[MrPostman]

I am interested to learn if there is a magic down payment percentage that would qualify one with bad credit for financing.

My credit is just under 600 and I have no collections or bankruptcies etc. I have been a cash consumer since I got into financial trouble with credit cards at an early age. I suffer from having zero open credit lines and obviously an "average age of accounts" of 0, but I dont owe anyone, which apparently isnt good either!

My local Ferris dealer works with Sheffield, as most dealers do. If I apply and get denied, will the lender counter offer? ie. "Denied, requires larger down payment"? or will it just be "Denied"?

If the machine I am interested in is $10k, whats a reasonable number I can offer as a down payment to ensure approval? I would like to offer $2500 down but I could go as high as $5k if I had too. I dont want to offer $5k down, but I could.

There are plenty of used machines in my area, but honestly paying $5k for a used mower is not for me.

 

[Greencuts518]

When I financed my scag through Sheffield years ago I put 50% down..the less they have to lend you is better except for 0% but that's for people with great credit. Bradley will finance you a mower with 600 score in house financing. But stander is biggest mower they got...I think

 

[jc1]

I bet a call to sheffield then filling out an application would provide an answer quickly.

 

[Kennedylawns]

Do you happen to know any local bankers ( preferably ) at a smaller bank ? If it’s a business loan then they tend to be more lenient and it’s done on a personal level. That’s how mine is but I make sure my payments to my banker go out on time every month.

 

[TPendagast]

I am interested to learn if there is a magic down payment percentage that would qualify one with bad credit for financing.

My credit is just under 600 and I have no collections or bankruptcies etc. I have been a cash consumer since I got into financial trouble with credit cards at an early age. I suffer from having zero open credit lines and obviously an "average age of accounts" of 0, but I dont owe anyone, which apparently isnt good either!

My local Ferris dealer works with Sheffield, as most dealers do. If I apply and get denied, will the lender counter offer? ie. "Denied, requires larger down payment"? or will it just be "Denied"?

If the machine I am interested in is $10k, whats a reasonable number I can offer as a down payment to ensure approval? I would like to offer $2500 down but I could go as high as $5k if I had too. I dont want to offer $5k down, but I could.

There are plenty of used machines in my area, but honestly paying $5k for a used mower is not for me.

The generic answer is "usually"

I also 'think' yard card takes higher risk loans, but to be honest Sheffield over that past 2-3 decades since their existence specializes in the type of credit you are looking for.

In my experience sheffield usually only refuses based on too high a debt to income ratio.
but the only way to know is to talk to your creditor/loan officer.

 

[djagusch]

You can apply with Sheffield online without the dealer knowing. They will most likely email you to call and they will give you options.

Google advance acceptance. They are out of mn and tend to lend to higher risk also.

Either way, how the economy is going they are letting higher risks get approved. If you can't get approved now, it will be hard ever.

Small banks are good to work with also. Later on they can help you also.

 

[MrPostman]

I bet a call to sheffield then filling out an application would provide an answer quickly.

I emailed them this weekend echoing the points of concern that I laid out in this post. Here was their response.

"...Having read your email it may be difficult to overcome the credit score since we are currently a prime lender and typically look for scores around 660 and above. We do get loans approved lower than the 660 credit score but it all depends on what we see after viewing all aspects of the application..."

I think I'll call them and see if I can talk to an actual loan officer/decision maker

 

[Greencuts518]

Yes Bradley in house financing prefers 660 and above but they do offer higher rates for lower credit score.. just an option. I'm most likely buying used as I hate payments.

 

[TPendagast]

I emailed them this weekend echoing the points of concern that I laid out in this post. Here was their response.

"...Having read your email it may be difficult to overcome the credit score since we are currently a prime lender and typically look for scores around 660 and above. We do get loans approved lower than the 660 credit score but it all depends on what we see after viewing all aspects of the application..."

