How to Finance a Stump Grinder

How to Finance a Stump Grinder

• 1

  Determine your stump grinding needs. If you have only one or two stumps that need grinding, purchasing a grinder may not be practical. Consider leasing or renting a stump grinder and do the work yourself. If you can do all of your stump grinding within a day, renting a stump grinder will cost about $150, much less than purchasing one. Contact equipment rental stores in your area to determine if stump grinders are available.

• 2

  If you need to purchase a stump grinder, take a look at your financial situation. How much can you afford to pay? Stump grinders can cost $3,000 or more. If you cannot afford the whole amount, how much can you pay down? If you must take out a loan to pay for the grinder, making a down payment can lower your interest rate and monthly payments.

• 3

  Visit equipment dealers that sell stump grinders or do a Web search for companies that sell grinders in your area. Compare prices and determine whether there are ways to finance your purchase. What you may find is that you will be able to open up a credit account with the seller. If your credit is good, you may be able to finance the entire amount. However, beware of high interest rates that may have you paying for your stump grinder for several years. It may be better to check with your bank or credit union to obtain a personal loan for lower interest financing for your grinder.

• 4

  Once you have purchased your grinder, it can pay for itself. The average price for removing a stump is about $125. Whether you own a landscaping business or are purchasing a grinder for home use, you can advertise your stump grinding service and earn enough money to pay off your grinder within a few months.