Sheffield Financial is a company that states their specialty is providing people with the loans they need to purchase their retail power equipment.
How Does It Work?
SheffieldFinancial.com was established in 1992 with the purpose of providing their customers with access to consumer and commercial retail loans for most of the major name brands in the power equipment industry.
According to their website, more than one million people have used Sheffield Financial financing in order to purchase “motorcycles, snowmobiles, personal watercraft, all-terrain vehicles and lawn equipment, as well as the one-axle trailers used to transport them.”
They promise that their retail finance programs are “straightforward and easy” and that they offer an innovative variety of promotional choices, excellent service, fast decisions, contract assistance, and prompt payments.
Customer Reviews & Complaints
Unfortunately there are many past customers of this company that have gone online to post negative reviews and detail their unhappy experiences.
The exact details of each review or experience is different to each customer, but it does appear that most of the complaints fall into general categories.
Some customers complain that this company has much stricter borrowing requirements than many other companies, which resulted in them being turned down for their loan and having their credit report negatively affected by a rejected loan application.
Other customers complained that they were approved for a loan, but that the interest rate that was quoted was outrageous, and not terms they felt comfortable with at all.
Many customers recommend that borrowers find another company to work with.
Customers who would like to contact their Customer Service team with questions, concerns, or complaints can do so by phone at 800-438-8892 or by email at [email protected].
Cost & Price Plans
Unfortunately without knowing how much money you are hoping to borrow, the length of time you are given to pay it back, or the specific type of loan you are securing, there is no real way to nail down the type of fees and interest rates you are likely to be given.
However, as most informational websites will tell you, car loans are intended to be paid back quickly – often in 30 days – and carry fairly significant fees and interest rates, which is very common in the short term loan industry.
As a financial company, Sheffield Financial does not offer a Refund Policy but may potentially offer a cancellation policy.
The cancellation policy may apply for borrowers who have begun the process of borrowing but then determine they no longer need the money and would like to pay back the principal quickly and without financial penalty,
However, borrowers would need to discuss that with the lending center that they are dealing with.
Competitors and Alternatives?
Certainly there are many, many different companies that will provide people with a wide variety of loans, including large scale, traditional banking institutions, smaller scale short term loan providers, as well as the dealerships that sell the retail power equipment themselves.
If you are unhappy with the loan terms you have been offered by this company, you should be able to find a reasonable alternative.
If you have any experience with Sheffield Financial or their services, please leave your reviews below.
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