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Old 07-20-2008, 06:35 PM
VPS Lawn Care
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Quote:
Originally Posted by Steve View Post
Sherman,

Would there be a tipping point interest rate that would make you finance a larger amount of a truck or piece of equipment?

I do wonder about this because this is something I think would be a risk vs. reward issue.

I am not sure at which interest rate does the scale tip one side or the other but this makes me think of insurance in a sense.

Legit lawn care business owners buy insurance because they may need to legally and they know the risk vs reward is not in their favor to self insure.

I wonder if financing vs not financing is similar to insuring vs. self insuring.


What are your thoughts?
Steve
Good Question.
The way i look at it is, ok, say i buy my new mower on time, then i make my payments evry month of $265 for 2.5 years, now i have made a habbit of making that payment, it's now in my budget . I know 265 is going out every month. now at the end of the 2 1/2 years instead of re-allocating that money elsewhere, i keep paying that same amount into my equipment account, which in turn builds up, and by the time i have to get the new mower again i dont have to re-adjust my budget, its already in my budget i have been paying it to myself, and the money is there if i want to use it or not.

As far as what rate would i go with, well i bought a new Dodge Ram in 04 and financed the whole thing @ 0% was not charged to use there money so ya go for it., i dont beleve you should ever self insure though.
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