PDA

View Full Version : Finance Companys


pickupman96
01-19-2012, 08:39 PM
I am trying to buy a dump trailer and was denied by sheffield. What are some other good companies that you guys use to finance equipment. Thanks for the help in advance.

xclusive
01-19-2012, 08:56 PM
G.E. Money

GreenI.A.
01-19-2012, 10:09 PM
I have stopped going to multiple sources and have found I get the best from my bank by doing all of my business with them. If they dealer is offering special financing then I will go with them

P.Services
01-19-2012, 10:37 PM
find a john deere dealer that sells them. John Deere financial will hand out money to any one. And at low rates to.

Or try Hitachi capital they are good also.

PROCUT1
01-20-2012, 01:46 PM
From my experience in the past (when i had credit) sheffield was the easiest to get financing through and seemed to have the most relaxed standards. I think if you have a problem with them you may have a problem with everyone else.

Kelly's Landscaping
01-20-2012, 04:54 PM
How much were you putting down on the trailer perhaps if you increased the amount sheffield would reconsider the loan. Iv had 2 loans with them I personally do not like them they are not consistent in their reporting standards. In my case I paid on time and paid it off there is not one mention of the loan on my credit so much for that helping my score. My partners loan same time did get reported. He also cosigned for his loser brother who did not make timely payments but none the less paid it in full. They couldn't wait to report that and smear my partners 800 point plus credit score.

grass-scapes
01-20-2012, 05:43 PM
From my experience in the past (when i had credit) sheffield was the easiest to get financing through and seemed to have the most relaxed standards. I think if you have a problem with them you may have a problem with everyone else.

Thats not so......I was turned down by sheffield many times, and during those times, I was approved by GE capital, Wells Fargo financial, John Deere Financial, Citi financial (Staples, Office Depot) Sams Club (now Ge capital)

Sheffield approved a mower loan beginning of last season finally. Should be easier now that they have approved me once.

Key is to make payments consistently ON TIME. That is the key...ON TIME. Even if you only make the minimum payment.

NEW CITY LAWN CARE LLC
01-20-2012, 05:51 PM
Are you guys using your Business Credit with a Duns # or Personal Credit?

grass-scapes
01-20-2012, 06:12 PM
Are you guys using your Business Credit with a Duns # or Personal Credit?

Most are business only (Duns), a couple require personal guarantee. I had a fight with the phone company over advertising a couple of years ago which resulted in a bad mark on my business credit, but it hasn't affected me much because I keep everything else current. Ive since worked out an agreement with the phone company and its paid now too. I will NEVER advertise with the phone book again......EVER. New reps every year, most not knowing what they are doing. I don't even use a landline anymore, they pissed me off so bad. But thats a matter for another thread.

You need credit to run a business. Build it up and use it right.

NEW CITY LAWN CARE LLC
01-20-2012, 06:20 PM
What kind of credit places only require my Duns # and no personal guarantee?

fl-landscapes
01-20-2012, 07:18 PM
How much were you putting down on the trailer perhaps if you increased the amount sheffield would reconsider the loan. Iv had 2 loans with them I personally do not like them they are not consistent in their reporting standards. In my case I paid on time and paid it off there is not one mention of the loan on my credit so much for that helping my score. My partners loan same time did get reported. He also cosigned for his loser brother who did not make timely payments but none the less paid it in full. They couldn't wait to report that and smear my partners 800 point plus credit score.

So your partner made a bad decision and co signed a known risky individuals loan documents, who ended up as predicted making late payments and you think it's the banks fault for reporting it? Might want to think twice before signing and garaunteeing a known "losers" loan. I also have a near perfect credit score and a "loser" brother, I would never co sign a loan for him, and if I did I would expect to deal with the consequences of my poor judgment if his payments were late.
Posted via Mobile Device

GreenI.A.
01-20-2012, 07:40 PM
What kind of credit places only require my Duns # and no personal guarantee?

Coming from 5 years managing a supplier, very few guys coming in to finance equipment or establish a credit line qualified on their Duns business credit alone. All but a few customers always needed to sign the personal gaurentee. But if the company is well established and has built credit, then a personal gaurentee may not be needed

NEW CITY LAWN CARE LLC
01-20-2012, 07:47 PM
Coming from 5 years managing a supplier, very few guys coming in to finance equipment or establish a credit line qualified on their Duns business credit alone. All but a few customers always needed to sign the personal gaurentee. But if the company is well established and has built credit, then a personal gaurentee may not be needed

Yeah I was just curious, because I've always needed to personal guarantee everything I've ever done, so just wondering where it wasn't required, etc...

GreenI.A.
01-20-2012, 08:01 PM
Yeah I was just curious, because I've always needed to personal guarantee everything I've ever done, so just wondering where it wasn't required, etc...

Basically it works the same as trying to establish personal credit when you are young. When ever you get a loan put it in the company name with the Duns number then sign the personal gauentee if needed, simular to a pearent co-signing for their childs car. Some smaller banks or credit unions will let you negotiate a higher interest rate in order to use only the duns and no personal. Yes, you will pay more in interest but having the Company name only on the loan/credit card will build your Duns quicker.

NEW CITY LAWN CARE LLC
01-20-2012, 08:04 PM
Basically it works the same as trying to establish personal credit when you are young. When ever you get a loan put it in the company name with the Duns number then sign the personal gauentee if needed, simular to a pearent co-signing for their childs car. Some smaller banks or credit unions will let you negotiate a higher interest rate in order to use only the duns and no personal. Yes, you will pay more in interest but having the Company name only on the loan/credit card will build your Duns quicker.

I'll have to start doing that, thanks for the info...

grass-scapes
01-21-2012, 07:19 AM
What kind of credit places only require my Duns # and no personal guarantee?

Not very many....especially since banks tightened their loan standards.

You could probably get a card from a place like staples or office depot. Sams club.

GE money requires a personal guarantee as does Sheffield.

Kelly's Landscaping
01-21-2012, 11:18 AM
So your partner made a bad decision and co signed a known risky individuals loan documents, who ended up as predicted making late payments and you think it's the banks fault for reporting it? Might want to think twice before signing and garaunteeing a known "losers" loan. I also have a near perfect credit score and a "loser" brother, I would never co sign a loan for him, and if I did I would expect to deal with the consequences of my poor judgment if his payments were late.
Posted via Mobile Device

Fair enough family has a way of pushing you into things you would normally be able to stay away from. In this case they helped the brother get a 3k loan to buy a lesco mower since we wouldn't hire him. But you skipped the part about how I had a 7k equipment loan with this bank and they opted not to report at all on any of the 3 credit reporting agencies. I was simply pointing out this company isn't consistent with their reporting your getting hung up on my label for my partners brother. As for rethinking co signing for losers that's not the point fact is I wouldn't recommend co signing for anyone ever, since you have nothing to gain and everything to lose.