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  #1  
Old 04-03-2010, 01:17 AM
drpepperinacan drpepperinacan is offline
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Join Date: Sep 2009
Location: 3612 cook ave Roanoke, va 24012
Posts: 26
how to get financing when you have no credit history and no cosigner

I am trying to buy a zero turn this year but since I am only 19 I can't get any credit to buy and I have almost 30 yards to cut every two weeks! a riding mower just isn't going to cut it any more! someone please let me know If you know of a way I can get financing to buy a mower. I have applied for all the credit cards, bank loans , in house financing at dealerships for mowers and lots more, I am running out of options , I guess you could say I am stuck between a rock and a hard place! thanks
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  #2  
Old 04-03-2010, 01:19 AM
topsites topsites is offline
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Location: Richmond Virginia
Posts: 21,677
It's real simple:
1. Get a job, follow the rules, do what they ask of you and get to work on time.
2. Save your money and keep working your job.
3. Repeat step 2 as often and for as long as necessary.
4. When you have enough, you buy what it is you wanted all along.

The reasons...
If you can't find work, if you are unable to follow rules,
if you can not do what people ask of you, or if you can not save money?
You will not survive in business.
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  #3  
Old 04-03-2010, 02:16 AM
Hell on Blades Hell on Blades is offline
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Join Date: Apr 2009
Location: Fort Mitchell, KY
Posts: 515
I'd agree with Topsites. There is no easy way to build credit. I will tell you that if you have all the appropriate business documents, plan, forecast etc. and you take signed contracts, some credit unions may give you a look.

However, I am not an advocate of doing business on credit. With 20 yards, hopefully averaging $45?? you'd have $1800 after the first two services. Buy a used walk behind with a sulky until you can afford a zero turn.
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  #4  
Old 04-03-2010, 02:39 AM
Hawg City Lawns's Avatar
Hawg City Lawns Hawg City Lawns is offline
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Join Date: Jun 2008
Location: Fayetteville, Arkansas
Posts: 1,067
you should go around to some local dealers look around at their used equipment get to know the owners tell them your situation and if you look like a hard worker and seem passionate about what you do the owners might take a risk and set up a payment plan right there im sure they know that all of us have to start somewhere might be different there though
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  #5  
Old 04-03-2010, 02:56 AM
Weeded! Weeded! is offline
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Join Date: Jan 2010
Location: Glen Allen, VA
Posts: 21
After one year using a zero turn on residential yards I went back to using only walk behinds. They did not damage the turf as much and were faster on yards up to 18K feet (unless you were blasting full speed and tearing up turf).

After a very wet season a few years ago a big selling point of mine was "we don't put those big riders on your yard" and it worked to get clients.

I have 36" and 52" hydros on every truck. Belt drives work great- just be careful not to strip the gears in the tranny. I cut the "knee-shifter" with a hacksaw to help this. Belts are 1/2 cost.
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  #6  
Old 04-03-2010, 03:09 AM
ProSeasons ProSeasons is offline
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Join Date: Nov 2000
Location: Northern Indiana
Posts: 85
Quote:
Originally Posted by topsites View Post
It's real simple:
1. Get a job, follow the rules, do what they ask of you and get to work on time.
2. Save your money and keep working your job.
3. Repeat step 2 as often and for as long as necessary.
4. When you have enough, you buy what it is you wanted all along.

The reasons...
If you can't find work, if you are unable to follow rules,
if you can not do what people ask of you, or if you can not save money?
You will not survive in business.
YEAH!!! THIS is the plan! If America had used this financial plan we would have had NO recession!

You know what's cool about commercial lawn equipment? It's so friggin' tough that buying a USED unit is actually still a good investment. No warrenty or dealer support, you say?

Learn to WORK ON IT YOURSELF!
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  #7  
Old 04-03-2010, 05:39 AM
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Richard Martin Richard Martin is online now
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Location: Greenville, NC
Posts: 14,466
Try Wells Fargo Leasing. Don't let the leasing thing bother you. It's usually a lease with a one dollar buyout at the end of the lease. The IRS treats these types of leases just like a regular financing deal. You "lease" the mower for 3 years and then you give them a dollar at the end of the lease and the mower is yours to do with as you please. Don't be afraid to call them. The worst that they can do is say no.

https://www.wellsfargoleasing.com/go...ing/index.html
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  #8  
Old 04-03-2010, 09:23 AM
drpepperinacan drpepperinacan is offline
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Join Date: Sep 2009
Location: 3612 cook ave Roanoke, va 24012
Posts: 26
thanks

thanks for the help I will call them
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  #9  
Old 04-03-2010, 10:12 AM
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Cboy7 Cboy7 is offline
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Join Date: Sep 2009
Location: Fl
Posts: 388
Quote:
Originally Posted by topsites View Post
It's real simple:
1. Get a job, follow the rules, do what they ask of you and get to work on time.
2. Save your money and keep working your job.
3. Repeat step 2 as often and for as long as necessary.
4. When you have enough, you buy what it is you wanted all along.

The reasons...
If you can't find work, if you are unable to follow rules,
if you can not do what people ask of you, or if you can not save money?
You will not survive in business.
I agree. good word
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  #10  
Old 04-03-2010, 10:15 AM
WholeSaleSteve WholeSaleSteve is offline
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Join Date: Mar 2010
Location: Gainesville, Florida
Posts: 37
Dr. Pepper,

Congrats on your business. The other members here have given you some great advice. I started in the lawn care business when i was 13yrs old and when I was 16 had my own "real" business. My lawn business allowed me to work my way through college without taking any loans. I graduated from the University of Florida and still am in the lawn care business. My compnay does commercial and industrial mowing. I also own a large power equipment business.

Access to credit is like gold. Once you start to get a credit rating always pay on-time and make sure you keep a good credit rating. Its easy to mess up and hard to fix it. I see people in my dealership everyday that can't get financed event hough they have good business becasue they have some late pays on their credit history.

Now for you....At my dealership I enjoy meeting young folks that were like me and getting into the business. I do in-house financing with my own money for the right person and also have a really neat rent-to-own program. Maybe you can meet the owners of some local dealerships and suggest a rent-to-own or some other creative fianance arrangemnt to help you get started. When I was in college I had just such an agreement with a dealership owner about 60 miles from where I lived at the time. Like I said I have done this as well for young folks needing some help. I look at it as an investment in a long-term customer. I don't do it for everyone and am very slective. Very rarely have I ever gotten burned, most people are good people and do what they say.

Another option I see often is finding someone with a large property or small farm and exchange the labor of maintaining their property for them buying a ZTR and allowing you to use it for "X" num,ber of hours per woeek on other jobs. After you go over whatever agreement you have make sure you can use it on a per hour basis if you are busy. (i.e rent it after you use the agrred hours). Eventyually you can buy your own ZTR but in the short term have access to a good mower for a reasonable cost---in this case some labor. In a sense the owner of the property and ZTR becomes an investor with your company.

Being creative in any business will help you succeed. In this tough economy its creative financing and creative relationships that often times allow you to make money and be successful when others are failing.

Always remeber do what you say you will do, follow trhough and make your word your bond. You will go far with that dsimple mantra and attiftude.

Goodluck and if you have any questions or would like some advice in the lawn care business feel free to msg me or post on line here. I am always happy to give you advice with one caveat. Always reserach and seek advice from multiple sources and make the decision thats best for you.

Happy Easter
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Last edited by WholeSaleSteve; 04-03-2010 at 10:21 AM.
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