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Welcome to BNC Finance, your trusted partner in crane financing solutions. We understand the importance of having reliable and efficient crane equipment for your business operations. That's why we offer a comprehensive range of tailored financing options to meet your needs. Whether you're a small business looking to expand or a large enterprise in need of upgrading your crane fleet, our flexible and affordable financing solutions are designed to support your goals. With BNC Finance, you can access competitive rates, flexible terms, and a streamlined application process, ensuring a hassle-free experience. Elevate your business with our specialized crane financing solutions today.

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Crane Financing Programs

BNC Finance offers a comprehensive suite of crane financing programs designed to cater to the diverse needs of businesses in acquiring and utilizing cranes for their operations. These programs are tailored to accommodate different financial situations, credit histories, and business models, ensuring that companies can find a financing solution that suits their specific requirements. Here's an overview of the crane financing programs provided by BNC Finance:

Crane Financing Program

The Crane Financing Program by BNC Finance is a financial solution aimed at businesses looking to purchase or lease cranes without paying the full price upfront. This program allows for the cost to be spread over a specified term, which can significantly aid businesses in maintaining their cash flow while acquiring the necessary equipment.

Lease-to-Own Program

The Lease-to-Own Program offers businesses an opportunity to eventually own the crane after the lease term. This program is ideal for companies that prefer long-term ownership and want to build equity in the equipment over time. Upon completion of the lease payments, the business owns the crane outright.

Used Crane Financing (No Age Restrictions)

Understanding the value and utility of used equipment, BNC Finance provides financing for used cranes without strict age restrictions. This program is designed to accommodate businesses that find value in purchasing older models of cranes that are still in good condition and can be acquired at a more affordable price compared to new models.

Deferred Payment Program

The Deferred Payment Program is designed for businesses that may need some time before they can start making regular payments. This program allows for a grace period after the crane is financed, during which no payments are due, giving companies the flexibility to align their cash flow with their payment obligations.

Auction Pre-Approval

BNC Finance offers an Auction Pre-Approval program that allows applicants to get pre-approved for crane financing prior to participating in an auction. This program ensures that businesses know their budget and financing limits before bidding, providing them with the confidence to make informed decisions during the auction.

Working Capital Lines of Credit and Term Loans

Beyond equipment financing, BNC Finance also provides working capital term loans and lines of credit. These financial products are designed to support businesses with additional funding for operations, expansion, or other capital needs, offering flexibility beyond traditional equipment financing.

Challenged Credit Programs

Understanding the unique challenges faced by businesses with less-than-ideal credit histories, BNC Finance has designed specialized programs to cater to these situations. These programs provide flexible financing solutions that focus on the business's operational strengths rather than solely on credit scores.

Revenue Based Equipment Leasing

One standout offering is the Revenue Based Equipment Leasing program. This innovative solution prioritizes a business's existing revenue streams over traditional credit metrics like FICO scores. It's an ideal option for companies that demonstrate strong monthly revenue, allowing them to leverage their operational success for financing. This approach provides a viable path to equipment leasing for businesses that might struggle to secure financing based on credit scores alone.

Collateral Backed Programs

For businesses with challenged credit scores but possessing valuable assets, BNC Finance offers Collateral Backed Programs. These programs allow businesses to use their free and clear equipment as collateral. This can be particularly beneficial for those holding "yellow iron" or titled equipment, offering a tangible asset to secure the financing needed. By leveraging existing equipment as collateral, businesses can bypass the limitations typically imposed by lower credit scores, opening up new avenues for growth and operational enhancement.

Each of these programs is structured to meet the varied needs of businesses in different stages of growth and with diverse financial backgrounds. BNC Finance's approach to crane financing emphasizes flexibility, understanding, and support for businesses, ensuring they can acquire the cranes needed to operate efficiently and expand their capabilities.

Benefits of Crane Financing

When it comes to crane financing, businesses can enjoy a range of exclusive advantages that contribute to their success. Take a closer look at the distinct benefits of crane financing below:

Improved Cash Flow Management

By opting for crane financing, businesses can preserve their working capital and maintain a healthy cash flow. Instead of making a substantial upfront payment, financing allows for spreading the cost over time, alleviating the financial burden.

Access to High-Quality Equipment

Crane financing provides businesses with the opportunity to access the latest and most advanced crane models available in the market. Through financing, you can acquire state-of-the-art equipment that enhances efficiency, productivity, and safety in your operations.

Flexible Financing Options

Crane financing offers a variety of flexible options tailored to your specific needs. Whether you prefer lease options, equipment loans, or customized payment structures, there is a solution that aligns with your budget and business objectives.

