Equipment Financing

Discussion in 'Business Operations' started by CLservice, Mar 24, 2012.

  1. CLservice

    CLservice LawnSite Member
    from MI
    Posts: 24

    Just checking if anyone knows of any good equipment financing companies that deals with lawn care business? I’m looking at buy two zero turns, plan on make payments to build up some credit. Thanks
     
  2. grandview (2006)

    grandview (2006) LawnSite Gold Member
    Posts: 3,466

    Start with your local bank or credit union,If you have to,most new equipment has financing options for you ,but you will pay more.
     
  3. CLservice

    CLservice LawnSite Member
    from MI
    Posts: 24

    I have done some loans with my local bank. (Snowplows, trucks) I want to mix it up a little bit. I was looking to see if there is any online places anyone uses.
     
  4. grandview (2006)

    grandview (2006) LawnSite Gold Member
    Posts: 3,466

    Sheffield is going to be around 10-12%. Go to a different bank and build up some credit there to. They will loan you the money seeing your already established with another bank and have a history of paying.
     
  5. keithslawnc

    keithslawnc LawnSite Member
    Posts: 207

    Sheffield is offering 0% interest for 48 months right now. Just purchased a Cheetah last week. Bought another mower through them two years ago with 3.9% for 60 months
     
  6. KS_Grasscutter

    KS_Grasscutter LawnSite Gold Member
    Posts: 3,331

    The only time its a good idea to use a finance company is when you are buying something through a manufacturers promotion such as 0 percent for 36 months. I was dumb enough to finance an ATV through sheffield at 14.99 percent. Once I realized what it was costing me I refinanced through my credit union for 2.99 percent.
    Posted via Mobile Device
     
  7. FLC2000

    FLC2000 LawnSite Bronze Member
    Posts: 1,839

    cash is king
     
  8. OakNut

    OakNut LawnSite Platinum Member
    Posts: 4,069

    ^ That was helpful.


    Cash may be king, but it does you no good if you don't have enough of it.
    I would have liked to have bought a used mower, but I couldn't afford one, so I bought a brand new one.

    In my case 0%/36 months is king.


    Mine is through Sheffield via dealer/manufacturer promotion.
     
  9. FLC2000

    FLC2000 LawnSite Bronze Member
    Posts: 1,839



    Ive financed one piece of equipment in 12 years. If I dont have cash for it I save up. If I dont have time to save up Ill buy used.

    I dont care about percentage rates. I care about FREE AND CLEAR.
     

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