Airing Dirty Laundry

Discussion in 'Starting a Lawn Care Business' started by BALSECA LANDSCAPING, Jun 2, 2006.

  1. BALSECA LANDSCAPING

    BALSECA LANDSCAPING LawnSite Member
    Posts: 36

    COULD ANYONE GIVE ME ADVICE REGARDING FINANCING SOME EQUIPMENT WITH HAVING POOR CREDIT. I HAVE TRIED AND TRIED AND I WOULD BE LUCKY IF SOMEONE WOULD FINANCE A STICK OF GUM. DIVORCE CAN BE MURDER ON SOMEONES CREDIT. ITS ALSO EMBARRASSING:cry:

    I WOULD BE GREATLY APPRECIATIVE IF ANYONE HAD SOME HELPFUL IDEAS.:clapping:
     
  2. Charles

    Charles Moderator Staff Member
    Posts: 7,952

    You definitely need good credit to run a business. Maybe work for someone else until you save the money. Or work for someone else until enough time passes for your credit to clear. To speed up the process pay off the old debt if possible while working for someone else. Being in Illinois maybe try Gambino--naaahhhhh lol
     
  3. mike lane lawn care

    mike lane lawn care LawnSite Bronze Member
    Posts: 1,707

    i would talk with an acccountant and see what can be done, never put it on a credit card, can you take out a buisness loan or not? hope you get someone to help you out. do you have any wealthy family members that would lend you the money? good luck.
     
  4. Joey bag a' donuts

    Joey bag a' donuts LawnSite Member
    Posts: 146

    my wife cosigned for EVERYTHING when I first started out...my credit wasnt bad though, just not enough of it I guess.
     
  5. Mrk'sLawn

    Mrk'sLawn LawnSite Member
    Posts: 133

    My credit is Pi$$ Poor.. I was divorced, stressed out,lost my job of over 10 years and took (taking) a huge gamble. My old company provided a fully vested profit sharing in which they invested 15% of my gross salary each year. After I was let go.. Cashed out my profit share and started my business.. Oh yea, did I mention I also had to file chapter 7.. I guess what I'm trying to say is there are other ways to get money. BTW, I'm not too proud about the chapter 7.. I still feel like a turd about it. I was in too deep..
     
  6. Tim Wright

    Tim Wright LawnSite Bronze Member
    Posts: 1,034

    I have lost everything also, from video editing equipment that did not work as advertised, costing me a years worth of contracts and a lot of heartache. The company sold out to a company in Canada and went back to Germany, so all of us in the US that got shafted where out.

    Anyway, I started 4 years ago with a borrowed push mower. Then going from 3 lawns to 10 lawns, I bought a Huskee Supreme Lawn Tractor from Tractor Supply. What I did was put it on layaway, and paid it off in thirds.

    The next summer I jumped to over 30 lawns, and wore the lawn tractor out in a hurry. Saw the need for a Commercial ZTR and started hitting the banks.

    I was turned down 6 times, some of them would not even talk to me. Then I went to my current bank, and they worked with me. I needed my dad to co-sign for me and we were back in the mowing business.

    This year the same bank has helped me with my tractor and harley rake for final grading.

    Someone more successful than I, has said if you get a no, just keep trying.

    Let me put it this way. If you feel led or called to do a certain thing, it will fall into place. You just cannot give up.

    Find a friend or family that has equipment you can use to generate money with. Mow their yard for free until you can purchase good equoipment.

    A person in our church had a big walk behind for sale for $1500.00. I was tired of walking in the heat, so I did not buy it, but if I could not get the money for my Ferris ZTR I would have bought it in a heartbeat, made the money and paid cash for the ZTR.

    There are ways to get to where you need to be.

    Tim
     
  7. MMLawn

    MMLawn LawnSite Gold Member
    Posts: 3,569

    Sorry to say it but the Bottom line, unless you have savings, or a person you can borrow it from, with bad credit you are screwed as no finance company or bank will help you, esp being a new business. In running a business, because so many loans are "unsecured" good credit is a must, you could probably finance a house before you could a mower because of that.
     
  8. Lumberjack

    Lumberjack LawnSite Member
    Posts: 180

    your body is your collateral ..... :eek:

    American general is pretty liberal on who they take, but at a price of course. maybe its time to e-bay some stuff? Lots of choices but not many pain-free ones...

    Good luck
     

Share This Page