Fast and Streamlined Approval Process

Time is crucial in the business world, and crane financing ensures a quick and efficient approval process. With simplified paperwork and expedited processing, you can access the funds needed to acquire or upgrade your crane equipment promptly.

Tax Advantages

Financing your crane equipment may provide potential tax benefits. Depending on your jurisdiction and applicable tax regulations, you may be able to deduct lease payments or claim depreciation on purchased equipment. Consulting with a tax professional can help you understand the specific advantages available to you.

Upgraded Equipment and Technology

Crane financing allows for regular equipment upgrades to keep pace with industry advancements. As technology evolves, financing enables you to stay competitive by investing in more efficient and capable machinery.

Enhanced Business Productivity

Investing in modern crane equipment through financing significantly enhances business productivity. Improved efficiency, reduced downtime, and increased lifting capacities enable you to handle more projects effectively and meet client demands with ease.

Expert Guidance and Support

Partnering with a reputable crane financing provider ensures access to expert guidance and support throughout the financing process. Experienced professionals in the industry can assist you in selecting the right financing option, understanding contractual terms, and ensuring a smooth and transparent experience.

Maximize your business potential with crane financing and unlock a world of benefits that will empower your operations. Contact us today to explore our tailored financing solutions and take your business to new heights.

Types of Cranes to Finance

Mobile Cranes

Telescopic Crane: Equipped with a boom composed of several tubes fitted one inside the other, allowing it to extend or retract. Ideal for jobs requiring different reach lengths.

Crawler Crane: Mounted on crawler tracks, offering excellent stability and mobility on soft or uneven ground. Suitable for heavy lifting and long-term construction projects.

All-Terrain Crane: Combines the mobility of a truck crane with the off-road performance of a rough terrain crane. Ideal for both on-road and off-road construction projects.

Truck-Mounted Crane: Mounted on a rubber tire truck, providing great mobility. Includes outriggers for stability. Suitable for projects requiring quick setup and short-distance moves.

Tower Cranes

Loader Cranes

Floating Cranes

Overhead Cranes

Bridge Crane: A bridge crane, or overhead crane, is a type of industrial crane used for lifting and moving materials in warehouses and manufacturing settings. It features a hoist on a bridge that moves along parallel runways, covering a rectangular area. This design allows for efficient, flexible material handling over a wide space, making bridge cranes essential for heavy lifting tasks in various industrial applications.

Gantry Crane: A overhead crane with a bridge supported by freestanding legs that move on wheels or along a track system. Unlike a bridge crane, which is often integrated into a building's structure, a gantry crane is typically a standalone structure. It's used for heavy lifting tasks in outdoor locations like shipyards, rail yards, and industrial sites. Gantry cranes are known for their large lifting capacity and can be customized in size and design to suit specific operational needs.

Jib Cranes

Rough Terrain Cranes

Carry Deck Cranes

Railroad Cranes

Telescopic Handler Cranes

Marine Cranes

Stacker Cranes

Each crane type serves distinct functions and is designed to operate in specific environments, making them suitable for a range of applications in various industries. Financing these cranes allows businesses to acquire necessary equipment without the heavy burden of upfront costs, thereby facilitating operational expansion and efficiency. When considering financing options, it's important to evaluate the crane's intended use, operational requirements, and financial implications to ensure the choice aligns with the business's needs and capabilities.

Crane Financing Frequently Asked Questions

FAQ

Frequently Asked Questions regarding Crane Financing

What is crane financing?

How long is the typical financing term for a carry deck crane, truck mounted crane, or rough terrain crane?

What type of credit score is required to obtain crane financing?

Credit Score Requirements for a Crane Loan with BNC Finance

BNC Finance offers a diverse range of programs to cater to the varied credit profiles of businesses and individuals. Here's a breakdown of their programs:

Application Only Program:
- Eligibility: This program is available for businesses with a time frame of 2 years or more.
- Credit Score Requirement: 700+ FICO.
- Loan Amount: Up to $500,000.
Startup Crane Financing:
- Eligibility: Specifically designed for startups or newer businesses.
- Credit Score Requirement: 700+ FICO.
- Loan Amount: Up to $75,000.
Challenged Credit Programs:
- Eligibility: This is for those with less-than-perfect credit histories.
- Credit Score Requirement: None specified, but might require additional conditions.
- Additional Conditions: Depending on the borrower's credit profile, they might need to provide additional collateral or make a down payment ranging from 25-40% of the loan amount.
Revenue Based Crane Leases:
- Eligibility: This unique program emphasizes business revenue over credit score.
- Credit Score Requirement: No minimum FICO score.
- Criteria: Strong monthly revenue is the main qualification criteria. Essentially, instead of basing eligibility predominantly on the credit score, BNC Finance looks at the health and consistency of a business's revenue stream.

