Boom trucks are powerful tools that offer flexibility and strength for industries like construction, utilities, and heavy lifting. But they also come with a high price tag—especially when buying new. If you're considering financing a boom truck, one of your first big decisions is whether to go new or used. And each path has pros, cons, and financing implications.
In this guide, we’ll break down the key differences between new vs used boom truck loans so you can decide what makes the most sense for your needs, budget, and business goals. For a broader overview, see our Boom Truck Financing guide.
Before we dive in, let’s quickly cover what a boom truck actually is. A boom truck is a commercial vehicle with a hydraulic crane mounted on its chassis. It’s often used to lift workers or heavy materials to high places—making it essential for jobs like tree trimming, electrical line servicing, sign installation, and more.
Boom trucks vary a lot in size, lifting capacity, and features. This also means their prices can range widely—from around $50,000 for a used unit to over $200,000 for a new model with advanced features.
Because of their cost, many business owners choose to finance boom trucks rather than pay out of pocket. That’s where boom truck loans come in.
When deciding between new and used, it’s not just about the truck itself—it’s also about financing terms, lender requirements, and long-term costs. Here’s what to consider:
Tip: Some lenders have age limits for vehicles—often around 10 years. Older trucks might require more documentation or different loan structures.
Ask yourself: Will this truck be central to your day-to-day operations? If so, reliability might be just as important as the savings.
That said, many specialized lenders (like those in the commercial vehicle industry) understand the value of well-maintained used boom trucks and offer options tailored for these purchases.
To help you decide between new vs used boom truck loans, consider these common scenarios:
It’s not always an easy call. The best decision depends on how the truck fits into your business plan and how much risk you’re comfortable taking on.
Whether you’re buying new or used, most lenders will look at the same core factors:
Remember, every lender is different. Some are better positioned to work with new businesses or lower credit borrowers, especially those that specialize in commercial truck financing for poor credit.
The monthly loan payment is only part of the picture. When weighing your options, look at the total cost of ownership—which includes:
A lower monthly payment on a used truck might look good now, but if it results in more breakdowns, it could cost your business in the long run.
If you're getting ready to apply for a boom truck loan—new or used—start gathering:
Having this information ready can speed up the process and improve your chances of approval, no matter which kind of loan you pursue.
Choosing between new vs used boom truck loans comes down to your budget, business needs, and appetite for risk. New trucks offer modern features, lower interest rates, and longer warranties—while used trucks help reduce upfront costs and keep monthly payments affordable.
There’s no one-size-fits-all answer. The key is to look at the full picture: how the truck will be used, how critical it is to your work, and how long you plan to keep it. By weighing the pros and cons and understanding the financing landscape, you can make a smart investment that keeps your business moving forward.