How do you finance a new, used or mini excavator?
A new 1-ton mini lists for about $32,000. A big new excavator can list for more than $700,000. Here’s how excavator financing works for new, used and mini machines in 2026: what they cost, what the payments look like, how long you can finance one, and how to buy one used.
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How does excavator financing work?
You send the quote or listing, the funder pays the seller, and you make fixed monthly payments while the machine works. It’s written one of two ways:
- An equipment finance agreement (EFA). This is what most people mean by an excavator loan. You own the machine from day one, the funder files a lien, and terms run 24 to 84 months.
- A lease. Leases run 24 to 60 months with a $1, 10% or fair market value buyout. The $1 buyout is the lease-to-own version, with a payment close to an EFA’s.
A quote, listing or auction lot number with the serial and hours is usually all a first response needs, and you’ll typically hear back within 1 to 2 business hours. The application starts with a soft credit inquiry. Qualifying files up to $500,000 can be decided on the application alone, with no tax returns or financial statements. Funding follows in as little as 24 to 48 hours after signing. The full program is on our construction equipment financing page.
A thumb, buckets, a breaker, a GPS grade control kit and the trailer can all be financed with the machine. I’d put the attachments on a shorter term than the excavator, because a breaker or shear wears out years before the machine does.
The credit score alone rarely decides an excavator deal. These make a file stronger:
- Credit around 600 or better, where many established-business programs start.
- Two or more years in business.
- A down payment, especially on an older machine.
- A recognized brand with dealer support and a real resale market.
- Hours and service records on a used machine.
- A signed contract for the work. Contractors buying iron for a job they’ve already won are among the strongest files we see.
How much does an excavator cost new and used in 2026?
New minis run from about $32,000 to $74,000, and compact 4- to 8-ton machines from about $70,000 to $109,000. New mid-size machines start around $290,000 at Deere’s base list price. Used ones list for a lot less:
| Size class | Example models | New or near-new | Used, listed asking price |
|---|---|---|---|
| Mini, about 1 to 2 tons | Bobcat E10 to E20; Deere 17 P-Tier; Kubota U17 | $31,950 to $43,268 | $15,250 to $28,850 (Kubota U17, 2018 to 2024) |
| Mini, about 2.5 to 3.5 tons | Bobcat E26 to E35; Deere 26 to 35 P-Tier; Kubota U35 | $48,240 to $73,600 | $32,500 to $56,000 (Kubota U35-4, 2021 to 2023) |
| Compact, about 4 to 8 tons | Bobcat E38 to E60; Deere 50 and 60 P-Tier; Cat 305, 308 | $69,905 to $108,837; near-new Cat 305s $77,000 to $89,500 | $35,500 to $57,000 (Cat 305, 2017 to 2022); mostly $65,000 to $95,000 (Cat 308 CR, 2019 to 2023) |
| Mid-size, about 20 to 30 tons | Cat 320; Deere 210 to 245 P-Tier | $290,016 to $391,853 (Deere list); low-hour Cat 320s $155,000 to $252,700 | $86,500 to $155,000 (Cat 320, 2019 to 2022) |
| Large, 30 tons and up | Cat 336; Deere 300 to 470 P-Tier | $428,029 to $716,158 (Deere list); new and low-hour Cat 336s $285,000 to $477,850 | $135,000 to $263,157 (Cat 336, 2019 to 2022) |
New: Bobcat suggested and John Deere base list prices, before options or discounts. The new Kubota price and the near-new, low-hour and new Cat prices are dealer listings on Machinery Trader. Used: Machinery Trader listed asking prices. All listings are listed asking prices, not appraisals or offers. Checked October 2026.
Midi 8- to 9-ton machines sit in between, at $141,406 to $175,083 new (Bobcat E88, Deere 75 and 85 P-Tier). Deals over $500,000, like Deere’s 470 P-Tier at $716,158 list, need a full financial package.
What’s the monthly payment on an excavator?
