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JamesM
08-25-2003, 11:54 PM
Hello all,

I would like to know if anyone knows where to secure financing for a new mower for someone with poor credit history. I have bought everything else I need and been doing business for some time but have outgrown my mower and would like get a new ztr but am having trouble finding any financing. If you have any quggestions feel free to email me directly or on this post.

Thanks in advance, James

pinnacle
08-26-2003, 12:10 AM
You have an Issue here my friend.
I was in your position 4 years ago and its very frustrating isn't it?
You can find dodgey lender and Iam sure he will do it for you but be prepeared for high intrest rates and a general pain in the as#.(wouldn't wish having to pay one of these aholes back over 5 years with a 20% residule value on my worst enemy
You need be able to show the banks that moneys coming in but not alot is going out. So if I were you, and your not going to like this but its reality, you will have to get a job and start saving money like you never have before.you have got to pay all your bills on time aswell. Do this for a year and put together a biz and financial plan (get your accountants to do some figuer projections for you. And the banks will be throwing money at you.
It worked for me and I have my banks offering me loans every quarter now. (wish they would leave me alone now)
Its' only 12 months mate. Do the hard yards and you will get there. When I was saving I didn't even go out to the pub.
I fell for you though
good luck:)

work_it
08-26-2003, 01:04 AM
I feel for ya also, but am in the same boat. I took bankruptcy almost 5 years ago, and have been living in he** ever since. I don't understand how others can take bankruptcy and find the financing 2 weeks later to buy a Lexus or a house without a problem. I can't even finance the trip to the bank to get rejected, and I haven't been late on one payment since the bankruptcy.

I was talking to an Exmark dealer the other week who was very helpful until I mentioned the bankruptcy. He basically handed me a business card and ran as fast as he could. Didn't want to waist any more time answering my questions.

What I'm having to do is put off buying a Lazer Z 'til I can save enough money to buy it outright. It sucks, but at least I know when I get one it will be mine (all mine). That equates to a larger profit margin.

mrbenfer
08-26-2003, 01:29 AM
Being 17 it was hard finding a bank to loan me money since I didn't have a credit history. The guy who gave me the loan gave me a (I SW ARE) 20mn speech on how your credit history can destroy your life for 7 years.

But here is my question. If your running a business that goes bankrupt does that directly affect you and your credit? Or does your personal credit stay separate from your business credit?

studentlawn
08-26-2003, 01:36 AM
A business is a good way to earn credit, but an individual still has to gurauntee the financing, which means an individual who has ownership in the business with good credit history. im 18 don't have the credit to properly run my business.
Im lucky in that one of my friends dad's really loves me and trusts me. He is a business man and knows alot of peolpe in the banking and insurance industry. We officially amde him a 1% owner in the business and get insurance under his great record and got a hefty loan on his credit. I don't know where id be without it.

Movinfr8
08-26-2003, 02:09 PM
Originally posted by mrbenfer


But here is my question. If your running a business that goes bankrupt does that directly affect you and your credit? Or does your personal credit stay separate from your business credit?
Unless you are incorporated, and since you are 17 you are NOT inc., you and the business are one in the same. if the business goes bankrupt, you go bankrupt. However, if you are 17, then it is (in most sataes) not legal for you to sign a contract, and anyone who contracts with you is in total liability meaning if I loan you money and I know you are 17 I just gave it to you. Please do NOT take any of what I just said as the gospel truth, cause your state may be different, but I learned in biz law that about minors and contracts.
Norm

LAWNGODFATHER
08-26-2003, 02:12 PM
Sheffield Financial. They use the mower as collateral.

They have good terms, and liberal qualifications.

GLAN
08-26-2003, 03:51 PM
Scheffield is GREAT

We do all our leasing through them.

I also have Ford wanting to give me $90k no money down.....:dizzy:


Heck and I don't even always pay on time...........:p

work_it
08-26-2003, 09:53 PM
I just checked the web for Scheffield Financial and Scheffield Bank and came up with nothing. Do either of you have a web address or a phone number? Your help is greatly appreciated.

GLAN
08-26-2003, 10:10 PM
Scheffield Financial Corp
PO Box 1704
Clemmens, North Carolina 27012


1 - 888 - 438 - 8837


Give them a call.
I do think they only will operate through the dealer.

Heron Cove PM
08-26-2003, 10:18 PM
I'm not trying to turn this into a Scheffield bashing contest forum, but I will give you one bad story. The business is in my wife's name. We put an app through them and was denied. It had nothing to do with our credit. I was told my wife couldn't be approved for the loan because they knew for a fact that she wasn't operating the equipment. What kind of crap is that? I was told to be approved, we had to put who was operating the equipment on the credit app. So let's see, hypothetically, I have 50 employees so I have to put 50 names on the credit app to get approved? Sorry, just a little annoyed. This is poor business practice. Needless to say, she got approved by someone else.

