation for at least one to two years. An established track record demonstrates stability and a history of generating revenue, which reduces the lender's risk. However, Crestmont Capital offers specialized programs for newer businesses and startups. We recognize that every company has to start somewhere, and we have financing options available for businesses with as little as six months of operational history, provided other qualifying factors are strong.
**2. Credit Score**
Both your personal and business credit scores play a significant role in the approval process. A strong personal credit score (typically 650 or higher) can significantly improve your chances of approval and help you secure better rates and terms. Lenders check personal credit because, for many small businesses, the owner's financial habits are a strong indicator of the business's financial discipline. However, a less-than-perfect credit score is not necessarily a deal-breaker. We have robust programs for **skid steer financing with bad credit**, which we will discuss in more detail later.
**3. Annual Revenue**
Your business's annual revenue is a critical indicator of its ability to handle new debt. Lenders want to see a consistent and sufficient cash flow to comfortably cover the new monthly payment for the skid steer. While there isn't always a strict minimum, a business generating at least $100,000 to $250,000 in annual revenue will typically have access to more financing options. We will often review your last few months of business bank statements to verify your revenue and assess the health of your cash flow.
**4. Industry Experience**
Experience within your industry (construction, landscaping, agriculture, etc.) can also be a positive factor. If you are a contractor with a decade of experience, it demonstrates your expertise and the stability of your business model, which can be a compelling point for underwriters, even if your business is relatively new.
Typical Qualification Requirements:
- Time in Business: 1+ year (Startup programs available)
- Credit Score: 620+ FICO preferred (Options for lower scores exist)
- Annual Revenue: $150,000+
- Collateral: The skid steer itself typically serves as collateral
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Rates and Terms to Expect
Understanding the potential rates and terms for your skid steer financing is essential for planning and budgeting. These figures are not set in stone; they are influenced by the overall health of your business, your credit history, the age and cost of the equipment, and the type of financing you choose.
**Interest Rates**
Interest rates for a skid steer loan can vary significantly. For a business with a strong credit profile, several years in business, and solid revenue, rates can be very competitive, often starting in the single digits. For businesses with weaker credit or a shorter operational history, rates will be higher to compensate for the increased risk. Rates are typically fixed, meaning your monthly payment will remain the same throughout the life of the loan, which makes financial planning simple and predictable.
**Loan Terms**
The term of the loan is the length of time you have to repay it. For skid steer financing, terms typically range from 24 to 72 months (two to six years). A shorter term will result in a higher monthly payment but lower overall interest costs. A longer term will lower your monthly payment, making it easier on your cash flow, but you will pay more in interest over the life of the loan. The age of the equipment can also affect the maximum term length; lenders may offer shorter terms for older, used skid steers. Crestmont Capital works with you to find a term that balances affordability with your long-term financial goals.
**Down Payments**
One of the most attractive features of equipment financing is the potential for little to no down payment. Many financing programs, especially for well-qualified buyers, offer 100% financing, allowing you to acquire the skid steer with zero cash out of pocket. For businesses with less-than-perfect credit or for startups, a down payment of 10% to 20% may be required. A down payment reduces the amount being financed, which in turn lowers the lender's risk and can help you secure a better interest rate.
It's important to look at the overall financial landscape for business loans. As noted by sources like the U.S. Small Business Administration (SBA.gov), interest rates are influenced by broader economic factors, including the prime rate. Working with a lender who understands these dynamics can help you secure the best possible terms for your specific situation.
Financing New vs. Used Skid Steers
One of the first decisions you will make is whether to purchase a new or used skid steer. Both options have distinct advantages and disadvantages, and the right choice depends on your budget, needs, and long-term business strategy. The financing process and terms can also differ between new and used equipment.
**Financing a New Skid Steer**
* **Pros:** A new skid steer comes with the latest technology, maximum fuel efficiency, and a full manufacturer's warranty. This means less downtime for repairs and predictable maintenance costs in the early years. Lenders often view new equipment as lower risk, which can translate into more favorable financing terms, such as lower interest rates, longer repayment periods, and a higher likelihood of securing 100% financing with no down payment.
* **Cons:** The primary drawback is the higher initial purchase price. A new machine represents a larger financial commitment, and it will depreciate more quickly in its first few years of operation.
**Financing a Used Skid Steer**
* **Pros:** The most significant advantage of **used skid steer financing** is the lower cost. You can often get a well-maintained, late-model machine for a fraction of the price of a new one, allowing you to get more capability for your budget. This lower purchase price means a smaller loan amount and a more manageable monthly payment, which is especially beneficial for new businesses or those with tight budgets.
