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Exmark Financing?

Discussion in 'Lawn Mowing' started by Chisolm Trail Landscape, Nov 11, 2004.

  1. Chisolm Trail Landscape

    Chisolm Trail Landscape LawnSite Member
    Messages: 38

    This might seem like a crazy question! But has anyone done the no payment deal with Exmark for their commerical mowers? My wife and I are looking into this since we just don't have 4k upfront to fork out to start our business! We were just interested in how it works for business credit verse individual credit worthiness and credit scores? We have about a 700 fico score right now.

    Thanks so much!
  2. Runner

    Runner LawnSite Fanatic
    Messages: 13,497

    If you can do your own financing, do it. Do the numbers, and see what you get, first. The delayed payment seems like a good deal to some (especially being that we're seasonal) but figure it up over the long haul, and it's a different story.
  3. Chisolm Trail Landscape

    Chisolm Trail Landscape LawnSite Member
    Messages: 38

    When you say our own financing you are saying save up our own funds until we get the needed amount to buy the mower ourselves and not pay the financing charges and such?

  4. ztoro

    ztoro LawnSite Senior Member
    Messages: 735

    what about a home equity loan..? they are pretty low right now?

    Not sure what Exmarks rate is but a home equity is around 5%
  5. Chisolm Trail Landscape

    Chisolm Trail Landscape LawnSite Member
    Messages: 38

    Have looked into the home equity loans, but the rates on Exmark's site are 3% right now. Thanks for all the input folks! This has been such a helpful site with my wife and I trying to get things off the ground.

    HOOLIE LawnSite Gold Member
    Messages: 3,981

    Home Equity Loans/Lines are great, but they aren't free. You'll have closing costs. I opened a 50k line of credit recently, paid roughly $1400 to do so. I you can't buy the machine outright, I'd finance it in whatever manner you feel will work to your advantage.
  7. pwarren4

    pwarren4 LawnSite Member
    Messages: 89

    I bought my W/B in March and Sheffield Financial was offering a 6 months interest deferred plan. The way it worked is: pay what you can for six months then the interest starts accruing on the outstanding balance only. NOT from the date of purchase. The interest rate was only 3.8%.

    It worked very well for me.
    My dealer handled the paperwork.

    Good Luck!
  8. ztoro

    ztoro LawnSite Senior Member
    Messages: 735

    Did you do it with your mortgage company?

    I called Chase morgtgage and they told me there are no closing costs associated with the Equity loan.

    Is this Bull?
  9. TClawn

    TClawn LawnSite Silver Member
    Messages: 2,036

    why are you starting this business?

    if it's to be free from a boss taking out credit is just like employing yourself to the credit company.

    in the beggining it sounds like a good idea, but who are you really working for? the credit company, or your self? eventually it becomes all consuming and all you can focus on is getting enough money to pay your minimum monthly bill. it is NOT worth it.

    I would start out with 21's and work your way up to a bigger mower and buy cash. if you got a big commercial account you could probably just rent a ztr for the day.
  10. Chisolm Trail Landscape

    Chisolm Trail Landscape LawnSite Member
    Messages: 38

    So you think starting out with a 21 toro or troy bilt would do the trick and could make enough money doing this part time to pay for a commercial mower in the next 6-9 months?


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