TSB
General => General Discussion and ??? => Topic started by: T Shirt Farmer on December 03, 2019, 09:22:35 AM
-
Looking for information on equipment financing companies, conventional loan not lease. Thinking there may be other options than typical brick an mortar banks. Any information is much appreciated.
-
Looking for information on equipment financing companies, conventional loan not lease. Thinking there may be other options than typical brick an mortar banks. Any information is much appreciated.
look into paypal loans, or loanbuilder (which is a paypal company).
-
Dick Clark is great, Geneva is pretty good. Both of them work a lot in our industry, so they understand what you are buying. I've had banks look at me cross-eyed because they don't understand what an automated screen printing press is.
-
Dick Clark is great, Geneva is pretty good. Both of them work a lot in our industry, so they understand what you are buying. I've had banks look at me cross-eyed because they don't understand what an automated screen printing press is.
both are leasing companies. . . I have gotten much better rates from CIT.com. But as mentioned, they are leasing companies and the interest rate is not amortized sot he payments are much higher than the bank loans.
pierre
-
they also do conventional loans, I have both through Geneva and a conventional loan through Dick Clark.
-
they also do conventional loans, I have both through Geneva and a conventional loan through Dick Clark.
ahhh, interesting! did not know that. are their rates any good?
pierre
-
I've been happy with Geneva. We also have a conventional loan through them.
A buddy of mine is a big fan of PayPal loans. I haven't looked into is personally, but from what I understand of it, it's a pretty interesting concept.
-
Geneva have been great for us, but we have GREAT credit! The other giant in our industry, won't say their name, I WOULD NEVER use them.
-
I'll second the PayPal loans. Loanbuilder is awesome
-
Paul at CIT/Direct Capital has helped a lot of my customers. Never heard anyone say anything bad.
-
Same here for Paul at CIT - helps customers...
-
Geneva has been easy for us. I sent about 3 emails to do our our G3.
We paid off 3 leases with them last year so we've seen deals from start to finish with them.
-
What kind of rates are we talking about with these companies? I used Commercial Industrial Finance for my press and it was quick and easy. I was all giddy and didn't look into the numbers. I went through my bank earlier that year to get my Barudan at 5.5%. I fell prey to the"write the payment off as overhead" with CIF. Ran the numbers and they charged me 21.35%. Never again. Just got a loan for for press, CTS, and auto-coater and it's 5.5%. Took some time but worth every penny/percent.
Sent from my HD1905 using Tapatalk
-
We are going through this now. We contacted 1 lease company and was quoted 7% to finance a 6 head ZSK. We told them no way, we have great credit and would check with our local bank. 2 days later that same company called us back and said they would go as low as 6%. Our local bank told us 5.75% so we are talking to Geneva now since we've used them before to finance our sportsman.
-
We are going through this now. We contacted 1 lease company and was quoted 7% to finance a 6 head ZSK. We told them no way, we have great credit and would check with our local bank. 2 days later that same company called us back and said they would go as low as 6%. Our local bank told us 5.75% so we are talking to Geneva now since we've used them before to finance our sportsman.
make sure you compare the payments and the residual (if any). Some leasing companies have 10% and others do $1.
Also, we ran into an issue where the lease is a fixed percentage of the total amount that does not diminish as you pay it off. So a 6% on 10,000 is going to 600 every year unlike the loan which will be less as you pay it down. When converting this to the amount of money spent, it turned out that the 15% lease offer was similar to a 33% loan.
My first lease was a total rip off, but the company had no credit and I was willing to pay extra to get some UCC filings and build credit history. It was a small purchase ($10K) so it did not cost a boatload in the long run and it helped us get good rates further down the line.
pierre
-
Also, we ran into an issue where the lease is a fixed percentage of the total amount that does not diminish as you pay it off. So a 6% on 10,000 is going to 600 every year unlike the loan which will be less as you pay it down. When converting this to the amount of money spent, it turned out that the 15% lease offer was similar to a 33% loan.
This is what mine was, but it was at 4.3% on $44k. Final calculation would be like a 21% loan - $53k in total payments. If I pay the press off early they do take 4% off each of my remaining payments, which I'll do as I'm selling it. I still wouldn't do it again and wish I wouldn't have been so gung-ho.
-
I like Geneva but this is making me second guess my deal. My equipment lease on my current press was for about 25k which will end up being 35k after it's paid off. I forgot what my rate is but at those numbers I'm guessing 8%. My credit score is almost 800 so I thought I would get a better rate. I might need to consider a regular loan for the next press.