Financing Equipment

Discussion in 'Lawn Mowing' started by P&C Lawn Care, Feb 3, 2004.

  1. P&C Lawn Care

    P&C Lawn Care LawnSite Senior Member
    Messages: 373

    How did everyone finance their equipment when you started or needed to replace aging equipment? I was lucky when I started because everything I had was paid for and anything that I have had to replace was paid for with cash, insurance paid for many items destroyed by a tornado several years. Other items like trimmers, edgers, blowers and sprayers were paid for with cash on hand. I have to update my ZTR (which will be the back-up once I get a new one) and will also need another new Honda Hydrostat 21" (HRC216 costs about 1k). I have a full time job and only do this part-time. I recently bought a new house and a new vehicle for my wife but prior to this never used credit, so I have to build up a good credit rating. I think lenders are not as strict on home and car loans they can use against the loans, but I assume mowers depreciate much faster than an automobiles do. How did you finance? Through the dealer or at a local bank?

    TYLAWN LawnSite Member
    Messages: 42

    Toro has good plans for financing. 6 months same as cash. I have bought 3 Z masters this way.
  3. Scraper

    Scraper LawnSite Bronze Member
    Messages: 1,656

    Is it Toro or actually a financing company such as Sheffield? Big difference. I know most dealers in my area no matter what brand mower they are selling offer financing programs, but it is thru financing companies, not the manufacturer.

    TYLAWN LawnSite Member
    Messages: 42

    Yes it is Sheffield.
  5. Lux Lawn

    Lux Lawn LawnSite Silver Member
    Messages: 2,266

    I also like to pay cash for almost everything I buy but this season I want to add another 52in Great Dane SS and I am going to finance it and pay cash for other things.
  6. alwaysgreener

    alwaysgreener LawnSite Member
    Messages: 52

    If you are just starting out don't get caught up in credit card debt.Start with what you have, ask family and friends for donations (equipment or money) and make money NOW don't want your overhead more than your income. Once you establish your business name and have a tax id # then start using some credit cards in the business name and keep your business credit in great standing. To many guys need the best of everything and want it now, then they close the doors and credit is messed up. Keep it simple for now and you will be less stressed and enjoying the lawn care industry. Trust me this is what I did and i'm doing great.
  7. LawnPerfect

    LawnPerfect LawnSite Senior Member
    Messages: 318

    John Deere has their own finance.
    I believe Scag does too.
  8. cush

    cush LawnSite Senior Member
    Messages: 352

    Simple just say honey you know that new SUV I let you buy in November, well I was thinkin........................cha-ching!!!!!
  9. E.L.I.T.E.LawnCare

    E.L.I.T.E.LawnCare LawnSite Member
    Messages: 85

    I was really blessed, my little brother is in his 3rd season in the NBA. So he got me started with my company. I'm going to pay him back even though he is not looking for anything in return.
  10. J Hisch

    J Hisch LawnSite Bronze Member
    Messages: 1,049

    alwaysgreener is exactly right debt is the worst enemy to a new business. Debt is the worst enemy to any business for that fact. it is to easy to get and can sink even the best of companies. use what you have until you have enough cash to buy what you need.

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