* **Cons:** Used equipment comes with more uncertainty. It may not have a warranty, and the risk of unexpected repairs and downtime is higher. Because of this increased risk and potential for a shorter useful life, lenders may offer slightly higher interest rates or shorter repayment terms for used equipment. They may also have age and hour restrictions on the machines they are willing to finance (e.g., no older than 10 years or more than 5,000 hours).
**How Crestmont Capital Approaches New vs. Used Financing**
At Crestmont Capital, we offer robust financing solutions for both new and used skid steers. We understand that a quality used machine can be a smart investment. Our team works with a wide network of dealers and private sellers, and we can finance equipment of various ages and conditions. When you apply, we will discuss your business needs to help you determine which option makes the most sense and structure a financing package that aligns with the specific equipment you choose, whether it is brand new from the factory or a reliable pre-owned unit.
Skid Steer Financing with Bad Credit
A challenging credit history can feel like a major roadblock when you need to secure funding for essential equipment. Many traditional banks and lenders may be unwilling to work with business owners who have low credit scores. However, at Crestmont Capital, we believe that your credit score is just one piece of your business's story. We specialize in providing solutions for business owners across the credit spectrum, and we have dedicated programs for **skid steer financing with bad credit**.
While a strong credit score certainly helps in securing the best possible rates, we look beyond the FICO score to the overall health and potential of your business. Here is what we consider for applicants with challenged credit:
* **Strong Cash Flow:** If your business bank statements show consistent revenue and a healthy daily balance, it demonstrates your ability to manage your finances and make payments, which can often outweigh a low credit score.
* **Time in Business:** A business that has been operating for two or more years has a proven track record of stability, which is a significant positive factor.
* **Down Payment:** Offering a larger down payment (e.g., 20-30%) can significantly increase your chances of approval. It reduces the lender's risk by lowering the loan-to-value ratio and shows you have a vested interest in the purchase.
* **Collateral:** In equipment financing, the skid steer itself serves as collateral. This secured nature of the loan makes it less risky for lenders compared to unsecured loans, which is why financing is often more accessible for those with bad credit than other types of funding.
It is important to be realistic about the terms. With a lower credit score, you should expect to see higher interest rates and potentially shorter repayment terms. However, securing this financing can be a crucial stepping stone. By making your payments on time, you can acquire a revenue-generating asset while simultaneously working to rebuild your business and personal credit history. This can open the door to more favorable financing options in the future.
For a deeper dive into your options, explore our resources on bad credit business loans to see how we can help your business succeed, regardless of past credit challenges.
How to Apply for Skid Steer Financing
Securing financing for your skid steer with Crestmont Capital is a refreshingly simple and fast process. We have eliminated the bureaucratic hurdles and lengthy waits associated with traditional lenders. Here is a clear, step-by-step guide to get you from application to operation.
**Step 1: Assess Your Business Needs and Budget**
First, clearly define what you need. What size and type of skid steer will best serve your projects? What attachments are essential? Research dealers and private sellers to get an accurate price range. Once you have a target cost, review your business finances to determine a comfortable monthly payment. Having this information ready will streamline the entire process.
**Step 2: Gather Your Basic Information and Documents**
Our application process is designed to be paperwork-light. For most transactions, all you will need is:
* Basic personal and business information (name, address, TIN/EIN).
* The total amount you wish to finance.
* Information about the equipment and the seller.
For larger loan amounts or more complex credit situations, we may ask for your last 3-6 months of business bank statements. It is a good idea to have these readily available.
**Step 3: Complete Our Quick Online Application**
Navigate to the Crestmont Capital website and fill out our secure, one-page online application. It takes only a few minutes to complete. This is the fastest way to get your request into our system and in front of our underwriting team. This initial step is a "soft pull" on your credit, which will not affect your credit score.
**Step 4: Speak with a Dedicated Financing Advisor**
Shortly after you submit your application, one of our expert financing advisors will contact you. This is not just a sales call; it is a consultation. Your advisor will discuss your business, your goals, and your equipment needs. They will review your application, explain the potential financing options available to you, and answer any questions you have. This personalized approach ensures we find the best possible solution for your unique situation, whether you need fast business loans for immediate needs or more structured long-term business loans for major acquisitions.
**Step 5: Review Your Offer and Finalize the Deal**
With our rapid approval process, you will typically receive a formal offer the same day you apply. The offer will clearly state the approved amount, interest rate, term, and monthly payment. Once you review and accept the terms, we will generate the final documents for your electronic signature. We then work directly with the seller to coordinate payment, and you can schedule the delivery of your skid steer. It is a seamless process designed to get you the equipment you need, fast.
How Crestmont Capital Can Help
Choosing the right financing partner is just as important as choosing the right piece of equipment. At Crestmont Capital, we are more than just a lender; we are a dedicated partner invested in your business's growth and success. Our approach to equipment financing has made us a trusted leader in the industry, recognized by major financial publications for our commitment to small businesses.
