Financing

Discussion in 'Starting a Lawn Care Business' started by johnc8407, Aug 21, 2009.

  1. johnc8407

    johnc8407 LawnSite Member
    from AR
    Posts: 15

    Anyone know what credit score is required to finance a good zero turn mower?
     
  2. Duffster

    Duffster LawnSite Bronze Member
    from Midwest
    Posts: 1,193

    Pay cash, then the score won't matter.
     
  3. DA Quality Lawn & YS

    DA Quality Lawn & YS LawnSite Fanatic
    Posts: 8,869

    Yep, agreed. Try not to finance a depreciable asset like a mower.
     
  4. superrman77

    superrman77 LawnSite Member
    Posts: 51

    I would just call my nearest dealership and ask.
     
  5. grandview (2006)

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

  6. mjealey

    mjealey LawnSite Senior Member
    Posts: 475

    If you have a 680 you have a shot. You better have god income, and low debt. We call this debt to Income try to keep it at 30% debt of your income. You just can't go there and say you make $5,000 a month. You have to prove it by providing 2 years tax returns or pay stubs. If you are a business owner or sole proprietor it is going to beharder, because you are probably start up and don't have those things. To stand a good chance of getting approved you need to be around 730. Ask me if you have any questions, as I am a banker in commercial loans by day, landscaper night and weekends. If you got cash, that is by far the best and you will get the best deal. If not there are a few promotions out there from the Mafg. for 6 months or 12 months same as cash.


    Ask if you got anymore questions!!!
     
  7. Bryan B

    Bryan B LawnSite Member
    Posts: 50

    i'm new and starting also but i can tell you from weeks of reading for an hour or 2 a day alot of the new business's that go out and finance their equip. have problems and end up selling it for half the price. i'm starting with just a 26" so if it doesn't work who cares i'm not losing much money. just my opinion
     
  8. golfnpreacher

    golfnpreacher LawnSite Member
    Posts: 123

    Oh, almost any score can get in financed, it's the percentage rate that will reflect your score. BTW, I would repeat what has been said -- DON'T DO IT.
     
  9. TSB group

    TSB group LawnSite Member
    Posts: 118

    If you can get financing, go for it. Most of what you will find out there in left overs are actually a good deal. Keep in mind, they will not give you a loan if they cannot get out of the machine if they need to take it back. Banks aren't in the business of losing their money.

    Try to avoid using any credit for a start up to see if you will make it or not. When I started I was able to get a older Exmark 36" mower with less than 100 hours for $1500, and a 61" Ferris rider with less than 400 hours for $3500. I paid less for 2 machines then you can get a nice left over machine for.

    New is nice, but surely cuts into your profits. Afterall, its not a lawn equipment show....its a business.
     
  10. 93Chevy

    93Chevy LawnSite Fanatic
    Posts: 37,805

    Responsible financing can be a great way to grow a business. Make sure your debt to asset ratio is low, and manage your cash flow strategically, and you'll be alright.
     

Share This Page