Financing a new mower

Discussion in 'Starting a Lawn Care Business' started by South Florida Lawns, Jul 5, 2008.

  1. South Florida Lawns

    South Florida Lawns LawnSite Platinum Member
    from usa
    Messages: 4,783

    I'm looking at a stander, but I have no idea what to look for when financing it. Its a $5500 mower. Should I go through the dealer or my credit union that my truck is financed through? I have many assets that were financed through my parents, they are gone now so I'm basically clueless. I know I got enough credit to do everything on my own. I just need someone to steer me in the right direction.
  2. grandview (2006)

    grandview (2006) LawnSite Gold Member
    Messages: 3,465

    Both. You need to compare apples to apples. If you take the loan through either you should be able to pay then off early with no penalty. Always try to keep some cash flow available for emergency
  3. bohiaa

    bohiaa LawnSite Fanatic
    Messages: 5,220

    ask a family member to finance it for you....

    Trust me, If family wont loan ya money, Noone else will....

    Good Luck
  4. MowHouston

    MowHouston LawnSite Bronze Member
    Messages: 1,012

    Why not just save up and buy it later down the road? That is, unless you absolutely know that you can pay it off with little or no interest. Otherwise you're really just throwing money away.

    Maybe its just my personal preference, but I dont think financing is something that is required in the mowing industry. the money comes quick enough for me.
  5. TPendagast

    TPendagast LawnSite Fanatic
    Messages: 11,080

    Go through your dealer sheffield financing, they usually hav a special that will let you have 0% for 36 months or NO PAYMENTS for 6 months.
    I went with the no payments and after I upgraded from my 48 belt drive to a 60" rider, I had made enough money with the upgrade to pay for it outright before I made a single payment. the 60"ZTR prouduced that much more than the 48 belt.... and I got ride of an employee i didnt need to boot. (ahh those were the days)
  6. J&R Landscaping

    J&R Landscaping LawnSite Fanatic
    Messages: 5,095

    Sheffield or GE Money bank. Right now, many manufacturers have awsome deals. Several with 0% for 36 months.
  7. South Florida Lawns

    South Florida Lawns LawnSite Platinum Member
    from usa
    Messages: 4,783

    Thanks thats the way I was thinking on going, gonna go out tomorrow and see what kinda deals I can get.
  8. grandview (2006)

    grandview (2006) LawnSite Gold Member
    Messages: 3,465

  9. DA Quality Lawn & YS

    DA Quality Lawn & YS LawnSite Fanatic
    Messages: 9,286

    South FL - why do you want to finance a mower?
    Looks like you have lots of posts so have been in biz for awhile, use some of your cash flow from your biz to buy the machine outright. Debt is not the way to go.
  10. mowerbrad

    mowerbrad LawnSite Fanatic
    Messages: 6,268

    Save you money and opay with cash. That is the smartest thing that you can do. If you don't have the money right now you shouldn't be buying it. I don't mean to sound negative at all but financing is not the way to go. Mow a few more lawns and save up enough money to pay with cash. Paying with cash is way smarter than financing, its almost as smart as not spending it in the first place.

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