For an established business, anywhere from about $795 a month for a used 1.7-ton mini to about $6,114 for a large machine, at an assumed 9%. Here are examples across the size classes:
| Example | Price | Term | Monthly payment |
|---|---|---|---|
| Used 1.7-ton mini | $25,000 | 36 months | About $795 |
| New 1.7-ton mini | $40,000 | 48 months | About $995 |
| Used 3.5-ton mini | $45,000 | 48 months | About $1,120 |
| New 3.5-ton mini | $65,000 | 60 months | About $1,349 |
| Used 8-ton compact | $85,000 | 60 months | About $1,764 |
| Used 20-ton, about four years old | $140,000 | 60 months | About $2,906 |
| Low-hour 20-ton, 2023 or newer | $250,000 | 60 or 84 months | About $5,190 or $4,022 |
| Low-hour 36-ton, 2024 or newer | $380,000 | 84 months | About $6,114 |
Example payments for established businesses at an assumed 9%, no money down, payments in arrears. Prices are round amounts inside the listed ranges above. Terms past 60 months are for EFAs only. Illustrative, not an offer.
The term matters as much as the price. Stretching the $250,000 machine from 60 to 84 months cuts the payment by about $1,167, but you pay about $26,500 more in total.
Thinking about writing a check instead? See whether to pay cash or finance an excavator.
How long can you finance a used or mini excavator?
Up to 84 months on an equipment finance agreement and up to 60 on a lease. There’s no set age limit on a used machine, though older equipment can be tougher to get done. What decides the term and the down payment is the machine itself:
| What we look at on a used excavator | Why it matters |
|---|---|
| Hours | They show how much work the machine has done. High hours can mean a shorter term or more money down. |
| Service records | Records of engine work and rebuilds show how the machine was kept. |
| Condition | On larger machines, an inspection checks the undercarriage, the structure and the serial numbers. |
| Brand and resale market | A recognized brand with dealer support and a real resale market makes the file stronger. |
The term changes the payment a lot. Say you find a 2021 Cat 320 listed at $97,500. Over 60 months, that’s roughly $2,024 a month for an established business at an assumed 9%. If its hours or condition put it on 36 months instead, it’s about $3,100 a month. That’s about $1,077 more a month for the same price, all from the shorter term.
Hours matter too. A 2010 Construction Equipment magazine benchmark put a 53,000-lb excavator’s primary production life at about six years or 9,800 hours, with an engine rebuild around year eight. On an older or high-hour machine, send the listing with the hours and service records before you buy, and we’ll tell you what term fits.
Used mini excavator financing works the same way. A 2021 to 2023 Kubota U35-4, listed at $32,500 to $56,000, can fit roughly 60 to 84 months, depending on its hours and condition. A new mini can go the full 84 months on an equipment finance agreement.
How much of a down payment do you need on an excavator?
With good credit, you usually don’t need a down payment, new or used, from a dealer or a private seller. Here’s what to expect:
| How you’re buying | Typical down payment |
|---|---|
| New, from a dealer | Usually none with good credit. |
| Used, from a dealer or an auction | Usually none with good credit; a down payment can come up on an older or high-hour machine |
| Private party | Usually none with good credit; can be a condition on a thinner file |
These are for established businesses. When a down payment does come up, credit, time in business, a won contract and a newer machine with strong resale can all shrink it or take it off the table.
Short on cash but own paid-off iron? A leaseback turns a paid-off excavator into a lump sum on terms up to 60 months, funded 2 to 5 business days after signing. See leaseback on excavation equipment.
What kinds of excavator deals can you finance?
Most of them. We finance:
- New machines from any dealer, in stock or ordered
- Used machines from a dealer, an auction or another contractor
- Private-party deals, including the Craigslist and Facebook Marketplace machines most lenders won’t touch
- Any brand, or a mixed fleet
- A package on one agreement: the machine, a thumb, buckets, a breaker and the trailer
- Files where cash flow, the machine and money down tell more of the story than a credit score does
Buying new? Send us the dealer’s quote before you sign. You’ll usually hear back within 1 to 2 business hours, and we can price the whole package, attachments and trailer included.
Can you finance a used excavator from a private seller or an auction?
Yes. Used excavator financing works for private sellers and auctions too. A private-party deal just adds a few steps:
- A lien search, using the seller’s exact legal name.
