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Financing for poor credit history

Discussion in 'Lawn Mowing' started by JamesM, Aug 25, 2003.

  1. JamesM

    JamesM LawnSite Member
    Posts: 80

    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
  2. pinnacle

    pinnacle LawnSite Senior Member
    Posts: 791

    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:)
  3. work_it

    work_it LawnSite Senior Member
    Posts: 976

    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.
  4. mrbenfer

    mrbenfer LawnSite Member
    from Iowa
    Posts: 136

    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?
  5. studentlawn

    studentlawn LawnSite Member
    Posts: 117

    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.
  6. Movinfr8

    Movinfr8 LawnSite Member
    Posts: 178

    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.
  7. Sheffield Financial. They use the mower as collateral.

    They have good terms, and liberal qualifications.
  8. GLAN

    GLAN Banned
    Posts: 1,647

    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
  9. work_it

    work_it LawnSite Senior Member
    Posts: 976

    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.
  10. GLAN

    GLAN Banned
    Posts: 1,647

    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.

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