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Where do you get the money?

Discussion in 'Business Operations' started by Squid, Feb 12, 2002.

  1. Squid

    Squid LawnSite Member
    Messages: 2

    I am looking to buy some new equipment, but I don't have the cash. Where is a place I can go to get the money, and not use any collateral?:blob4:
  2. CSRA Landscaping

    CSRA Landscaping LawnSite Bronze Member
    Messages: 1,232

    The equipment that you purchase will have to be the collateral, if you don't have any now. Depending on the size of your purchase, you could either finance it at the dealer's or get a small business loan, SBA.

    Does the equipment have to be purchased now? Can it be put off until you have the money?

    I hated financing mine and it would have been much simpler just to write a check.
  3. Stonehenge

    Stonehenge LawnSite Bronze Member
    from Midwest
    Messages: 1,276

    Bank. You'll have to offer up a personal guarantee, which will include personal collateral.
  4. Five Star Lawn Care LLC

    Five Star Lawn Care LLC LawnSite Bronze Member
    Messages: 1,006

    Sheffield is one of the biggest financers for green industry equipment, at least in our area. The persentage is high, but if the bank wont give u a loan its allways the easiest way to go....plus i belive they offer a landscapers payment plan which is 8 month payment 4 months offs. payements are higher in the summer but u wouldnt have to worry about scraping bottom to bad in the winter, but then thats just my opinion
  5. MOW ED

    MOW ED LawnSite Fanatic
    Messages: 5,028

    Do you not have any collateral or just don't want to use any?

    I am assuming you want to make a serious attempt at starting a business. Use the collateral if you have it. It will increase your chances of getting a loan. Banks like to loan money to people with things so that they can take their things if the people don't pay on a loan.

    Imagine if you were a lender and someone that you didn't know wanted to borrow 10,000 from you on a promise to start a new business. How willing would you be to borrow the cash?

    Now that same guy has a house and a truck that he will put up against a loan. Would you lend now?
  6. bruces

    bruces LawnSite Senior Member
    Messages: 648

    If you are buying new equipment, check the financing options your dealer has available through the manufacturer.

    They usually have programs that are fairly reasonable.
  7. John Allin

    John Allin LawnSite Bronze Member
    Messages: 1,488

    Go down to 5th and Euclid, and look for the heavyset dude with the eye patch.... his name is Louie..... give you a great deal on some jing...

    No collateral, no signing anything.

    Just don't forget to pay him back on time......
  8. proscapeINC

    proscapeINC LawnSite Member
    Messages: 14

    Why new equiptment, if you're just getting started you should try to make use of what you have or buy something decent used.Many times in this business someone who's been in it for awhile forgets where they come from.They tell you to buy all new equiptment when they started with a murray. Before you buy new have a nest egg behind you maybe half of what the equiptment you would like to purchase, if something goes wrong you've got some green to back you up.
  9. NJemerald

    NJemerald LawnSite Member
    from NJ
    Messages: 121

    ProscapeINC hit it on the head!
    I didnt have the $$$ to buy new, so I bought good used equipment, fixed it up during the winters and sold it off as I grew.
    I take care of my equipment, put alot of time into keeping them clean & in new condition, so when I sell em off, I usually get about half the purchase value after 3 years of use. NOW I'm able to upgrade a rotation of equipment every 3 years.
  10. Squid

    Squid LawnSite Member
    Messages: 2

    Iam not a new at this! I have a landscaping company already. I need to upgrade to bigger and faster mowers. Iam losing money with these old and slow mowers. Thank you for all you input, but I do need some new equipment. I don't want someone elses headaches. ;)

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