Ok, heres the beef. Have been in business for self the last 7 years, just not excavating. Operator about 25 years. I started my own excavating business may of 2007. Paid cash for backhoe, trailer, truck. Business is going great. I now need a dozer. NO Cash. Who is my best bet for lending. Excellent credit, a little money for dp. not much. Whatcha think? Did i mention, no payments, no interest, no dp.. lol just joking wouldnt we all love to have that..
When i started,i went with Cat and RTO(rent to own) it was the only way i could get started. Monthly rent payment based on so many hour (min) then the cost went to more if i went over the 100 hr. a month base rate.Which all went to the ownership of the machine at the end on a one year rent agreement. At the end of the year i had to buy the machine or let it go back.But with working more hours then the monthly payment i had built up extra worth in the machine ,so i was able to get financed.33 years later i'm glad i was lucky enough to go the route i did. Might do some checking into it,i'm sure they still have some kind of RTO program.By the way the machine was a new machine at the time.Good luck:usa
A couple of question WScott - What size dozer are you looking at? New or used? There are some deals on small used dozers out there right now, just have to look for them. Check out www.machinerytrader.com
Looking for a used D4g with erops. Seems like I cant get a loan because Ive not hit the 2 year mark yet. I am going to my personal bank to see what they can do for me..
Also check out what Construct'O said. An RPO (Rental purchase option) is a good way to go as well. You pay the normal rental rate per month and a certain % of your rent goes to a down payment. It works pretty good and like what was said by Construct'O, it helps establish your credit. The other good side to an RPO is you can send it back, of course your rent is applied for rent and it is gone, but better than trying to sell a tractor you don't need and a monthly payment without any $$$ coming in. I RPO'd a 325 for a few months and then purchased it, it worked out pretty well for me. When I sold it the amount owed on it was less than what it was worth, due to the rental payments applied to the downpayment.
I did check on that the other day. Monthly rental for a D4 is 3K a month. OUCH I am dreading the 1k amonth payment of a loan, let alone a 3k one. Dunno, wish I had a rich uncle or sumthin.
maybe youd be better off waiting till you get some more behind you. Hire a dozer its a grand a day, rent for 3K a month? thats cheap.
WScott, Hope all is well. Yes lenders consider any business under 2 years in business a "startup". Have you spoke to anyone about doing equipment leasing? That could be a good option but will limit you on the amount financed. I'd say under $25K.
Got a loan... 7.5% 5 years Shweet deal heres some pics of my new baby look in dozer thread under tight budget
Nice congratulations. Not a bad loan at all. We wish you the best of luck and keep us posted.
Dozer still Looking for a dozer? I found my dozer here on this site. great deals. heavyvalues.com
Fincancing I think Direct Capital might be Good There always advertising Everywhere.
Need a Dozer in Arkansas HELP I am also in need of a dozer in Arkansas.I would have started a new thread but im new so i cant.I have some land above Morrilton Ar and need some dozer work done not much.I am wanting to build a track for the kids bikes and a new path cut thru a couple acres.Dozers are to high to buy for a weeks work.The big stores wont rent me one and at 1600 a day plus 400 per add day i dont really want to do that.I am looking for a way to get one for a week or two.If there is anyone with and suggestions let me know please.I cant afford to pay someone 500.00 to 800.00 a day to do this for me. Thank you very much in advance.
Have you tried United rentals, Hertz, or Cat rents? I dont see why they wont rent you one?
Well you'd think so but they want to run this credit check and a insane deposit.my credit sucks due to a nasty divorce in 04.Hell I own 2 homes and run my own business. but they dont care.
If you have a good relationship with your bank go straight there. In my experience the rate there will be as good as all the other finance outfits around. Later on if you should run into some difficulty and have had good experience with you they will more than likely work with you. Also, smaller local bank is much better to deal with.
What has a nasty divorce got to do with bad credit? You need to know what accounts your name is on, and know that they are being paid on time. I don't care if it is "her" debt, or even her debt to buy a gold watch for her boyfriend. If your name is on it, make certain it is paid, even if you have to pay it yourself, until she can get it refinanced into her name alone. Is that fair? Heck no, but it's your business and your future on the line here. Creditors also don't care what the divorce decree says about how you split up your debts. The contract you signed was between you and the creditor, not the creditor and the divorce judge.