How do I finance a skid steer or compact track loader in Savannah, GA?

Skid Steer and Compact Track Loader Financing in Savannah

Yes — you can finance a skid steer or compact track loader at 8–25% APR with terms up to 84 months through dealer programs, bank loans, and specialty equipment lenders. Most require 6 months in business, $100K+ annual revenue, and a 580+ credit score.

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The specifics

Savannah contractors have three main financing paths:

1. Dealer financing — offered by Bobcat, John Deere, and other equipment manufacturers. These programs close in 1–3 days and are simple to apply for on-site. Rates typically run 12–20% APR for well-qualified buyers, with terms of 36–60 months. Bobcat and John Deere both offer manufacturer-backed financing and lease options.

2. Bank and equipment-specialist loans — These are asset-backed loans secured by the skid steer itself. Rates run 8–18% APR for 48–84 month terms. Qualification thresholds:

• Credit score: 580+ FICO (fair credit at 620–679 FICO typically pays a 3–5% APR premium)
• Time in business: 6 months minimum
• Annual revenue: $100K+
• Debt-service coverage ratio (DSCR): 1.25x minimum (monthly debt payment ≤12% of gross monthly revenue)
• Down payment: 15–20% typical; zero-down available at 650+ FICO
• Funding timeline: 3–7 business days

3. SBA 7(a) loans — Longer-term, lower-cost capital for amounts $50K–$5M+. These run Prime + 2.75–4.75% APR with terms of 10–25 years, but take 30–90 days to fund. Minimum credit score is 640 FICO, 24 months in business, and $100K+ annual revenue.

Used equipment carries a 1–2% APR surcharge over new and typically requires 10–15% down. The global compact construction equipment market reached $45.8 billion in 2024, and the skid steer segment remains the highest-volume class for contractor fleets in the Southeast.

Qualification & edge cases

If your credit score is below 620, you can still qualify through specialized working-capital or equipment lenders at 18–25% APR with as little as 6 months in business and $100K+ annual revenue. The trade-off is higher rates and potentially shorter terms (36–48 months).

Startup contractors with less than 6 months of history may qualify for Georgia skid steer financing through contractor-focused lenders that accept tax returns, business bank statements, or proof of contract backlog in lieu of tax returns.

Veteran contractors may also access used equipment finance and SBA-backed lending specifically designed for Georgia veterans, which can reduce rates by 1–2% and offer flexible timing.

If your DSCR is between 1.0x and 1.25x, you may still qualify but expect higher rates or a larger down payment. Request a rate quote to see your exact terms.

Background: how equipment financing works

Equipment financing is a secured loan backed by the skid steer itself. The lender holds a lien on the machine until the loan is paid off. This is why equipment financing is faster and cheaper than unsecured business loans — the lender's risk is lower.

According to the Equipment Leasing and Finance Foundation, equipment financing and leasing account for a significant portion of construction equipment acquisition in the U.S., with skid steers and compact track loaders among the most-financed compact equipment classes.

Savannah's construction market — driven by port infrastructure, commercial development, and coastal restoration — has steady demand for compact loaders. Financing a new or used skid steer lets you preserve working capital, spread the cost over time, and often claim the equipment as a depreciable asset (or as a Section 179 deduction in the year of purchase).

Most lenders will request:

• Business tax returns (2 years)
• Personal tax returns (2 years)
• Bank statements (3–6 months)
• Proof of time in business
• A description of how the equipment will be used

A soft-credit pull has no impact on your credit score. Hard inquiries (used for final approval) may reduce your score by 5–10 points temporarily.

Bottom line

Savannah contractors can finance skid steers at 8–25% APR with terms up to 84 months through dealer, bank, and SBA lenders. Most require 6 months in business, $100K+ revenue, and a 580+ credit score. Even with fair or startup-stage credit, you have options — rates are higher, but approval is possible in 3–7 days.

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Disclosures

This content is for educational purposes only and is not financial advice. skidsteerfinancing.com may receive compensation from partner lenders, which may influence which products are featured. Rates, terms, and availability vary by lender and applicant qualifications.

Sources

• Bobcat Company – Compact Loaders Financing & Cash Rebates
• John Deere US – Compact Equipment Loans & Leases
• Equipment Leasing and Finance Foundation – Horizon Report
• Yahoo Finance – Global Compact Construction Equipment Market to Reach USD 45.8 Billion by 2036
• Carolina Cat – Financing Construction Equipment (Any Credit)
• SBA – 7(a) Loan Program