In summary, while a good credit score can certainly aid in securing a crane loan, BNC Finance provides various options to ensure businesses with different financial profiles can access the necessary funds. It's essential to select the program that best matches your financial situation and business needs.

Can you finance a crane from a private seller?

Financing a Crane from a Private Seller with BNC Finance

Yes, financing a crane from a private seller is possible through BNC Finance's diverse range of programs. The company is flexible in accommodating different financing scenarios, including purchases from private sellers. Here's how their programs can assist:

Application Only Program:
- Eligibility: Businesses with a history of 2 years or more can avail of this option.
- Credit Score Requirement: 700+ FICO.
- Financing Amount: Up to $500,000.
- This option might be ideal for established businesses purchasing cranes from private sellers.
Startup Crane Financing:
- Eligibility: Tailored for startups or newer businesses.
- Credit Score Requirement: 700+ FICO.
- Financing Amount: Up to $75,000.
- Newer businesses looking to purchase a crane from a private entity can benefit from this program.
Challenged Credit Programs:
- Eligibility: Designed for those with imperfect credit histories.
- Credit Score Requirement: Not specified, but additional conditions might apply.
- Additional Conditions: Borrowers may need to offer additional collateral or make a down payment between 25-40% of the crane's purchase price.
- This option is suitable for those with credit challenges but still want to purchase from a private seller.
Revenue Based Crane Leases:
- Eligibility: Emphasizes the business's revenue over credit score.
- Credit Score Requirement: No minimum FICO score.
- Criteria: Strong monthly revenue is required. This program is a great fit for businesses with consistent revenue streams, irrespective of their credit scores.
- It offers an alternative for businesses looking to lease a crane from a private seller but might have credit limitations.

In conclusion, BNC Finance provides a variety of financing options to cater to businesses seeking to purchase or lease cranes from private sellers. Depending on your business's financial profile and needs, there's likely a suitable program available. It's always advisable to discuss your specific situation with a financial advisor or a representative from BNC Finance to determine the best fit.

How long is the typical financing term for a carry deck crane, truck mounted crane, or rough terrain crane?

Crane financing terms generally range between 24 to 72 months. The primary determinant of this term is the crane's useful life, which is the estimated duration the equipment remains functional and valuable. Lenders align the financing duration with the crane's useful life to mitigate risks. Simply put, lenders avoid setting terms that exceed the time the crane is expected to be operational. Other factors, like the borrower's credit history and the crane's type and usage, can also influence the financing term.

What should I expect my monthly payments to be?

Understanding Your Monthly Payments with BNC Finance's Crane Financing

At BNC Finance, we pride ourselves on offering transparent and tailored financing solutions for your crane purchases. If you're wondering about the structure of your monthly payments, here are some key factors that influence them:

Equipment Cost:
- The crane's total price naturally plays a pivotal role. A higher-priced crane will generally lead to higher monthly payments, especially if other factors remain constant.
Financing Duration:
- The length of your financing term directly affects your monthly obligation. A shorter term might mean higher monthly dues, while a longer term spreads out the cost, potentially reducing your monthly payments.
Your Business Experience:
- At BNC Finance, we consider the longevity of your business. Well-established businesses may qualify for more favorable terms, reflecting in potentially lower monthly costs. For newer enterprises, we strive to offer the best possible terms, keeping in mind the inherent risks.
Your Credit Score:
- Creditworthiness is key. A commendable credit score can open the door to lower interest rates, which in turn can reduce monthly dues. If your score isn't perfect, we still work to offer competitive rates tailored to your profile.
Interest Rates:
- We always aim to offer competitive rates. Still, the prevailing market conditions and our internal policies can influence the interest rate, which subsequently impacts your monthly payments.
Down Payment:
- If you opt to make a substantial down payment upfront, this will naturally reduce the principal amount being financed, leading to potentially lower monthly dues.

At BNC Finance, we're committed to ensuring you fully understand your financial obligations. We recommend reviewing your financing terms in-depth and reaching out to our team with any queries about your monthly payments.

Should I rent a crane, or is it more logical to finance it?

How long are the financing terms for cranes?

Do I need a high credit score to finance a crane?

Can I finance a used crane or only new ones?

Is a down payment required?

Can startups or new businesses finance a crane?

What are the options available for crane financing?

The primary options for crane financing include equipment loans, leasing, and Equipment Financing Agreements (EFAs). Equipment loans involve borrowing money to purchase the crane outright, with the crane often serving as collateral. Leasing allows for the use of a crane for a specific period without ownership, often with options to buy at the end of the lease term. EFAs offer a combination of leasing and loan features, with more flexible terms and the potential to own the crane at the end of the agreement.

What are the benefits of leasing a crane instead of buying?