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Dump truck financing

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Jack
Absolutely brilliant company to deal with. Farhan was extremely helpful, friendly and very efficient from start to finish and have helped us get funding with minimal interest rates which will help...
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Jul 21, 2025
Canada Business Leasing
Love working with this group.
Jul 17, 2025
Lindsay
Cynthia made the process really easy, the customer service was great through out the whole process. Would definitly recommend talking with Swoop and Cynthia!
Jul 11, 2025
Jamal Ogungbola
Great experience from start to finish, helped us secure funding for a new dryer for an independent care home. Very grateful to Adrian and Nichola for their support throughout.
Jul 8, 2025
Darpan
Awesome Service! Very professional and quick processing .Thank you !
Jul 6, 2025
Iulia Popescu
James has been absolutely fantastic throughout the entire funding process. He guided us with clear, straightforward advice and was always quick to respond to any questions we had. Thanks to his...
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Aug 5, 2025
Mr B
Simple- Helpful - Accurate
Aug 5, 2025
Jodie Marshall
At a time when I needed some extra funding for my business, I went to SWOOP. They were absolutely amazing. My business is a social enterprise, we so have a not for profit clause which often means...
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Aug 5, 2025
Neil Jones
Just when you need that additional business boost, Swoop have you covered. Fantastic turnaround from Adrian and team. They kept me fully informed from start to finish, and with a follow up to make...
Read More
Aug 4, 2025
susan allan
had an amazing experience with BEN nicest taxi driver ever . helped us with a stressful end to the night and couldn’t thank him enough staying with us until we were all safe . if anyone needs a taxi...
Read More
Aug 3, 2025
Jack
Absolutely brilliant company to deal with. Farhan was extremely helpful, friendly and very efficient from start to finish and have helped us get funding with minimal interest rates which will help...
Read More
Jul 21, 2025
Canada Business Leasing
Love working with this group.
Jul 17, 2025
Lindsay
Cynthia made the process really easy, the customer service was great through out the whole process. Would definitly recommend talking with Swoop and Cynthia!
Jul 11, 2025
Jamal Ogungbola
Great experience from start to finish, helped us secure funding for a new dryer for an independent care home. Very grateful to Adrian and Nichola for their support throughout.
Jul 8, 2025
Darpan
Awesome Service! Very professional and quick processing .Thank you !
Jul 6, 2025
Iulia Popescu
James has been absolutely fantastic throughout the entire funding process. He guided us with clear, straightforward advice and was always quick to respond to any questions we had. Thanks to his...
Read More
Aug 5, 2025
Mr B
Simple- Helpful - Accurate
Aug 5, 2025
Jodie Marshall
At a time when I needed some extra funding for my business, I went to SWOOP. They were absolutely amazing. My business is a social enterprise, we so have a not for profit clause which often means...
Read More
Aug 5, 2025
Neil Jones
Just when you need that additional business boost, Swoop have you covered. Fantastic turnaround from Adrian and team. They kept me fully informed from start to finish, and with a follow up to make...
Read More
Aug 4, 2025
susan allan
had an amazing experience with BEN nicest taxi driver ever . helped us with a stressful end to the night and couldn’t thank him enough staying with us until we were all safe . if anyone needs a taxi...
Read More
Aug 3, 2025
Chris Godfrey

Page written by Chris Godfrey. Last reviewed on December 4, 2024. Next review due April 6, 2026.

Dump trucks can cost from a few thousand pounds up to £180,000 or more, but as an all-purpose workhorse they’re pretty tough to beat. However, paying for this kind of equipment with working capital is financially inefficient and can often be prohibitive. Fortunately, there’s an answer to this problem: Dump truck financing. Pay for the equipment as you use the equipment. Give your organisation the vehicles it needs without hurting cash flow.

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What is dump truck financing?

Dump truck financing – also known as equipment financing – is a type of business loan used to support the purchase of new or used dump trucks. This type of financing gives organisations an alternative way to pay for one or more dump trucks without putting strain on working capital by buying vehicles with cash.

How does dump truck financing work?

Dump truck financing can cover most of the cost of acquiring one or multiple new or used dump trucks for your business. Available in two main variants (see below), the financing will usually require a down payment from the buyer and then regular monthly payments over a fixed contract period. At the end of the contract, depending on which type of financing you choose, you will either own the vehicle outright, or have the option to buy the vehicle for a pre-agreed price. In the latter case, if you choose not to buy the dump truck it goes back to the lender.

What dump truck financing options are there?

There are two types of dump truck financing:

Finance (also known as a dump truck loan)

Dump truck finance is a straightforward business loan. You make a down payment and then pay off the balance of the purchase price, plus interest, with regular payments over a fixed-term contract. The dump truck acts as security for the loan. When the agreement comes to an end, the vehicle is paid for and yours to keep. 

Top tip: Dump trucks tend to have a good residual – meaning they hold their value well – so owning the vehicle at the end of the contract can be a good move. The majority of UK dump truck buyers choose to finance their purchase.

Advantages of a dump truck loan:

  • Own the dump truck outright when the contract ends
  • Add the machinery as an asset to your balance sheet from date of purchase

Disadvantages of dump truck loan:

  • Higher monthly payments because you are paying back the total dump truck price

Lease

A dump truck lease is a long-term rental agreement. Because you are only financing some of the purchase price, leasing typically has lower monthly payments than finance/hire purchase. With a lease, you make a down payment and then pay a regular sum plus interest each month to use the vehicle. At contract end you can either give the vehicle back to the lender, renew the lease at a different cost per month, or buy the dump truck for the fair market value of the vehicle – this is commonly known as a ‘balloon payment’. 