- An inspection or appraisal on larger machines: hours, undercarriage, structure and serial numbers.
- Funds paid straight to the seller, never through you.
- Usually no down payment with good credit, the same as buying from a dealer.
Buy that same 2021 Cat 320 from another contractor, and if you put 20% down, you’d finance $78,000: about $1,619 a month over 60 months for an established business at an assumed 9%.
At an auction, send the lot number with the serial and hours before you bid, so you know the payment going in. And if a small used mini lists below our usual minimum of about $15,000, put the trailer, a few attachments or a second machine on the same contract to reach it.
Can a new excavation business finance its first excavator?
Yes, a startup can get excavator financing through programs that work with qualified startups. A business under a year old is underwritten as a startup, so the owner’s own background carries most of the file. Startup programs typically look for:
- Personal credit of 700 or better.
- Real, provable experience, such as years running equipment for another contractor, backed by W-2s or licenses.
- A down payment, usually 10% to 20%.
- Working capital left after the purchase for fuel, insurance and slow-paying jobs.
Between one and two years in business, the field narrows but stays workable. Work you’ve already won helps at any stage, and construction machinery is among the easier equipment for a startup to finance because it holds its value. I’d start with one machine and pay it cleanly for a year before adding the next.
The payment examples in this post are for established businesses. A new business’s numbers depend on its own file. Our guide to startup equipment financing covers what programs look for and what to work on if you’re not there yet.
Frequently asked questions
How long can you finance a mini excavator?
A new mini can go up to 84 months on an equipment finance agreement or up to 60 months on a lease. A used mini has no set age limit, though an older one can be tougher to get done, and its hours, condition and service records decide the term. Used, private-party and auction minis all qualify.
Can you lease to own an excavator?
Yes. A $1 buyout lease is the lease-to-own version: the payment lands close to an equipment finance agreement’s, and the title passes to you for a dollar at the end. Leases run 24 to 60 months, and there are also 10% and fair market value buyouts if you want a lower payment.
What credit score do you need to finance an excavator?
Many established-business programs start around a 600 FICO, and two or more years in business opens the broadest set of programs and the best pricing. A business under a year old is underwritten as a startup, which typically means 700+ personal credit, relevant experience and working capital left after the purchase. The score alone rarely decides it: cash flow, the machine and money down all count.
Can attachments, a thumb or a trailer go on the same agreement?
Yes. A thumb, buckets, a breaker, a GPS grade control kit and the trailer can all be financed with the excavator. Fast-wearing attachments are worth putting on a shorter term than the machine. Adding a trailer or attachments can also help a small used mini reach the usual minimum of about $15,000.
Can you finance an excavator from Facebook Marketplace or an auction?
Yes. Private-party and auction purchases are welcome, including Facebook Marketplace and Craigslist machines. A private-party deal adds a lien search, an inspection or appraisal on larger machines, and funds paid directly to the seller. With good credit, you usually don’t need a down payment. Send the listing or lot number with the serial and hours to start.
Does Section 179 apply to a financed excavator?
Usually, yes. For 2026 the Section 179 limit is $2,560,000, phasing out above $4,090,000 of purchases, and bonus depreciation is 100%. New and used equipment both qualify. An excavator on an equipment finance agreement or a $1 buyout lease with nothing down is deducted the same as a cash purchase, as long as it’s placed in service by December 31. On a fair market value lease you deduct the payments as rent instead. Confirm the treatment with your tax advisor.
How much down does a new excavation business need?
Usually 10% to 20%. Startup programs also typically look for 700+ personal credit, provable experience running equipment, and working capital left after the purchase. Work already under contract makes the file stronger.
Price your excavator.
Set the price, term, down payment and structure in the Quote Builder and get an estimated payment, with no credit pull. When the numbers work, one short application matches you with a dedicated funding professional who manages the deal from application to funding.
This article is general information about financing excavators. It is not tax, legal, or accounting advice, or a commitment to finance. Prices shown are manufacturer suggested or list prices and listed asking prices, not appraisals or offers. Tax and accounting treatment depends on your contract and your business; confirm with your CPA. All financing is subject to credit approval and underwriting.