**Speed and Efficiency:** We know that in your business, time is money. You cannot afford to wait weeks for a loan decision. Our streamlined application and rapid underwriting process mean you can get approved in hours and funded in as little as 24 hours. This speed allows you to secure the equipment you need and get it working on your job site without delay. As highlighted by business authorities like Forbes, the ability of alternative lenders to provide quick funding is a major advantage for agile businesses.
**Flexibility and Customization:** We reject the one-size-fits-all mentality of traditional banks. We understand that every business has a unique cash flow and operational cycle. We offer a wide range of financing products, including loans and leases, with flexible terms and payment structures. Whether you need seasonal payments, deferred payments, or another custom solution, our advisors will work with you to craft a financing plan that fits your budget and business model perfectly.
**High Approval Rates:** Our extensive network of lending partners and our flexible underwriting criteria allow us to approve a high percentage of the applications we receive. We specialize in finding solutions for businesses of all types, including startups and those with challenged credit. Where other lenders see obstacles, we see opportunities to help a business grow.
**Expertise and Partnership:** Our financing advisors are not just loan officers; they are industry experts. They understand the challenges and opportunities in the construction, landscaping, and agricultural sectors. They provide personalized, one-on-one service, acting as a trusted consultant throughout the financing process and beyond. This level of partnership is a key reason why businesses return to Crestmont Capital for their ongoing financing needs. As outlets like CNBC often report, having a strong financial partner is critical for navigating the complexities of business growth.
Real-World Scenarios
To better understand how skid steer financing works in practice, let's look at a few real-world scenarios that contractors and business owners commonly face.
**Scenario 1: The Landscaping Startup**
* **The Business:** "GreenScapes," a landscaping company in business for 18 months. They have built a solid client base but are limited by their current equipment, often having to rent a skid steer for larger jobs, which cuts into their profits.
* **The Need:** A reliable, used skid steer with a bucket and fork attachment to handle mulching, paver patio installations, and planting large trees. The target cost is $35,000.
* **The Challenge:** As a relatively new business, their credit history is still developing, and a traditional bank loan is not an option.
* **The Crestmont Capital Solution:** GreenScapes applies with Crestmont Capital. We review their application and see 18 months of consistent revenue through their bank statements. We approve them for a 48-month equipment financing agreement. They are required to make a 10% down payment. The monthly payment is affordable and significantly less than what they were spending on monthly rentals.
* **The Outcome:** GreenScapes acquires the skid steer, immediately improving their efficiency and profitability. They are able to take on larger, more lucrative projects and the asset helps them build their business credit for future needs.
**Scenario 2: The Established Construction Company**
* **The Business:** "Apex Construction," a general contractor with 15 years of experience and a strong financial history. Their current skid steer is aging and experiencing more frequent downtime.
* **The Need:** A brand new, top-of-the-line skid steer with advanced hydraulics to power a wider range of attachments for demolition and site prep work. The total cost is $68,000.
* **The Challenge:** They want to preserve their cash and existing lines of credit for a large upcoming project.
* **The Crestmont Capital Solution:** Apex Construction has excellent business credit and strong revenues. They apply with Crestmont Capital and are approved within two hours for 100% financing on a 60-month term with a very competitive interest rate.
* **The Outcome:** Apex gets the new, reliable machine with no money down, preserving their liquidity for their project. The new skid steer increases their on-site productivity and reduces maintenance costs, directly boosting their bottom line.
**Scenario 3: The Part-Time Farmer**
* **The Business:** A family-owned farm that also does small-scale excavation and property maintenance on the side to supplement their income.
* **The Need:** A versatile, mid-sized used skid steer to help with fence post digging, moving hay bales, and clearing brush. The desired machine costs $28,000 from a private seller.
* **The Challenge:** Their income is seasonal, and their personal credit score is fair due to some past medical bills. They also need to finance a purchase from a private seller, which some lenders will not do.
* **The Crestmont Capital Solution:** We work with private party sellers. We approve the farmer based on their consistent overall household income and the value of the equipment. We structure a loan with a seasonal payment plan, requiring lower payments during the off-season winter months and slightly higher payments during the busy summer and fall.
* **The Outcome:** The farmer acquires the essential equipment needed to run their property more efficiently and expand their side business. The flexible payment structure aligns with their cash flow, removing financial stress and allowing them to invest in their operation's success.
Frequently Asked Questions About Skid Steer Financing
What exactly is skid steer financing?
Skid steer financing is a type of business loan or lease specifically designed for acquiring a new or used skid steer loader. Instead of paying the full price upfront, you make regular monthly payments over a set term. The equipment itself typically serves as the collateral for the financing.
How much does it cost to finance a skid steer?
