Sheffield financing question

mowerman41

LawnSite Senior Member
I am in the market next year for a new mower Toro 6000 60” and the stinger 3000 with seed box. The question I have is I went on Sheffield financing and they ask what brand and type of equipment you want to buy then they give you what options they offer. Why would buying a toro have more and better financing options than stinger both being financed from Sheffield. I am retiring 2 weeks after 20 yin law enforcement, and toro gives the hero program discount (18%), but I heard you can’t use that if you finance. More than likely I’m going to buy one cash and the other finance. Thanks for any input.
 

TPendagast

LawnSite Fanatic
I am in the market next year for a new mower Toro 6000 60” and the stinger 3000 with seed box. The question I have is I went on Sheffield financing and they ask what brand and type of equipment you want to buy then they give you what options they offer. Why would buying a toro have more and better financing options than stinger both being financed from Sheffield. I am retiring 2 weeks after 20 yin law enforcement, and toro gives the hero program discount (18%), but I heard you can’t use that if you finance. More than likely I’m going to buy one cash and the other finance. Thanks for any input.
Youre asking questions that have no answers
We are the users
Not the sellers or the bank

get what you want
Take whatever deals there are
If the deal isn’t good , dont make it
If you gotta have it. Then deals don’t matter
 

jod788

LawnSite Member
I would assume manufacturers give these lenders incentives to finance certain units they’re more eager to get off the floor. So, Toro might be incentivizing Sheffield in a way that allows them to lend at no interest on certain units whereas units with high demand they wouldn’t need to. Just a guess.
 

oqueoque

LawnSite Fanatic
Location
Jersey
Because the manufacturer of the equipment is absorbing the cost of financing. If you are paying 0% to finance through Sheffield, someone is paying Sheffield interest even though you are not and that someone is the manufacturer of the equipment you are financing. Each manufacturer is willing to absorb so much of the cost to provide you an incentive to purchase their equipment.
 

Dawson

LawnSite Bronze Member
Location
Valrico, FL
I've used sheffield many times in the past for my mowers. no problems and can often get 0% interest but I always let the dealer I'm buying from intermediate with the lender. My current 60 inch machine is financed with synchrony bank at 0% interest, no problem with them either so far.
 

puppypaws

LawnSite Fanatic
I thought a select few may find this interesting.

QUOTE:

Sheffield Financial is a division of Branch Banking and Trust Company.

Branch Banking and Trust Company is now Truist Bank.

BB&T and SunTrust have merged to become Truist. Both institutions will continue to offer independent product lines for a period of time. This may include differing underwriting
guidelines, product features, terms, fees and pricing.
 

oqueoque

LawnSite Fanatic
Location
Jersey
It's
I am in the market next year for a new mower Toro 6000 60” and the stinger 3000 with seed box. The question I have is I went on Sheffield financing and they ask what brand and type of equipment you want to buy then they give you what options they offer. Why would buying a toro have more and better financing options than stinger both being financed from Sheffield. I am retiring 2 weeks after 20 yin law enforcement, and toro gives the hero program discount (18%), but I heard you can’t use that if you finance. More than likely I’m going to buy one cash and the other finance. Thanks for any input.
I would think since Toro is already giving you a huge discount they wouldn't do anything more.

I would keep an eye on interest rates. The Fed can't keep rates low forever, since it is already helping to create inflation. And If the economy completely recovers and this virus is under control, they will most likely raise interest rates. I've gotten 0% from Exmark/Sheffield since 2009, except about 3 years ago the best they were giving was 1.99% and my credit score was the same.

And also you might be better off buying at the end of this year, or now, because raw materials and labor cost to the manufacturers keep increasing and most likely will force them to raise equipment pricing in the beginning of next year, or sooner.
 
OP
M

mowerman41

LawnSite Senior Member
Thanks for the replies. I talked to my dealer and he said the reason that Toro gets better financing options than a company like Stinger is because the sheer volume that Toro/Emark does. He also says that I can use the Hero's program and finance the Toro. So looks like I will be financing the Toro and chase for the Stinger.

Thanks again for all your insight.
 

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