Financing for a ZTR?

Discussion in 'Lawn Mowing' started by Tinkerer, Dec 10, 2007.

  1. Tinkerer

    Tinkerer LawnSite Senior Member
    Posts: 620

    I'm guessing that financing for a lawnmower is different than a pickup or car. I'm wondering about a loan for say a Toro Z400 52" like the one I picked out for my neighbor last spring. My credit rating was 637 before I got a $7000 loan on my Ranger this july. I had to get a co-signer for my Ranger loan. My credit is recovering after making some bad choices in the later 90s. I typically mow about 5 lawns a week but they are all 1-4 acres, so I'm definitely part time. Because of my back and knees I' NOT getting a commercial walk behind. I just don't want to have to trust on my older riders anymore. How are banks on this type of loan? My truck loan is through a credit union.
     
  2. thebeans

    thebeans LawnSite Member
    from SW, VA
    Posts: 50

    Of course I don't know what you get paid for those 5 lawns but are you sure it is worth it to pay big $ for a ZTR? Will you actually be making any money? I ask because I had to ask myself the same question and the answer was "NO"
     
  3. BUCKEYE MOWING

    BUCKEYE MOWING LawnSite Bronze Member
    Posts: 1,169

    Buy a used machine and save probably $2500 to $3000
     
  4. DavidR

    DavidR LawnSite Member
    Posts: 180

    You could do this but it would be difficult to finance a used piece of equipment.

    Your best bet would be to go to the dealer and try to get them to finance it. My guess is that they will be running some promotions on certian brands in spring. Most banks are not interested in this kind of loan and therefore will either not extend the credit to you or will jack the interest rate to make it worth their while.
     
  5. Mike Blevins

    Mike Blevins LawnSite Bronze Member
    Posts: 1,362

    I probably can't justifiy buying a big zero myself but I save alot of time and I wanted one. Will be buying a new one this spring and walk-behind too. I guess i would be in the category of new equipment and older truck. I really can't justify a forty-thousand dollar truck no matter how much I want one. My truck is older and paid for so I think I can splurge a little on equipment. I buy riders because I don't want to stand all the time. And I'm going to buy a walk behind for gates and to cut my "pushmowing" down dramatically. I guess I buy mowers for comfort,productivity,needs,wants,etc.
     
  6. Raven386

    Raven386 LawnSite Silver Member
    from CT
    Posts: 2,160

    I've seen most dealers offer 6 Months w/ no payments & no interest. Mostly around here they use Sheffield for their financing or GE Money i think. Most of the time the loans are for 36 Months. I dont think they offer any other plan but I'm not sure...
     
  7. Frue

    Frue LawnSite Bronze Member
    Posts: 1,472

    Pay cash and save 2-3% in mark up
     
  8. lifetree

    lifetree LawnSite Fanatic
    Posts: 5,369

    This is the best option you have !!
     
  9. Grits

    Grits LawnSite Silver Member
    from Florida
    Posts: 2,994

    I have excellent credit and tried today to finance a Hustler because they are having that 1.9% deal. To my surprise I was denied! I pulled my credit report and it had 2 things that were paid off 3 years ago. But they have never been a problem in the past. It appears to me that the mower financing companies are fairly strict. I actually have something financed through the company they use (GE). IDK.
     
  10. Raven386

    Raven386 LawnSite Silver Member
    from CT
    Posts: 2,160

    i financed my trailer and i have horrible credit. didnt give me any problems with that. that was a year ago i think. Sheffield actually gave me a decent % rate too, compared to what GE offered. try and get a personal loan, or line of credit. I just got a Line of credit from Bank of America, they gave me 10K.
     

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