Advantages of a dump truck lease

  • Lower monthly payments
  • Option to buy the machinery or lease a newer dump truck at contract end can give you better financial flexibility and/or a more modern machine

Disadvantages of a dump truck lease:

  • Balloon payment could be more than the dump truck is worth at contract end
  • Becomes a liability on your balance sheet

What are the requirements for getting dump truck financing?

Obtaining dump truck financing is determined by three key factors:

  • Strength of your personal/business credit. Most lenders will want a good credit score along with ‘depth’ – that is a long history of paying your bills on time. They may also want to see ‘comp credit’, which means proof that other businesses have extended credit to you and that you have had successful personal automobile finance before.
  • The length of time your business has been operating. Longer history improves your chances of loan approval.
  • Down payment: It’s possible to get dump truck financing with no deposit, but generally, the more you offer to pay at signing, the better your chances of loan approval.

You will need to provide a preliminary bill of sale for each vehicle you are seeking to finance. The lender may also ask to see your business bank statements and other financial records. Note that most lenders set a mileage limit – such as 500,000 miles – on used dump trucks.

How to get a dump truck loan: step by step

The application process for most dump truck financing is straightforward:

Apply for a dump truck loan

You should shop around for different financing offers before settling on a deal. You can do this by approaching banks, credit unions and online lenders one by one, or you can use the services of a loan marketplace that will introduce you to a choice of dump truck financing deals from different lenders. Some marketplace platforms can also give you advice and help you with the application process. This can be especially useful for business owners who have never taken out a dump truck loan before. 

You will need to provide:

  • Vehicle details including price and details of seller
  • Your business details and financial records as required
  • Annual mileage request per vehicle (optional)
  • Preferred type of financing – finance or lease
  • Contract length request

Get a determination

A determination is a pre-offer for dump truck financing. It will set out the down payment, interest rates, fees, monthly payment and other conditions of the loan. If you accept these terms move on to:

Finalise the paperwork

Receive your approved finance package. This will include contracts containing each vehicle’s VIN as well as the complete terms and conditions of the financing. Sign and return the contracts along with any other paperwork, such as proof of insurance.

Get funded

Pay your down payment to the vehicle dealer and let the finance company take care of the rest. They will either give you the funds to complete the transaction or pay the dealer the balance of the vehicle price.

What credit score do I need to get a dump truck loan?

Most lenders will want a minimum personal score of +640, although if you pay a larger deposit, it may be possible to get a dump truck loan with a score in the mid-500s. 

What are the alternatives to commercial fleet financing?

There are other ways to finance your essential business vehicles:

  • Term loan: This is a straightforward bank loan. You receive a lump sum and pay it back over a set period in regular instalments. Having the cash in your pocket may give you leverage to get a discount on the vehicle price.
  • Use working capital: Use your own cash flow to buy new vehicles. If your cash flow is sluggish, get paid quicker with finance tools such as invoice financing or a merchant cash advance.
  • Asset finance: Use other assets your business owns – such as equipment and machinery – as collateral for a business loan. Continue to use the assets while the released funds pay for your new vehicles.

Can I get a dump truck loan with bad credit?

Even if you have bad credit, or have been turned down elsewhere, it may still be possible to get the dump truck loan you need. However, if you’re not sure you will qualify and want to avoid unnecessary disappointment, contact Swoop today to discuss your situation with a bad credit expert. 

Top tip: If your business has any of these attributes, bad credit problems can often be overcome:

  • Large down payment
  • Lengthy time in business (5 years or more)
  • Extra collateral
  • Good cash flow
  • Co-signer with good credit

Important note: Lenders will typically want a bigger down payment and charge higher interest and fees on dump truck loans for borrowers with weak credit.

What is the interest rate on a dump truck loan?

Interest rates on dump truck loans can vary from 5% to 35%, but the rate you pay will depend on the strength of your credit, your down payment, how long you’ve been in business and other factors unique to your organisation. 

What are the alternatives to dump truck financing?

There are other ways to finance your essential business vehicles:

  • Term loan: This is a straightforward bank loan. You receive a lump sum and pay it back over a set period in regular instalments. Having the cash in your pocket may give you leverage to get a discount on the vehicle price.
  • Use working capital: Use your own cash flow to buy new or used dump trucks. If your cash flow is sluggish, get paid quicker with finance tools such as invoice financing or a merchant cash advance.
  • Asset finance: Use other assets your business owns – such as equipment and machinery – as collateral for a business loan to buy your dump truck. Continue to use the assets while the released funds pays for your new vehicle.

Get started with Swoop's business funding platform

Working with business finance experts can make all the difference when applying for dump truck financing. Contact Swoop to discuss your borrowing needs, get help with your application and to compare top-quality dump truck financing from a choice of lenders. Get the vehicles you need without putting strain on cash flow. Register with Swoop today.

Written by

Chris Godfrey

Chris is a freelance copywriter and content creator. He has been active in the marketing, advertising, and publishing industries for more than twenty-five years. Writing for Barclays Bank, Metro Bank, Wells Fargo, ABN Amro, Quidco, Legal and General, Inshur Zego, AIG, Met Life, State Farm, Direct Line, insurers and pension funds, his words have appeared online and in print to inform, entertain and explain the complex world of consumer and business finance and insurance.

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