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Ultimate Guide to Backhoe Financing

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When you don’t have the right equipment or tools for the job, it can be frustrating. Renting or leasing items like backhoes can get expensive. However, it doesn’t need to slow you down. Did you know that you can get financing to help you purchase the equipment you need to get the job done right? That includes financing to help you buy a backhoe for your team.

Ultimate Guide to Backhoe Financing

Benefits of a Backhoe

Backhoes are often used for excavation jobs and they are very versatile, which means having one in your fleet can be a major advantage. These heavy machines come in different sizes and can be productive on many types of terrain. Moreover, there are some accessories that can be attached to the backhoe that increase its versatility and usefulness in various situations.

From construction sites to landscaping projects, a backhoe can perform a variety of tasks efficiently, including:

  • Digging up and moving trees, shrubs, etc.
  • Moving boulders, rocks, gravel, sand, and more.
  • Digging ponds, water features, gutters, and drainage systems.
  • Laying pipes.
  • Planting cable wire.

Reasons to Buy a Backhoe

If you are considering renting a backhoe to help you get the job done, you could be looking at spending hundreds of dollars a day. This is not a very cost-effective option if you need the equipment for several days.

Before you decide to buy or rent, you should consider a few things:

  1. Size of the project: Projects that are bigger will be more demanding of your backhoe equipment. On the other hand, smaller projects won’t require the equipment quite as much. While it can seem like an attractive option to rent a backhoe for a low price, if you are working on a big, long-term project, that can add up. It may be a better financial option to buy your own equipment. However, if you find that you are working on shorter-term projects and don’t use a backhoe as much each week, then renting may be a viable option for you.
  2. How often you’ll use the backhoe: Depending on the type of projects that you work with, purchasing a backhoe may open up some opportunities. Consider whether you would take on more work that requires the equipment. If having a backhoe would allow you to expand the type of jobs you take on, then it may be worth considering buying one.
  3. Financing options: Buying a backhoe is a big purchase. It is important to understand your financing options as you consider whether it is a good fit for you. The good news is that there are loans that you can get to help you cover the cost of purchasing a backhoe for your business. Truck Loan Center is able to offer secure truck leasing and loans for such heavy equipment.

What to Look for in a Backhoe

There are two basic types of backhoes that you can choose from, including:

  1. Center mount: In this style, the backhoe is in the center of the rear and cannot move. The benefits of this style are the strong center of gravity as well as additional height provided by the stabilizers being positioned in a wider stance than the other design. A center mount backhoe is ideal for jobs that require heavy load lifting or when working with steep terrain. It is a good fit for farm work or construction jobs.
  2. Side-shift: This type of backhoe has the capability to move from side to side as it is not centered. This also gives this style the ability to stretch out vertically. With the stabilizers extending down from the sides, a side-shift backhoe is best suited for jobs that require maneuvering in tight spaces. If your projects are largely landscaping or roadway, this is the ideal backhoe style for you.

You will also need to consider the size of backhoe that you need. Manufacturers have created two different sizes that are meant to fit different projects. These include:

  1. 14 to 15 feet: Designed for medium-sized jobs where you don’t want a deep footprint. These can include projects like landscaping, small construction projects, or agricultural. This size is also a good fit for public utilities department work.
  2. Over 15 feet: The size of this backhoe makes it the best fit for heavy jobs like industrial work or mining.

Additionally, you may want to consider attachments for your backhoe. There are a wide variety of accessories that you can attach to help you complete different projects seamlessly. These include:

  • Fork pallets
  • Snowblades
  • Hammers
  • Multipurpose buckets
  • High tip bucket
  • Side tip bucket
  • Fixed ditching bucket
  • Non-fixed ditching bucket
  • Bale spike
  • Log grapple
  • Fork and grapple
  • Grinders
  • Crushers

These extra attachments can add to the cost of your backhoe, but could also be worked in as part of your financing plan. If you believe that any of these components will be beneficial to you and your team, then consider it an investment.

Getting a Truck Loan for a Backhoe

At Truck Loan Center, our goal is to find the right financing option that works for you and your circumstances. We have a variety of options including seasonal payments, low down payments, and second chance loan options, as well as many other solutions to help you fund your backhoe purchase.

Conclusion

Having the right equipment and tools for a project can make the job more efficient. It can also help you do the very best work that you can. However, renting or leasing equipment like backhoes can become an expensive investment that cuts into your revenues. Yet, with the right financing option, you could put those costs behind you and add your own backhoe to your fleet. This would help you save on rental costs and could open up your business for new opportunities from construction to landscaping.

For more information about backhoes and other heavy equipment loans, call Truck Loan Center at 1-866-230-0094 or contact us here.

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