This article from Canyonmoor Lending Group in Montrose, Colorado explains how long a contractor can finance a skid steer or mini excavator: how age and hours set the term, new and used machines worked side by side with invented figures, renting against buying, used construction equipment loans and a checklist before the dealer quote.
How Long Can You Finance a Skid Steer? The Direct Answer
There is no fixed maximum; each funder sets terms by machine. Three things drive the answer: the machine's age, its hours, and how long it will hold enough value to secure the remaining balance. A new skid steer can carry a longer term than a used one with thousands of hours, and a funder will not want the loan to run past the point where the machine's resale value falls below what is still owed. The contractor's own credit and deposits shape the offer too.
Skid Steers, Mini Excavators and the Montrose County, CO Builders Who Run Them
Construction counted 278 employer establishments in Montrose County, CO in 2023, more than any other sector, with 1,937 employees (County Business Patterns 2023). Residential builders counted 64, poured concrete foundation contractors 12 and nonresidential builders 13. Nonemployer Statistics, a separate program, counted 914 construction businesses without paid employees for 2024 (Nonemployer Statistics 2024).
The Building Permits Survey counted 279 new housing units authorized in the county in 2025, after 270 in 2024 and 321 in 2023: site work for each runs on compact machines.
New and Used Skid Steer Terms Worked Side by Side
Illustration only, invented figures: a new $72,000 skid steer with $7,200 down, over 60 months at an invented annual rate of 8.5%, costs about $1,329 a month. A used $41,000 machine with $6,150 down, over 36 months at an invented 10.5%, costs about $1,133 a month; stretched to 48 months, about $892 (our arithmetic).
The used machine costs less in total, but its shorter term can mean a payment not far below the new one. A partner may also price a used machine higher. Compare total paid, plus the repairs an older machine is likely to need.
Mini Excavator Financing for Excavation and Site Crews
Illustration only, invented figures: a $64,000 mini excavator over 60 months at an invented annual rate of 9% costs about $1,329 a month (our arithmetic). Buckets, a thumb and a breaker attachment can be folded into the same loan when bought with the machine; added later, they may need their own financing. Ask for the attachments to be listed with serial numbers on the quote.
Excavator Financing Calculator: Rent, Rent-to-Own or Buy
Illustration only, invented figures: renting a skid steer at $330 a day for 9 days a month costs $2,970 a month (our arithmetic), which can be more than a loan payment on a used machine. Renting still fits occasional work, because the contractor pays nothing in months without it. Rent-to-own programs credit part of the rent toward a purchase; read how much is credited and at what price.
- Count the days a month the machine would actually run.
- Price renting at that rate against a loan payment plus insurance and repairs.
- Check whether a rent-to-own credit applies, and the buyout price.
Excavator Financing Deals for Builders and Subcontractors: What to Compare
- The amount financed after the down payment and any trade-in.
- The rate or the total finance charge, in dollars.
- The term against the machine's age and hours.
- Fees, documentation charges and any prepayment penalty.
- What insurance the funder requires on the machine, and whether it must be named as loss payee.
Dealer promotions on new machines can carry low rates with conditions attached. Put every offer in total dollars over the same term. The equipment page compares loans and leases.
Used Construction Equipment Loans for Remodelers and Finish Crews
Remodelers and finish crews buy compact used machines to avoid rental bills on small jobs. A partner reads the dealer inspection, the hour meter, service records and whether the machine has been rebuilt. A private-party sale can be financed too, but the funder may ask for an appraisal and a lien search. The contractor page covers draws, retainage and wages between jobs.
Insurance, Storage and Theft: Conditions Funders Attach to a Machine
A financed skid steer is the funder's security, so the agreement can require physical damage insurance naming the funder, rules on where the machine is kept, and notice before it moves out of state or is sold. Compact machines are easy to load on a trailer, and some funders ask for a GPS tracker or a recorded serial number on file. Read these conditions before signing; breaking one can count as a default even when every payment is on time.
Skid Steer Financing Options for a Contractor's Next Machine
A machine bought on equipment financing secures itself. A contractor buying several machines and a truck at once can ask for a term loan for the package, and keep a line of credit for fuel, repairs and wages between draws.
- Get a written quote with year, hours and serial number.
- Ask for the inspection report on a used machine.
- Decide loan, lease or rent based on days of use.
- Phone (970) 238-5206 or send the web form with the quote.
By Canyonmoor Lending Group · Updated