The cost depends on the price of the skid steer, the interest rate, and the loan term. Interest rates are determined by your business's credit profile, time in business, and revenue. A well-qualified business might see rates in the single digits, while a newer business or one with challenged credit will see higher rates. A longer term will lower your monthly payment but increase the total interest paid.
What credit score is needed for a skid steer loan?
While a personal FICO score of 650 or higher is preferred and will help you get the best rates, it is not a strict requirement. Crestmont Capital offers programs for a wide range of credit profiles. We look at your overall business health, including cash flow and time in business, and have options for scores as low as the high 500s.
Can I get used skid steer financing?
Yes, absolutely. Crestmont Capital provides robust financing options for both new and used skid steers. We can finance equipment purchased from dealers or private sellers. There may be some restrictions on the age and hours of the used equipment, but we are very flexible.
How long does it take to get approved and funded?
The process is very fast. After submitting a simple online application, you can receive an approval from Crestmont Capital within a few hours. Funding can happen in as little as 24 hours after you sign the final documents, meaning you can get your equipment to work almost immediately.
Is skid steer financing possible with bad credit?
Yes. We specialize in skid steer financing for bad credit. While your credit score is a factor, we place a strong emphasis on your business's cash flow and stability. A down payment or additional collateral may be required, but a low credit score does not automatically disqualify you from getting the financing you need.
What documents are needed to apply?
For most financing amounts (typically under $150,000), a simple one-page application is all that is required. For larger amounts or more complex situations, we may ask for the last 3-6 months of your business bank statements and an invoice for the skid steer you wish to purchase.
Should I finance a new or used skid steer?
This depends on your budget and business needs. New skid steers offer reliability and a warranty but come at a higher cost. Used skid steers are more affordable but may carry a higher risk of repairs. Financing is readily available for both, though terms might be slightly more favorable for new equipment.
What is the difference between a skid steer lease and a loan?
With a loan (or Equipment Financing Agreement), you are borrowing money to buy the equipment. You build equity with each payment and own it at the end of the term. With a lease, you are paying to use the equipment for a set period. A lease often has lower monthly payments and gives you the option to buy, return, or upgrade the equipment at the end of the term.
Is a down payment required?
Not always. For well-qualified businesses, 100% financing with no down payment is very common. For startups or businesses with challenged credit, a down payment of 10% to 20% might be required to secure the financing.
What types of businesses can qualify for skid steer financing?
A wide range of businesses can qualify. This includes general contractors, landscapers, excavation companies, demolition crews, farmers, property management companies, and any other business that has a commercial need for a skid steer.
How can I improve my chances of getting approved?
To improve your approval odds, ensure your business finances are in order, maintain a healthy balance in your business bank account, and be prepared to explain any blemishes on your credit report. Having a quote from a reputable dealer and knowing exactly what you want to purchase also shows lenders that you are a serious and prepared applicant.
Can a startup business get skid steer financing?
Yes, it is possible. Crestmont Capital has startup programs for businesses with as little as six months of history. These programs may require a stronger personal credit score from the owner and a down payment, but we are committed to helping new businesses get the equipment they need to grow.
What is the maximum loan amount I can get?
The maximum amount depends on your business's financials and creditworthiness. Crestmont Capital can finance a wide range of requests, from smaller used skid steers around $20,000 to large, new models with multiple attachments exceeding $100,000. We can fund equipment purchases up to several million dollars for qualified businesses.
How does Crestmont Capital help with the process?
Crestmont Capital simplifies the entire process. We offer a fast online application, same-day approvals, and funding within 24-48 hours. Our dedicated financing advisors provide personalized service, walking you through your options and crafting a flexible financing solution tailored to your specific business needs and goals.
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Your Next Steps
- Determine the type of skid steer you need and its approximate cost
- Check your business credit score and gather financial documents
- Compare financing options (loan vs. lease) for your situation
- Apply with Crestmont Capital for fast approval and flexible terms
- Get funded and put your new equipment to work
Power Your Business Growth with the Right Financing
A skid steer is a powerful engine for business growth, but only if you can acquire it in a way that supports your company's financial health. Skid steer financing is the strategic solution that bridges the gap between the equipment you need and the cash you have on hand. By converting a large capital expense into a predictable monthly payment, you can preserve your liquidity, improve your capabilities, and gain a competitive edge. Whether you are a new startup or an established company, whether you have perfect credit or are working to rebuild it, a financing solution exists for you. The key is to partner with a lender who understands your industry and is committed to your success.
At Crestmont Capital, we are ready to be that partner. Our fast, flexible, and transparent financing process is designed to empower you. Take the next step towards enhancing your operational capacity and driving your business forward.
This content is provided for general educational purposes only and does not constitute financial, legal, or professional advice. Loan terms, rates, and eligibility vary by lender and applicant. Consult with a qualified financial professional before making financing decisions.