Lower Your Forklift Payment

Material Handling Best Practices, Tips, Information and More from Toyota

Lowering your forklift payment may sometimes be necessary. If you’re trying to lower your forklift or industrial equipment payments, consider these tips:down arrow

  • Increase your payment term. Perhaps you thought you could pay off your forklift in 48 months, but you need a lower payment. Choosing a loan term of 60 months will lower your monthly payment.

  • Increase your credit score. If you haven’t purchased your equipment yet, it’s a good idea to have the best credit rating you can possibly have before you do. A better credit rating can lend itself to a lower payment.

  • Lease instead of buy: Again, if you haven’t purchased your equipment yet, but need a lower payment than the estimate you were given, think about leasing instead of buying. Leasing will give you a smaller monthly payment compared to a loan, and you also have options at the end of term that buying does not offer.

  • Choose a lease with operating hours that match your business needs: Many finance companies offer a lease with a standard operating limit of 2,000 hours annually. If you only need a forklift for 1,200 hours, you may qualify for a low hours lease - a lease with a lower annual hours limit. A lease with lower hours raises the residual value at the end of the lease, which lowers the monthly lease payment compared to a standard hour lease.

See your local Toyota forklift dealer for more information about how to keep your monthly payment within budget.

For pricing, parts & more, click here to find a dealer near you.

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