Answer: Crane financing is a financial solution that allows businesses to purchase or lease cranes without paying the full price upfront. Instead, the cost is spread over a specified term, allowing businesses to maintain cash flow while acquiring the equipment they need.

Most crane financing terms will last somewhere between 24 and 72 months. A number of factors may affect your financing term, but the most consequential is the useful life of the equipment. Financing terms almost never extend past the equipment’s useful life.

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:

1. 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.
2. Startup Crane Financing:
   • Eligibility: Specifically designed for startups or newer businesses.
   • Credit Score Requirement: 700+ FICO.
   • Loan Amount: Up to $75,000.
3. 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.
4. 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.

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.

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:

1. 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.
2. 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.
3. 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.
4. 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.
5. 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.
6. 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.

We often recommend renting for construction teams that just need a crane for a single, one-off project. If you plan to use your crane more regularly, however, then the cost-effective solution is to obtain financing. Apply with BNC Finance at your convenience.

Answer: At BNC Finance, our typical financing terms for cranes range between 24 to 72 months. However, the exact duration can vary based on several factors including the crane's cost, its useful life, and the borrower's credit profile.

Answer: While a good credit score can provide access to better interest rates and terms, BNC Finance offers programs for various credit profiles. We even have challenged credit programs and revenue-based leases for those with less-than-perfect scores.

Answer: Both new and used cranes can be financed. However, the age and condition of a used crane might influence the financing terms and interest rates.

Answer: The need for a down payment varies based on the financing program, the equipment's cost, and the borrower's credit profile. In some cases, a down payment might be required, especially under our challenged credit programs.

Answer: Yes, BNC Finance offers startup crane financing for new businesses or startups. However, most startup programs require 700+ FICO Score unless they have large down payment or additional collateral.