Financing a 30" commerical mower with 560 credit score?

Discussion in 'Starting a Lawn Care Business' started by Cmonstihl, Sep 11, 2019.

  1. Cmonstihl

    Cmonstihl LawnSite Member
    Messages: 29

    I'm servicing enough properties where I need to upgrade from the 21" to a 30" to finish the season and use as a backup for next year. In the mean time I'm gonna clean up my credit and save.

    Am I looking at a denial or do ppl like me have a chance ? Will I have to a out a down payment and if so how much?
     
  2. Mark Oomkes

    Mark Oomkes LawnSite Fanatic
    Messages: 18,926

    Financing a $2k mower?
     
  3. hal

    hal LawnSite Bronze Member
    from Georgia
    Messages: 1,793

    How many is "enough properties"? I would NOT finance. What got you in this position in the first place? Save up for a used mower in good shape.
     
  4. JLSLLC

    JLSLLC LawnSite Fanatic
    Messages: 16,318

    Work on your credit, pay off debt or negative marks ASAP. Use one of the websites if your not already.

    The 30 mowers here are $500 give or take used, seen a commercial one sell for under 1k. Good luck
     
    Cam15, zlandman, sjessen and 4 others like this.
  5. rippinryno

    rippinryno LawnSite Bronze Member
    Messages: 1,866

    keep the 21" until you're ready for a walk behind or something like it that can increase your productivity more. Also, work on that credit, pay everything off as soon as possible, the sooner you get there and get the delinquent collections accounts gone, the sooner it's going to come off the report.
     
    ltdlawn, Cam15 and AlohaMowing like this.
  6. RVA-Outdoor Services

    RVA-Outdoor Services LawnSite Member
    Messages: 2

    I bought a used timemaster a few months ago to start cutting for $500. It works pretty decently but was told by the repair guy who checked it out that I was walking too fast with the personal pace haha. I wouldn’t finance anything until you get to the $5k+ territory. As for credit scores it’s a long uphill battle to perfection but well worth it if you ever need anything.
     
  7. zlandman

    zlandman LawnSite Senior Member
    from Ohio
    Messages: 604

    Wouldn't finance anything regardless of credit score. Is this business designed to cost money or make money? If it makes money it should afford a lawnmower.
    Front some cash for what you can afford and let business earnings upgrade from there.
    I'd look for something more along the lines of a metro or turf tracer, much more solid machine.
     
    Green Industry Pro, Cam15 and sjessen like this.
  8. BigJlittleC

    BigJlittleC LawnSite Fanatic
    from Chicago
    Messages: 6,451

    If the 21 is making it happen now upgrading to a 30 is not going to save you that much real world time.

    Also if you have enough lawns to need to upgrade you should have the money to buy the 30. They don't cost that much.

    Bang it out with the 21. Put $350 back for when it breaks you can swoop up a cheap replacement. Save, save save and get a 32+walk the fits the majority of your yards. Your going to be disappointed running a 30 when you really should have bought the bigger 32. Unless your doing small urban properties skip the 30 go straight into the wall behind.
     
  9. Green Industry Pro

    Green Industry Pro LawnSite Senior Member
    Male, from Tyler Texas
    Messages: 545

    Pay everything off as you go. Skip the 30" and go for a used Turf Tracer as your production machine. If you have work coming in and need a bigger mower to handle it, finance a used 36. No shame. It will pay itself off almost immediately. If you don't have the work to pay it off quickly, wait and save.
     
  10. Mowing monkey.

    Mowing monkey. LawnSite Senior Member
    Messages: 684

    Why so much hate for financing as long as you’re not taking on a debt you can’t pay? I was looking to buy a new stand on mower which I ended up not buying and probably won’t but I’d planned on financing it. I could have paid cash if I wanted to but the amount was the same. Their claimed 0 percent interest was really zero percent. Well probably not but they weren’t taking off a discount for paying in full. So why should I lay down 8-9k that I could use for something else vs use someone else’s money and send them 1-2 yards a week earnings?
     

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