Construction Vehicle Financing On The Rise
In further confirmation that the economy is improving, we have seen request for construction related vehicle financing increase since the beginning of the year. Dump truck financing in particular has increased as people are securing contracts in almost all parts of the country. Triaxle dump trucks seem to outnumber tandems with the cost going higher as supply tightens up. We like financing dump trucks for two reasons. First dump trucks tend to pull in more revenue per hour worked as compared with other commercial vehicles. Second dump trucks hold their value better than other trucks. As an asset based lender this helps us better serve the credit damaged customer by making the transaction stronger.
As a side note we are also seeing more request for heavy equipment financing coming in. This further illustrates that the economy is growing. We hear from business owners that there is more business out there and that they are securing contracts more than over the last few years.
In continuing this direction request for semi truck financing is also on the rise with a 50% increase in inquires over the past few months.
So all indications are that we are going in the right direction. Keep working out there!