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Bad Credit Hurting Biz Start-Up

Discussion in 'Lawn Mowing' started by Daleman, Feb 28, 2003.

  1. Daleman

    Daleman LawnSite Member
    Messages: 90

    OK guys I am having a major problem getting financing to purchase some equipment to start up my lawncare business. I lost my job in september 2002 making 50,000 a year. All I could find after that was a job making 25,000 a year. So I have obviously have had some late payments on a regular basis. I also have a 1997 F150 that I am going to "voluntary repo" because I can't afford the 400 a month truck payment. Also I co-singed a car loan for my brother (he lost his job at same time as me because we worked together) and he is 2 payments behind on it. I really need this lawncare biz to work to help bring in some extra income. I just want to buy 2 walk behinds so don't need a ton of money. Do any of you know where I could get a loan with mega-bad credit? Thanks for any info that you guys can provide. Do you think with a good business plan and some contracts already any bank would give me a loan?
  2. walker-talker

    walker-talker LawnSite Platinum Member
    from Midwest
    Messages: 4,771

    Tough situation. If you have to, start off small. I mean with postage stamp lawns and with a couple small mush mowers or find ya an 'ol craftsman rider. Do you have something you could pawn? Don't have to pawn, just get a loan against it.

    Good luck
  3. Organix

    Organix LawnSite Member
    Messages: 113

    If you have a credit score of 630 or higher you should be able to get up to 10k mirco loan from http://www.sba.gov You can get a free credit score from http://www.experian.com Do the score, not the report. If you have not turned in your truck yet, you may want to check it now. 630 is really not that high, so you may want to check it out. Of course there is always places that do the high interest loans like benifical or norwest I think it is. You could also check the dealer itself to see if you could get approved there. But you should probably try to do it before you get the vehicle charged off.
  4. Gravely_Man

    Gravely_Man LawnSite Silver Member
    Messages: 2,075

    Best of luck in getting this straightened out! I would just do web searches on loans. Sorry I don't have any better info for you.

  5. Ed Ryder

    Ed Ryder LawnSite Senior Member
    Messages: 541

    If you can't buy it, rent it. Then later you can buy. Simple.
  6. Daleman

    Daleman LawnSite Member
    Messages: 90

    I got denied by beneficial. They are one of those places you borrow 6000 and actually pay back 9000 (what a rip). They said that me being a coowner on my brothers car which is 2 payments behind us the reason they would not give me credit. Man I am screwed.
  7. Hawkeye5

    Hawkeye5 LawnSite Senior Member
    Messages: 295

    Is a home equity loan a possibility? How about a loan from your whole life insurance policy or even cashing it in for the surrender value?
  8. Daleman

    Daleman LawnSite Member
    Messages: 90

    Good ideas Hawkye. Unfortuneatly I have lived in our current house for less than a year, and the surrender value of my life insurance is like a whopping 90 bucks. Thanks for trying though. Man I am screwed.
  9. hboyd_com

    hboyd_com LawnSite Member
    from PA
    Messages: 150

    While it is easy to feel sorry for yourself... resist that challenge. Everybody gets down... what's important is to get back up. You have your health, and in the end, not much else matters other than family.

    Start small with a couple of used, small mowers and start building of income..... and get rid of the $400 month truck.

    You'll pull out of it... what other choice do you have? Do it Man!

    I know it is easy to say, but nobody can stop you but yourself.

    Good luck.
  10. precisionlawn

    precisionlawn LawnSite Senior Member
    Messages: 254

    Do you have any start-up cash? Id so, how much, I started with only $5000, I suffered but, it is better than renting, the other bonus is, I have to make no payment on ay equiptment or truck. The down side is no warranties on my mower truck, trailer, However I bouth my line trimmer edger and blower new, they have a warranty. You are in nw Indiana, There is a shop, not sure of the name, but they are in South Holland, If you know where that is. They are right on 162 st. in South Holland. Check them out.

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