Skid Steer Financing: Monthly Payments, Rates & Lenders

Monthly skid steer payments typically range from $380 to $1,600 depending on the machine's rated operating capacity, size, and loan term. A $25,000 small frame skid steer at 7% over 60 months costs approximately $495/month. A $45,000 medium frame at the same rate runs about $891/month. A $70,000 large frame or compact track loader at 7% over 60 months costs about $1,386/month. OEM promotional rates of 0% for 48 months can cut these estimates by 15–20%.

Skid steers use four rubber tires and steer by skidding (varying speed between left and right wheels). Compact track loaders (CTLs) use rubber tracks instead of tires. CTLs cost $5,000–$15,000 more than equivalent skid steers but provide lower ground pressure (better for soft soils), better traction on slopes and mud, and smoother ride. Skid steers are better for hard, abrasive surfaces where tracks would wear quickly. Both can use the same attachments through a universal quick-attach plate. Most lenders treat them identically for financing purposes.

Yes, most lenders allow attachments to be bundled into the skid steer loan, adding hydraulic augers, buckets, brush cutters, cold planers, and other attachments to the same financing package. Bundling attachments into the primary loan typically results in better rates than financing attachments separately. Attachment-only financing is available for standalone purchases with terms typically capped at 36–48 months for smaller values under $15,000. Common attachment financing ranges from $3,000 (standard buckets) to $30,000+ (mulching heads, trenchers).

Most skid steer lenders require a personal credit score of 620+ for approval, though 660+ is recommended for better rates. OEM programs (equipment lenders, equipment lenders, equipment lenders) typically require 680+ for promotional rates. Startups with strong personal credit (700+) can often qualify for up to $50,000 with minimal documentation — sometimes just a one-page application. For larger loan amounts over $75,000, lenders typically want two years of business tax returns and bank statements.

Renting a skid steer costs $350–$600/day or $1,200–$2,200/week. If you need a skid steer more than 20–25 days per year, purchasing typically becomes more cost-effective. At $1,200/week rental and 40 weeks of use, you're paying $48,000/year to rent — enough to finance a quality new skid steer and own it in 3 years. Purchasing also provides flexibility (availability when needed), attachment customization, and potential rental income when not in use. Rental makes sense for one-off projects or occasional use under 2 weeks/year.

Skid steer loan terms typically range from 24 to 72 months. Most buyers choose 48 or 60 months. New skid steers from major brands (Bobcat, Caterpillar, John Deere) can qualify for 60–72 month terms given their strong residual values. Used skid steers over 5 years old are typically limited to 36–48 month terms. Longer terms reduce monthly payments but increase total interest cost — a $45,000 skid steer at 7% costs $891/month over 60 months versus $758/month over 72 months, but you pay $1,920 more in interest on the longer term.

Bobcat, Caterpillar, John Deere, Case, and Takeuchi are the top skid steer brands most commonly financed in the US. Bobcat (Doosan Bobcat, West Fargo, ND) is the US market leader with the widest dealer network and strong equipment lenders captive program. Caterpillar (Peoria, IL) offers equipment lenders with competitive rates. John Deere (Moline, IL) has equipment lenders with seasonal promotions. All three offer 0% promotional financing periodically. Manufacturer brands typically command better financing terms than off-brand or import skid steers due to stronger resale values.

Yes. Section 179 allows businesses to deduct the full purchase price of a financed skid steer in the year it is placed in service. The 2024 deduction limit is $1,220,000. A $45,000 skid steer deducted under Section 179 at a 25% tax rate saves approximately $11,250 in taxes in year one, effectively reducing the true cost to $33,750. Bonus depreciation (80% in 2024) can supplement Section 179 for businesses that have already hit the Section 179 cap. The equipment must be used for business purposes more than 50% of the time to qualify.