Hello,
I want to get financing on a used skid steer, I work for my dad and he had a bit of a gambling issue and screwed his credit up, so me being the future of the company, I want to get a loan for a skid steer, 18,000-25,000. Probably a Takeuchi tl130/230. I have little to no credit. So my question is what bank should I look into for a first time buyer, my dad will sign, or write a letter saying what a make working with him and all that. Help me out with any suggestions.
Anyone have any suggestions, particular banks or financing company's I should try?
Leaf Financial in Philly is really good.
Go to the local bank you personally have banked with, talk to a loan officer, take a written well thought out plan with you to break the ice with him. Let him know your situation, be honest and up front. You may be surprised at how it works. Everyone starts out somewhere & somehow. Should you be turned down, try another bank, take it as a lesson on how to better present your situation to the next one. Do not let up nor get discouraged. Where there is a WILL, there are a dozen ways to get something done if you set your mind to it.
Ok I will have to give it a try, does it hurt your credit at all when you get checked for financing?
Yep/ IT is a considerred a hard inquiry and will reduce you credit score temporarily, however the inquiry will remain on your credit report for up to 2 years
IF you have a specific make in mind, you may want to consider going through em.
Yea I looked at bobcat, takeuchi, case. But you think I have a better chance on a 35 to 40 thousand dollar loan? Compared to a 25000 or less through my bank?
Have you talked with Bobcat regarding their financing?? In the past I have dealt with New Holland, they were ok. I am more of a cat guy to be honest with you and when I go to s a skidsteer again, I will be staying that route. THey do cost a little bit more, however, parts availability for God knows how long. Parts are NOT more expensive, if anything a bit cheaper. For example, I just ordered a valve cover gasket for my 304, $9.00 and it is being shipped in today over night without charge. A pin kit for the 304 - bucket pin for example, 2 solid hardened sttel pins, less than $200.00. I had a Kubota years ago, loved the machine, but the pins were hollow, would break on my fairly routinely, and were $157.00 a piece and were subject to additional shipping.
Back to your question. I would talk with the dealers regarding their direct financing, also talk with them about rent to own etc that should enable your rental payments or a portion there of to be used as the down payment and will also establish you with them as a valued risk. That way, they can also offer you a direct reference with which ever company you finance through.
You can hve several hard inquiries before it is negative on you credit report. But as dloiselle says they stay for a couple years.
If you have credit issues you may want to consider a bank statement loan. You can apply for $5,000 to $150,000 quickly and easily for cash flow, expansions, advertising, inventory, taxes, equipment, or any reason against just your company’s sales, existing assets, or receivables, with realistic and very flexible credit requirements!
If you are unable to find bank funding alternative funding sources such as Small Business Loans Depot can help. Just ask for Ed Rogers at 855-787-1113.
Our Fidelity Capital line is a great source for financing and leasing. Flexible resources to get things approved. 925-451-3494.Originally Posted by tomcat7810
Watch some of these financing co.s as they are not like a regular bank in that they won't send a statement even when asked and they also do not brake down the finance charges they are charging you. payments are due on X day each month and they may not let you pay ahead. Making a double payment does not go toward the next months payment . I would consider financing through the equipment brand you are going to buy from. Cat has a good lease program going right now as do some of the others. As has been stated before try your local bank before going outside your area.
Last edited by Dwan Hall; 04-09-2013 at 04:19 PM.
My local bank has been phenominal to deal with. They require 20% down, but they are very acommodating. They are NOT one of the national banks, they just have about 10 branches locally and they have helped me with a revolving line of credit as well. They are there to help you if you get in a bind and you can talk to someone face to face.
I have also used Cat financing and they have been excellent.
With limited to no credit, I would go through the dealer financing. Yes there rate will not be the best but they are more interested in the sale of the equipment. After a few months of on-time payments, try to refinance and get a better rate with some of the above mentioned institutions. Do not go to a national bank, they will run your credit and waste your time. Try local credit unions, they have to re-invest into the community.
Best of Luck!
The first thing I'd do before going to a bunch of banks and filling out credit apps that will only continue to dock points from your cbr is to do your research. There are plenty of free online tools and guides that thoroughly explain the financing process and allow you to review possible rates and quotes. Making use of these tools as well as speaking with financing specialists can help you figure out which options are best fit for you.
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