Marshall

work_it
08-26-2003, 10:40 PM
Originally posted by GLAN
Scheffield Financial Corp
PO Box 1704
Clemmens, North Carolina 27012


1 - 888 - 438 - 8837


Give them a call.
I do think they only will operate through the dealer.

Thanks again GLAN. I'll keep my fingers crossed when I try to buy my new 72" Lazer Z w/ liquid cooled 31 hp. By the way, don't mean to get off the subject, but what are the dealers asking for the 72" Lazer Z in your area?

LAWNGODFATHER
08-26-2003, 11:39 PM
Originally posted by Heron Cove PM
I'm not trying to turn this into a Scheffield bashing contest forum, but I will give you one bad story. The business is in my wife's name. We put an app through them and was denied. It had nothing to do with our credit. I was told my wife couldn't be approved for the loan because they knew for a fact that she wasn't operating the equipment. What kind of crap is that? I was told to be approved, we had to put who was operating the equipment on the credit app. So let's see, hypothetically, I have 50 employees so I have to put 50 names on the credit app to get approved? Sorry, just a little annoyed. This is poor business practice. Needless to say, she got approved by someone else.

Marshall who claims to be the business owner? There's your answer. FRAUD is what they won't let you do.

GLAN
08-26-2003, 11:49 PM
True that LGF

lawnagent
08-27-2003, 09:17 AM
Ill have to forward this info to my dealer. We were discussing this just the other day. He said that he likes who he deals with but sometimes they make it hard on him cause his customers need darn near perfect credit to get anything.

lawnagent
08-28-2003, 12:38 AM
back to the top

Frank2
08-28-2003, 12:50 AM
www.sheffieldfinancial.com

LAWNGODFATHER
08-28-2003, 01:24 AM
Originally posted by Heron Cove PM
I'm not trying to turn this into a Scheffield bashing contest forum, but I will give you one bad story. The business is in my wife's name. We put an app through them and was denied. It had nothing to do with our credit. I was told my wife couldn't be approved for the loan because they knew for a fact that she wasn't operating the equipment. What kind of crap is that? I was told to be approved, we had to put who was operating the equipment on the credit app. So let's see, hypothetically, I have 50 employees so I have to put 50 names on the credit app to get approved? Sorry, just a little annoyed. This is poor business practice. Needless to say, she got approved by someone else.

Marshall I'm am not bashing you in the least, but if you have so so credit, they will finance you, but your post is leaving pertinent information out, as to the reason, you were denied. I tried doing similar and they wouldn't let someone who does not actually possess and use the equipment finance the equipment through them, cause that is fraud. They have strict rules they fallow, that is why they have such good terms, and finance lawn mowers. They are one of very few who use the purchase as collateral.

Phishook
08-28-2003, 02:02 AM
Originally posted by GLAN
Scheffield Financial Corp
PO Box 1704
Clemmens, North Carolina 27012


1 - 888 - 438 - 8837


Give them a call.
I do think they only will operate through the dealer.


hmmm. I wounder why they never called me back? I applied back in April/May. Too busy?

Oh well.

Heron Cove PM
08-28-2003, 09:07 AM
Originally posted by LAWNGODFATHER
I'm am not bashing you in the least, but if you have so so credit, they will finance you, but your post is leaving pertinent information out, as to the reason, you were denied. I tried doing similar and they wouldn't let someone who does not actually possess and use the equipment finance the equipment through them, cause that is fraud. They have strict rules they fallow, that is why they have such good terms, and finance lawn mowers. They are one of very few who use the purchase as collateral.

The business is in "HER" name, the company "IS" hers, "SHE" runs it. I am employee. I do the work just like the part time help we have. I my be considered a General Manager so to speak, do I reap some of the reward? Yes. "SHE" put up the money, "SHE" controls all aspects of it. "SHE" does not run the mowers, but this does not mean "SHE" is not the owner. Does the owner of Hilton Hotels clean rooms? Don't think so. SO HOW IS THIS FRAUD?

LAWNGODFATHER
08-28-2003, 01:59 PM
Well if that's the case, that's discrimination.

lawnagent
08-28-2003, 10:35 PM
you got that right. They better watch out if thats the case. They could get in all kinds of hot water over that one.

Royalslover
08-28-2003, 11:27 PM
I've bought 2 mowers through Sheffield. They've been great.

GLAN
08-28-2003, 11:28 PM
It all depends on what their criteria is for approving a loan. All lenders are different.


Ever gotten a pre approved credit card application?

Try calling to activate. Some will approve and yet some decline. Also when they say $5k pre approved. But only give you $2k

Dr. Mow
08-29-2003, 01:16 AM
sheffield will finiance most exmarks for 4 years too.

rod r
08-29-2003, 02:09 AM
Cove pm I was also turned down by Sheffield but was cutting with a John Deere 717 by the end of the day. I think these people have magic 8 balls sitting on there desk.

finishline
08-29-2003, 10:53 PM
I sold my lawn care business this year and started working for a leasing company. We can finance almost anything. If you are interested, give me a call at 1-888-485-5834, ext 112. You can check out our website at www.northland-financial.com

Jeff