Frequently, our applicants have questions for us before starting the application process, and we are always happy to
talk with them about any kind of question that they have. Based on the variety of questions we're asked, we decided
to compile a list of our most Frequently Asked Questions and place it on the website for potential clients to view.
We hope that this page will answer any general questions that you may have, but if you have a question that is not
here, please feel free to contact us.
Boom Truck Financing is capable of leasing a diverse selection of equipment. Our most common are Boom Trucks, Cranes, Bucket Trucks, All Terrains, Rough Terrains, Hydraulic Trucks, Crawlers/Draglines, and Conventional Trucks.
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A benefit of leasing with Boom Truck Financing is that you can purchase equipment from any reputable vendor of your choice. Select your equipment and options, negotiate your best price and let us do the rest!
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Yes. One of the many benefits of leasing includes the ability to "bundle" a number of equipment items into a lease, including warranty maintenance, sales tax, and licensing costs. This way, you can make one simple monthly payment for an entire purchase or equipment line.
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Your simple lease application will usually be approved within 24 to 48 hours! Applications can be made via phone, fax, or on-line over our secure server.
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During the approval process, we evaluate your business credit history (including bank and trade references), the personal credit history of the owner(s), and the collateral value of the equipment. If your credit history has some negative items, we often can approve a lease with a shorter term and/or a down payment.
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Once you are approved, we prepare lease documents and overnight them to you. After you sign and return your lease documents, we issue a purchase order for the exact equipment that you have selected. Upon your verification of delivery and acceptance of your equipment, we pay the vendor and your lease begins.
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Most leases are written for 24, 36, 48, or 60 months, depending upon the type of equipment. Leases for items that depreciate rapidly (such as computers) are usually shorter terms. Expensive, durable machinery can be leased for terms up to 84 months.
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Boom Truck Financing's typical lease amounts range from $7,500 to $1,000,000. For equipment costs under $5000, many of our clients find it more cost effective to finance via alternative measures (e.g. cash flow, credit cards, etc.)
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Payments can be structured to meet your needs. Our typical payment schedule would include the first and last payments made at the time you sign your lease documents, with your next monthly payment due about 30 days after your acceptance of the equipment.
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You may purchase the equipment for its purchase option amount, continue to lease, or return the equipment with no further obligation.
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We offer purchase options to meet your needs:
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$1.00 Purchase option (which is treated as a purchase). |
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Fixed Percentage option (our most popular is 10%). |
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Fair Market Value option (often treated as deductible expense payments). |
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TRAC option |
The best option for you can be determined after a brief conversation. We encourage you or your accountant to call us.
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The amounts charged on an equipment lease are calculated using monthly "payment factors", rather than by using the compound interest rate method that is normally associated with bank loans. Payment factors are based on the term of the lease, the lessee's credit history (both business and personal), and the type of equipment being leased. The stronger and more established your business, the lower your payment should be.
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Because we offer a "net" lease, the end user/lessee is responsible for all taxes. Boom Truck Financing is required by law to collect all applicable sales, use, and property taxes and remit them to each jurisdiction. Tax types and rates vary by state and locality.
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The lessee is responsible for insuring the equipment against risk of loss, including property and casualty coverage and liability. Lessees typically just add the equipment to their existing policy.
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Boom Truck Financing passes through all manufacturer warranty coverage to the lessee. Warranty claims are processed in the same way they would be if the lessee was the owner of the equipment.
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No, the lease is a non-cancelable agreement for a specified term that you select at the beginning of the lease. However, we do provide you the opportunity to upgrade, trade-in, or "buyout" your lease before the end of the term.
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In the event that you need to upgrade your equipment during the lease term, we will work with you to meet your goal. We can amend your original lease, assist you with a trade-in of your original equipment, or structure a new lease for you.
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Boom Truck Financing specializes in �lease-to-own� programs. Other industries, such as the automotive industry, encourage the trade-in or upgrade of equipment at the end of the lease. Our �lease-to-own� programs are best suited for equipment that has relatively few changes in technology, is income producing, and is durable in type.
Contact Boom Truck Financing today to learn more about our convenient, competitive, and flexible equipment leasing alternatives.
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One key to Boom Truck Financing's growing success is our capacity to team up with �best-in-class� businesses and equipment dealers. Many of our strongest relationships are with domestic equipment manufacturers and their related dealer networks. Boom Truck Financing has also enjoyed very strong relationships with foreign equipment manufacturers who sell their product in the U.S. marketplace.
Many of Boom Truck Financing's vendor relationships are long-standing in nature and supply a �full-service� equipment leasing solution. By offering competitive payment options, prompt service, and strong sales and marketing support, Boom Truck Financing is the perfect alternative to our supplier partners starting their own in-house leasing programs.
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Boom Truck is open Monday through Friday from 8AM to 5PM central time. Please use our toll free number to contact us if we may be of assistance.
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Boom Truck has been in business for 17 years.
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Yes. We always have a selection of new trucks in our classified section. These trucks are available for purchase or rental as the owner of the truck specifies. Our selection includes: Boom Trucks, Cranes, Bucket Trucks, All Terrains, Rough Terrains, Hydraulic Trucks, Crawlers/Draglines, & Conventional Trucks.
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Yes. Boom Truck has a business relationship with Beacon Funding Corporation. Beacon Funding Corporation is well prepared to provide you with attactive financing options on your purchases. Boom Truck and Beacon Funding Corporation will work with you to secure the best financing available. Fill out an online financing application.
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You may finance your truck purchase through our preferred finance industry business partner, Beacon Funding Corporation. We have arranged the lowest possible rates be made available to our customers. You may either submit an online application, print out a copy of the application and email it or fax it, or we may secure your application via a phone call. The loan approval usually takes less than 48 hours.
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As you can imagine, our inventory fluctuates throughout the year, based on sales and buying activity. However, we typically will have approximately 450 trucks in our classified inventory.
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Boom Truck offers an exclusive Truck Locator Service for the convenience of our customers. If you cannot find the exact truck that you need, complete our truck locator service form. You provide us with the specifications of what you need and we go to work on your behalf and attempt to locate the truck needed. Once we find the item you need, we will advise you as to its availability via email.
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