[taknchances]

Wondering if there are any companies who have good rates on purchasing equipment? I have the cash however would rather not use all to purchase. Possibly borrow long as they have early payoff with no penalty. Perfect credit however with a new startup they look at it being more risky. Also realize a large percentage of people fail the first year however I helped run a start-up business years ago and was in it 8 years before selling, took a break and ready to do it myself.

I'm sure of what I'm doing and what I can offer that not everyone in my area does.

Please help. I would like to finance as long as I can knowing I'm paying it off in half the time but not locked into a large monthly payment in the beginning.

Thanks to all who have the time to help

 

[binki]

US Bank was pretty good for us 5 years ago when we purchased $80K of equipment.

 

[taknchances]

Is that a bank or card?

 

[DrivingZiggy]

I have seen "payments as low as ..." on some sites. Also I talked with Sean at Stahls ((586) 772-5076 extension 5076) before and he mentioned financing.

So, it's out there and probably easier to get than you think.

You can also learn a lot about that at trade shows. I'll be going to the SGIA Expo in New Orleans<<<======click this!

 

[DrivingZiggy]

Also lots of information in this thread.

 

[binki]

Is that a bank or card?

We got a business loan, $140K line of credit, min 10K each time we used it plus a $500 fee. Interested is all loaded so payoff early doesn't do you anything. I calculated the interest between 4.7% and 6.7% for 3 different segments.

While it was for the biz we also had to personally guarantee it.

But, $40K for an embroidery machine paid for itself in just a few months. After that it was all gravy. Same thing with a cutter and an versacamm.

Leases that we saw were around 10% or more.

 

[taknchances]

And that was through US Bank of?

 

[Max3344]

As far as I know, typically, you'll need to have been in business for at least a year, $50,000 or more in annual revenue, and a credit score of 650 or higher to qualify for equipment financing.

 

[splathead]

We ended up choosing a good option for us, and I was quite satisfied with the company's services and the help provided along the whole process.

This doesn't help anyone. Why even post if you're not going to provide details.

 

[elisardopassenger]

Hey! First of all, before starting all this work, you should analyze your credit score. Maybe you have a good credit score, but it would be better to determine how creditors measure your credit score.