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