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Need help with financing, poor credit, but have 50% down payment.

Discussion in 'Business Fundamentals' started by milano274, Oct 7, 2011.

  1. milano274

    milano274 Junior Member
    Messages: 5

    Anybody knows who does bad credit, new equipment financing ? I need to buy reliable snow plow, have $2500 cash for down payment. Already have commercial lot with contract. I have tried Sheffield Financial Corporation, but they need minimum of 700 credit score. Thnx for advice.
  2. Camden

    Camden PlowSite Fanatic
    Messages: 6,604

    You can't find a suitable used plow for $2500? I bet you can :nod:
  3. milano274

    milano274 Junior Member
    Messages: 5

    Looked at couple, but its usually plow side only, no brackets, no wiring, average prices 2k, if I buy the truck side kit it comes to $3500 total, so I figured to finance new one. Its hard to find used plow for 05 Ram
  4. Banksy

    Banksy PlowSite Veteran
    Messages: 3,113

    Find the plow side for 2k or less and put the truck side on a credit card and then put the other 500 back on the credit card and pay the credit card off asap. Then close the account.

    It's 2 months until plow season, so plows will bring more now than say May or June.

    Find a Western Ultramount plow. I have a Western Ultramount mount for your truck.
  5. wizardsr

    wizardsr PlowSite.com Addict
    Messages: 1,584

    Here's a guy in Rockford that will make a mount for you: http://rockford.craigslist.org/pts/2535432633.html

    This one sounds promising: http://grandrapids.craigslist.org/pts/2594978458.html

    Here's one for an 03 dodge (I believe that's the same mount as an 05). You could easily have this one in service within your budget... http://grandrapids.craigslist.org/pts/2613030487.html

    This guy probably has something that would work for you too... http://indianapolis.craigslist.org/pts/2601293583.html

    Or you could always call local dealers and ask them if they have any used plows for your truck. I found all these links using a simple search based off your zip code to find stuff within 250 miles. Just because there isn't much on Craigslist in Chicago right now, doesn't mean used stuff isn't out there, you just gotta do a little more footwork.

    Needless to say, I, like Roy, could easily have a plow on a truck for under $2500, you just gotta put a little effort into it versus rolling over and going further into debt. I'm not going to pass judgement on you for your credit situation, but it's best to learn from our mistakes versus repeating them... Good luck!
  6. grandview

    grandview PlowSite Fanatic
    Messages: 14,609

    Amazing how some people don't think into the future with their finances.This is just a general statement to everyone.
  7. Brian Young

    Brian Young PlowSite Veteran
    Messages: 3,394

    This is very true in most cases but not in all. I had an EX-wife who did a number on me. All is fine now but what a real pita for a few years!
  8. Brian Young

    Brian Young PlowSite Veteran
    Messages: 3,394

    Without credit your kind of stuck. There's got to be something out there for 2500 bucks even if it isn't pretty. I had a guy ask me years ago if I knew how to plow, I said I think so why? He said your plow doesn't have a scratch on it. I said yeah...it's brand new. Dip sh!t,lol Buying a used plow and it being broke in makes people think you know what your doing I guess,lol
  9. 4wydnr

    4wydnr Senior Member
    from N. IL
    Messages: 151

    I would just do some shopping. I have a boss 7'6" that I have a total of $1600 into. New wiring, used mount ,used plow. Craigslist and eBay are great.
  10. HLS Wholesale

    HLS Wholesale Senior Member
    Messages: 111

    You might try a peer to peer lending sight like prosper.com or some other similiar website. Those cater to high risk loans.

    Just a thought...
  11. alsam116

    alsam116 Senior Member
    Messages: 217

    CRAIGSLIST is how i got my plow complete. abuddy bought his off ebay for $1k. look around a little bigger of an area than just chicago like was said before, then post pics when you get it all together :)
  12. Glenn Lawn Care

    Glenn Lawn Care Senior Member
    Messages: 552

    Definitely not a business you want to be in with bad credit!
  13. Andy96XLT

    Andy96XLT Senior Member
    Messages: 323

    i second craigslist, i got a used plow complete truck and plow side for $1200. Keep looking. You'll find something. For your situation used sounds like a much better idea than new.
  14. grandview

    grandview PlowSite Fanatic
    Messages: 14,609

    In 7 years he won't have to worry about bad credit.:cry:
  15. milano274

    milano274 Junior Member
    Messages: 5

    Thanks everyone for your posts, info / ideas.
    I am searching local plus Midwest Craigslist adds and eBay everyday. I have to say that there is a lot of equipment for sale. I will be able to find used plow for my 05 Ram with no problem. The only reason I was going to buy/finance new one is reliability. As the bad credit goes, I learned that one of the credit bureaus has wrong data, somebody else bad accounts. My score will be well over 700 points when its fixed.
  16. milano274

    milano274 Junior Member
    Messages: 5

    1:Used plow can be reliable just as new one, if maintenance is done properly. It just takes time to find one.
    2:Incorrect info on just one credit bureau will lower your score as much as 160 points. And it takes 3-4 months to fix it.
    3:There are still good people out there to help you, but you have to do your homework !