Buying a boom truck for your business is a big decision—and a big investment. Whether you're starting a new construction company, expanding your fleet, or replacing older equipment, securing the right financing is a key part of the process. But financing a boom truck isn't always straightforward. Small mistakes can lead to big delays, higher costs, or even being denied altogether.
In this guide, we’ll walk through the most common mistakes to avoid in boom truck financing. By understanding these pitfalls ahead of time, you’ll be better prepared, save money, and make smarter financial decisions for your business.
One of the biggest mistakes in any type of equipment financing is not knowing where your credit stands. Some borrowers assume they have “okay” credit, only to be surprised by a lower score when lenders check.
Before applying for boom truck financing, check your personal and business credit reports. Look for:
Even if your credit isn’t perfect, having a clear picture helps you prepare. Some lenders specialize in working with lower-credit borrowers, but they may request more documentation or a higher down payment.
Boom trucks can be expensive. It’s common to want a newer model or extra features, but financing more than your business can realistically handle is risky. A high monthly payment can strain your cash flow and lead to missed payments.
Avoid this mistake by reviewing your budget before applying. Ask yourself:
Choose a loan term and amount that fits your cash flow, not just the maximum you’re approved for.
Many business owners focus only on the monthly payment. While a low monthly cost may sound attractive, it could mean a longer loan term and more interest over time. Don’t forget that financing a boom truck includes more than just the loan principal.
Make sure you understand the total cost, including:
Ask lenders for a full loan breakdown before signing anything. This helps you compare offers on more than just the monthly number. For a deeper dive into financing terms, check out our guide to commercial truck financing considerations.
When you're applying for boom truck financing, lenders will need documentation—and missing papers can slow everything down or halt the approval process. One of the most common mistakes to avoid in boom truck financing is being unprepared when it’s time to submit documents.
Be ready to provide:
Start gathering these documents early, especially if your business is newly established or growing quickly.
Not all boom trucks are equally easy to finance. Some lenders have restrictions on the age or mileage of the truck. Buying a truck that's too old can make it harder to get approved, or may limit your loan options to higher interest rate programs.
Before you commit to a truck, find out:
If you're financing used equipment, it’s essential to pick a boom truck that still qualifies under lender guidelines. Otherwise, you could end up back at square one, or worse, stuck with a truck you can’t finance.
Another common mistake is applying with just one lender—or applying with many, all at once. Submitting too many credit applications in a short time can hurt your credit and make you look risky to lenders.
At the same time, relying on a single bank or dealership may not give you the best terms.
Instead:
This approach helps you find fair terms without harming your credit score too much. Learn more about securing the best deals in our article on how to compare commercial truck loans.
Boom truck financing can be more difficult if you're brand new to business or have credit challenges—but it’s not impossible. Still, a common mistake is applying for the wrong type of financing and getting denied, when there were better options available for your situation.
If you're a startup or your credit isn’t ideal:
Being transparent and prepared can help you get approved, even when traditional lenders say no.
Pre-approval is not a requirement, but it’s often a smart step. It gives you a price range for what’s affordable and shows sellers that you're a serious buyer. Skipping this step can lead to disappointment if you find a truck you like but can’t get approved to buy it.
Getting pre-approved helps you:
It’s a simple step that can save a lot of time and stress later. Visit our Boom Truck Financing page for more tools to help you navigate the process smoothly.
The loan isn’t your only expense. Boom trucks are specialized units, and they come with high insurance requirements and ongoing maintenance. Failing to plan for these can stretch your finances thin.
Before finalizing a loan, consider:
Build these expenses into your budget to avoid surprises after purchase. For additional tips, read our article on managing operating costs during truck financing.
Securing boom truck financing is an important step for many construction, utility, and lifting businesses. But the process isn’t always simple, and avoiding these common mistakes can help you find better financing and start work sooner.
Understanding the common mistakes to avoid in boom truck financing—like not checking your credit, overlooking total costs, or not being ready with documents—puts you in a much stronger position. With the right approach, you can save time, avoid setbacks, and make smarter decisions for your business's future.
