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sprayer financing

Discussion in 'Pesticide & Herbicide Application' started by GrazerZ, Nov 13, 2004.

  1. GrazerZ

    GrazerZ LawnSite Senior Member
    Messages: 670

    Hey guys, have a slight problem. I'm ready to buy a new z-spray max. The problem is I'm trying to get good financing. I applied through sheffield and was approved no p[roblem, with their best offer. But when they found out that the equiptment was from out of state- Indiana- they said no can do.
    Rich has info from Key equipt leaseing, but not so sure about leasing. I would preffer to pay cash,end of season makes that a bad idea. Don't use credit cards anymore especially for big ticket items like this.
    So what do you think? Have any of you used Key? What do you think of them? D you know of other green industry financing thats good? Thanxs for the help...
  2. KLR

    KLR LawnSite Member
    from Zone 6
    Messages: 171

    situations like this is when a bank line of credit comes in handy.
  3. James Cormier

    James Cormier LawnSite Bronze Member
    from Ma
    Messages: 1,217

    Sheffield is the most common in the turf business, but they usually have the highest rates by far. Im surprised they wont do it just because the machine is bought out of state. I would try again.

    I would also reconsider the no credit cards, there great for things like this, I just pay them off monthly so I dont get the interest charges. Of course this works if you have the cash to do it, but you say you would prefer to pay cash, So I take that as you have enough cash to buy the machine. or IF so send a certified check to rich, wait to it clears then get the machine.
  4. kootoomootoo

    kootoomootoo LawnSite Platinum Member
    Messages: 4,369

    I am thinking the same thing but didnt figure on the out of state issue. The new lesco $10000 one is an option......they finance it but do you think they can find literature or a pic on it anywhere at there depot? Not.
  5. GrazerZ

    GrazerZ LawnSite Senior Member
    Messages: 670

    I did call sheffield and discuss it with them. I think they would really like to write the loan, but its not their policy to do so. My credit is not the problem thats a definite. I will have the cash to pay for the machine later but need the write off for this year. I am going to try a local bank that we do alot of buisness with we'll see if they have any issues. Let me know of any other Ideas please.
  6. GrazerZ

    GrazerZ LawnSite Senior Member
    Messages: 670

    oh yea, I have a $10,000 line of credit at Lesco but not a big fan of their inability to have parts or service that will be needed. Got my eye on the z-spray.
  7. James Cormier

    James Cormier LawnSite Bronze Member
    from Ma
    Messages: 1,217

    Try working with small local banks, the one I took out the sba loan thru is also the bank all my accounts are thru. I use to do a 60day line of credit for as much as 15k, once I had paid off the sba loan. but now with my home equity line of credit I use that for bigger purchases.

    Still its nice to have one credit card that has no balance for those out of state, or mail order buys. I perfer to use my american express because I have to pay that one off but alot of small companies dont take that.
  8. LwnmwrMan22

    LwnmwrMan22 LawnSite Platinum Member
    Messages: 4,372

    Yep, same setup as James here. You can't beat a small bank for business.

    I deal with the president of the bank. Whenever I want to buy something, like the trailer I bought this year, and now I'm getting a 40' x 50' concrete slab poured for my firewood, I walked in, said I needed $25,000 for 5 years and about 15 minutes later walked out with the money in my account.

    None of this crap of filing out financial forms, then submitting them to a loan officer, to wait 7-15 days, to have them tell me my debt to asset ratio isn't what the bank would like to see.

    I do have a credit card with a $1000 balance to buy parts and such online, figuring even if there was fraud with that card, no one can get me for too much. :)
  9. KLR

    KLR LawnSite Member
    from Zone 6
    Messages: 171

    we appriciate our customes who hire us rather than the large national companies. And we like dealing with the local bank as well. But we also deal with a very large national bank....sometimes they just offer better, or maybe I should say more creative, services. We opened up a fairly large credit line without leaving the office (internet) our smaller local bank doesnt offer this convienience.

    Anyway a credit line is great especially in this type of situation. Use the banks money to make your purchase, get a lower rate than any credit card, pay it off soon as possible.

    With time running out for this year you may want to try WWW.Americanexpress.com

    you can apply for a line on their site and get a good rate (if you're credit worthy) really fast.
  10. MacLawnCo

    MacLawnCo LawnSite Bronze Member
    Messages: 1,847

    Youll have to watch that. If too many of your write offs come in the 4th quarter, you will be subject to an alternate way of computing the deductions. I dont remember off hand the exact terms, but you should check into it.

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