I think I'll call them and see if I can talk to an actual loan officer/decision maker

Just fill out the app

Put in there how much you intend to put as a down payment.

They have a system that works a certain way for a certain reason, there is no sweet talking loan officer option.
If you're denied
Take some of the money you would have put into the down on the mower and take out a secured credit card.

After about a year of charging to and making your own payments
You'll probably have a 660
And get a loan then .

 

[MrPostman]

All good points, but I need a mower.

 

[BigJlittleC]

All good points, but I need a mower.

Then buy what you can afford with cash. If credit is not an option your left with cash. 3-5k will buy a nice used mower.

 

[Greencuts518]

Bradley 52" stander got a good review from a guy here on lawnsite..Think they're around $5000

 

[Steve-1]

You need to look at the option of getting what you can get with the money you have if you can't get financed. Are you a member of a bank or credit union with time and have steady income? If so I would try and get a personal loan + plus cash on hand and use that to buy the mower you want. If that still doesn't work then get what you can and get you a secured credit card, you can get those as low as $200. Keep a small balance and use it for gas and pay it off the purchase immediately and stick to that for a while. Credit

A year and half ago my credit was 560-ish, got me a secured card and about 3 months later my credit was just over 600. In May 2015 I had foreclosure (that's another story and not my doing), and in Sept 2015 I had a repo (yeah that's my doing). Dec 2017 I financed a new truck and now I'm in the process of closing on a home, and I feel that is all with the doing of a $300 secured card.

 

[TPendagast]

All good points, but I need a mower.

How much cash do you have?

You were talking about 50% down
Seeing as most new ztrs are 7-10 grand
I assume that means you have 3500/5000 cash

500 to a secured cc gives you
3000-4500 to spend on a mower

That says belt drive walk behind to me
Or maybe a used stander

Do you already have a mowing business?
Or just starting one?
If you do already have a mowing business then use what you have
If you're just starting one
Wait until next year

 

[BigJlittleC]

Wait until next year

Good advice.

 

[MrPostman]

...A year and half ago my credit was 560-ish, got me a secured card and about 3 months later my credit was just over 600. In May 2015 I had foreclosure (that's another story and not my doing), and in Sept 2015 I had a repo (yeah that's my doing). Dec 2017 I financed a new truck and now I'm in the process of closing on a home, and I feel that is all with the doing of a $300 secured card.

Thats great to hear, and very helpful, thanks for sharing! I will definitely do the secured card, I had no idea it would make such a quick impact.

I think I am going to just get the best bang for my buck for something new under $5k to last me until I can qualify or purchase the Ferris outright.

A walk behind wont work for my situation, and I really dont want to spend $3k or $4k for a used mower. I know I will be buying someone elses problem mower I can just see it now!

 

[Greencuts518]

Toro Timecutter....my buddy bought one for $3800 out the door and was mowing 30 lawns per week with it no problem.....

 

[rclawn]

Toro time cutter would be the last mower I buy. Terrible machine that won’t make it through one season cutting 20 or more lawns. Plus they won’t warranty it as it’s obvious when you’re using it for more than your own lawn.

 

[Greencuts518]

Toro time cutter would be the last mower I buy. Terrible machine that won't make it through one season cutting 20 or more lawns. Plus they won't warranty it as it's obvious when you're using it for more than your own lawn.

Why you had bad luck with yours? Because I've cut thousands of lawns with a scag and that Timecutter was doing a great job for the price of a walk behind.

 

[Smith Lawn & Landscaping]

Toro time cutter would be the last mower I buy. Terrible machine that won't make it through one season cutting 20 or more lawns. Plus they won't warranty it as it's obvious when you're using it for more than your own lawn.

I used to cut 50 lawns weekly with my timecutter when I first started out and the only maintenance was routine and a belt. A timecutter is a good mower for just starting out. Are there better mowers out there sure but for the price it can't be beat. OP I would do some research and look into one if your set on not buying a used commercial mower.