Used Aerial Lift Financing

A used JLG 600AJ at 3,000 hours does the same work in the air as a new one. The reach is identical, the platform capacity is the same, and the rate card to the customer does not change because the machine has history on it. What changes is the buy-in number, and for most yard operators and contractors, that difference buys additional units or preserves capital for the next project. We fund used aerial lift purchases the same way we fund new ones.

Our financing covers used boom lifts, scissor lifts, spider lifts, mast lifts, and other pre-owned aerial access equipment. Purchases from dealers, rental fleets, private parties, and auctions all qualify. The floor is $50,000. Most deals close in one to two weeks. Prior credit issues are reviewed in context.

What Matters When We Underwrite a Used Lift

The underwrite on a used machine has one extra variable compared to a new purchase: condition. We look at four things in combination. First, age and hours. A machine can be old and still low-hour; a newer machine can already be heavily worked. Hours per year of age give us a rough duty-cycle picture. An aerial lift averaging 200 to 300 hours per year is lightly used. One averaging 600-plus hours per year has been running hard, which affects its remaining useful life.

Second, maintenance history. Service records are the clearest signal of how the machine was treated. Complete service logs from a rental fleet or a manufacturer-certified dealer carry more weight than an undocumented machine from a private party. We are not disqualifying undocumented machines, but the absence of records prices into the deal.

Third, collateral value. We look at what comparable machines are actually trading for in the secondary market. A used boom lift from a major manufacturer like JLG, Genie, or Skyjack holds value reasonably well because there is consistent secondary market demand. Older machines from less-supported manufacturers may trade at a discount that affects the advance rate.

Fourth, the purchase price versus market value. If you are buying below market, that creates immediate equity in the deal and makes approval easier. If you are buying at the top of market or from a seller pricing optimistically, we will note the discrepancy in the appraisal.

Used vs. New: The Fleet Math

A new Genie S-60 telescopic boom might retail around $175,000 to $200,000. A comparable used unit with 2,000 to 3,000 hours from a dealer's fleet might be priced at $70,000 to $100,000 depending on year and condition. That difference funds a second machine. Two used booms earning daily rental rate beats one new boom on the same capital outlay for most operators.

The counter-argument for new is warranty, predictable downtime, and the fact that a new machine depreciates in a known curve. Used equipment carries the risk of unplanned mechanical costs. That is the real comparison, not the sticker price, and operators need to factor in their own mechanical capacity. A yard that does its own service absorbs used-equipment risk better than one that depends entirely on dealer service for every repair.

For operators in the rental business specifically, the used machine argument is often compelling because the rate card does not discriminate. Rental companies routinely run fleets that mix new and used iron from the same rate schedule, letting the fleet economics rather than the sticker drive the buying decision. Financing both on the same platform keeps it simple.

Is there an age cutoff on used aerial lifts you will finance?

No fixed cutoff. We look at age and hours together, not either one in isolation. A 2008 lift with 1,500 hours may qualify where a 2015 lift with 9,000 hours does not. The question is remaining useful life and collateral value, not the calendar year alone. Very old machines (15-plus years) with high hours narrow the lender pool, but we work with specialty lenders who take on older iron.

Can I finance a used lift I am buying from a co-worker or another contractor?

Yes, that is a private-party purchase and we fund those. The key requirements are clear title (no existing lien or a lien we can pay off at closing), a bill of sale, and equipment that meets our collateral value threshold. We will need to verify identity for both buyer and seller and confirm the title is clean before we can fund.

The seller says the lift needs some work. Can I include repair costs in the loan?

Repair costs are generally not included in the equipment purchase loan itself, since the lender is advancing against the machine's current value, not a projected post-repair value. If you need to finance both the purchase and the repairs, we look at the all-in cost versus the unit's value in working condition and structure accordingly. Sometimes a slightly larger purchase loan handles it; sometimes it is better to bring the repair cost separately.

I found a lift for sale on IronPlanet or Ritchie Bros. Can you fund an online auction win?

Yes, major online equipment auction platforms are fundable. Get a pre-approval before you place bids so you know exactly what your ceiling is and how to get us the winning bid documentation fast. Payment timelines on these platforms are strict and we build our process around meeting them.