Financing for spring Equipment

Discussion in 'Lawn Mowing' started by Tbarchaser, Jan 8, 2004.

  1. Tbarchaser

    Tbarchaser LawnSite Senior Member
    from Florida
    Messages: 449

    I know alot of you guys are looking to finance some equipment this winter. I just got some info from Sheffield.

    You need a 620 beacon and it should go through without a hitch.
    He said they can work some deals as low as a 575 with a 30% down payment.

    Just a little info so you don't fill out the application at your dealer and feel stupid if your turned down.

    And if you dont have the credit for that you can always get a Deere or a Great Dane.
  2. work_it

    work_it LawnSite Senior Member
    Messages: 976

    I know a lot of you have or do use Sheffield, but thier company rep told me that you need close to perfect credit before they will consider you. In todays economy that's unrealistic. Not only that, but if you can get financed through Sheffield you would be better off going through your own bank to get lower finance rates. Why would anybody want to pay Scheffield 19% (of course some rates may vary) when you can get either a personal or business loan for 8% to 11%? IMHO Sheffield is a second rate rip off. There's another company you may want to apply to that is more lenient than Scheffield called Stratford Leasing Group. You or your equipment dealer can contact them at (631) 385-0700 to request a loan application.
  3. PROCUT1

    PROCUT1 LawnSite Platinum Member
    from TN
    Messages: 4,891

    Sheffields minimum interest rate is generally 13%. On average residential lawn maintenance profit is not 13%..
  4. ManleyLawn

    ManleyLawn LawnSite Member
    Messages: 107

    i have used sheffield for a long time about 3-4 years or so. i have never had a problem at all and i see there interest rates as fair i believe my is around 9%. when i started using them i was only 16 i had to have someone co sign but now they see everything is paid on time and there are never any problems so if i need it they lend it...
  5. ElephantNest

    ElephantNest LawnSite Bronze Member
    from La.
    Messages: 1,878

    I just checked yesterday and was quoted 7% at my bank, Bank One.
  6. zturncutter

    zturncutter LawnSite Bronze Member
    Messages: 1,308

    :) I currently have two Scags financed through Sheffield @7.8%. I have never had any problems with them. My local bank wanted 10.9%. This was with 25% down.
  7. Richard Martin

    Richard Martin LawnSite Fanatic
    Messages: 14,699

    Telmark does leasing for people with less than perfect credit.

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