"Financing" Who do you use?

Discussion in 'Business Operations' started by horseman201, Jan 28, 2002.

  1. horseman201

    horseman201 LawnSite Member
    Messages: 153

    We are a 2nd year company and we are trying to expand this year. At this point we are like alot of comapnies that start out with a walk behind and a weedeater. We are wanting to expand our equipment this year because we have picked up some big jobs. We want to get a new midmount or front deck and don't have the money up front. Who can we get financing from? We are wanting to pay the mower off this year so we want be in debt for 3-4 years.
  2. Green With Envy LLc.

    Green With Envy LLc. LawnSite Member
    Messages: 5

    Since your a new company you will probably have to back the loan with your own credit history.
    If you have good credit you should not have any problems. We had to do that our second year...

    Good luck
  3. Randy Scott

    Randy Scott LawnSite Bronze Member
    Messages: 1,915

    I don't know what equipment you would like to purchase but eXmark uses Sheffield Finance and that is who financed my equipment. They have a few different programs going on. Check out eXmark's website and they have a section that you can see what they have to offer. Some new leasing programs going on also with them. Click the sponsor banner above to go to their site. Like Green said, it will probably be based off your personal line.
  4. jerry johnston

    jerry johnston LawnSite Member
    from SE MN
    Messages: 12

    You should not have a problem getting financing, if your credit is good on you and your lawn mowing business,

    If you can show the business is making enough money to support you and buying new equipment there should be no problem. Show them the new contracts you have.

    financing should be close to prime interest which is about 5.5% to about 2% above prime.

  5. bruces

    bruces LawnSite Senior Member
    Messages: 648

    Check first with your dealer. Most companies have financing programs.

    A lot of the programs are very competitive, depending on the time of year.

    Last July I was able to finance a Toro Z @ 1.9% for one year and 9.9% after that (intend to pay it off in the year).
  6. Harvestman

    Harvestman LawnSite Member
    Messages: 233

    Iv'e used Sheffield to finance a few different things i think they specilcialize in turf equiptment. Ther # is 1-888-438-8837
  7. Mowingman

    Mowingman LawnSite Platinum Member
    from Texas
    Messages: 4,729

    If you have good credit, your local bank will be a much cheaper source of financing than a finance company that is tied in with the equipment manufacturers. You should establish a good relationship with one of your local banks. Try and get a line-of-credit set up with the bank. Then, when you need a business loan, they will already be familiar with you and your business finances and a loan can arrainged with little paperwork,and lower interest.:D
  8. landscaper3

    landscaper3 LawnSite Bronze Member
    Messages: 1,354

    Telmark!!!!!!! www.telmark.com this company is one of the largest green industry lenders!
  9. walker-talker

    walker-talker LawnSite Platinum Member
    from Midwest
    Messages: 4,771

    If you have good credit, credit cards work. You can get great introductary rates. I have seen one for 5.9%, until the loan is paid off. I have seen 0% for 6-9 months. I just received one for 1.9% until August 2002 with a $10,000 credit limit. One thing to keep in mind, get them paid off before the intro rate expires. Also, don't be late with a payment or the intro rate will expire and go to something like 12.99% or more. Search the net.....much info there.

  10. Scraper

    Scraper LawnSite Bronze Member
    Messages: 1,656

    Definitely rate shop...I got financing for an aerator I purchased last year. No payments nor interest til April 2002. However if you don't pay in full by 4/02 interest is charged from purchase date at 18%. No big deal. Just transferred to credit card with 0% financing til 2/03. Will be paid for way before that, but no interest even if it doesn't. ;)

    Kinda like flippin' credit cards...you can eventually get it paid off interest free if you work at it. Just make sure to cancel those old cardss so as not to clutter your credit history too much.

    Disclaimer: Don't do this if you plan on buying a house in the next year or 2.

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