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Recommended Finance Agencies???

Discussion in 'Business Management' started by custom sign center, Mar 10, 2014.

  1. custom sign center

    custom sign center Member

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    I'm purchasing a new 1324 Mutoh ValueJet and wondered if any of you have a finance agency you recommend?
    My bank wants my last 3 years taxes last 3 years balance sheets, well...everything but my pinky toe and a 30% down on top of it all.
    Not that I can't provide all that but just thought there must be an equipment finance firm that offers decent rates without all that.
    Thanks in advance
     
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  2. autoexebat

    autoexebat Member

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    I came here to ask the same thing last month and MOSH told me that if I needed to borrow money for a printer I was a LOSER and needed to get a life. Well I didn't need to get a loan, I actually paid a little over $17 grand for a printer and am very happy. Honestly I wouldn't touch the printer you suggested with a 3 mile stick , If you are going to get a loan get something good. And don't listen to MOSH.
     
  3. custom sign center

    custom sign center Member

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    LOL...I wish I just had the extra cash for the printer just hanging out of my pocket. Mosh must be loaded! I could pay cash but I like having the money in my account.
    Just curious, why not the 1324? I have a 1204 and have been extremely happy with it other than the limited media width but it's what I had room for at the time.
    Mutoh is doing a buy back right now and I'll get $4000 for it...more than I could sell it for since it's 4 years old and no take-up reel.
     
  4. autoexebat

    autoexebat Member

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    You would probably be okay with it , For some unknown reason I just went with the best and I could afford to do is as I just paid off the house and car , so bills aren't something that I have right now ! Well unless you consider electric and water / food . :) The problem with getting a loan is the intrest rate is pretty high , then you also have to show them you have been in buisness for at least 2 years. Again you have to shown them statments. I was going to go that route until I heard the intrest rate ! I then figured I would try a home equity loan since my house is now going for $340K , but again they wanted to do a new apprasial and it was too much BS to go through..

    Maybe MOSH can loan you some money HAHAHA
     
  5. custom sign center

    custom sign center Member

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    My bank is offering 5% which I didn't think was too bad. I just don't want to give 30% down, if I do that I may as well buy it outright.
    I almost hate to get rid of the 1204. It prints as good as the day I got it but at 4 years old I'm figuring any day now it could go.
     
  6. wildside

    wildside Very Active Member

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    Doesn't the 4k trade in qualify for the downpayment?

    Banks arent really wanting to loan money on equipment they cannot re coupe the money on, at least around here

    I looked into a new printer and they only loan 80% but the trade in amount qualifed bringing within their specs, but in the end decided to keep the trusty machine I have
     
  7. autoexebat

    autoexebat Member

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    5% isnt too bad , I was offered 3.2% and turned it down because I hat to pay intrest on something that I dont have to.
     
  8. Locals Find!

    Locals Find! Very Active Member

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    I don't mean to sound rude, but what the hell kind of terms are you looking for?

    Banks don't exist to give money away and asking for financials and 30% down on a High Risk loan like equipment is pretty standard.

    They are making sure you can actually repay the load and, they won't lose if you default on the loan.

    I don't know of a finance company that is going to give you much better terms and if your loan is at 5% on equipment your getting a damn fine rate. A Finance company is going to be much much higher usually and require a lot more down.
     
  9. JJGraphics

    JJGraphics Member

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    So there's nothing wrong with your machine, you're just afraid something may go wrong, so you're looking to go in debt and spend money you don't have, for something you don't need?

    Why not ride out the 1204 till you have no options?

    Why not save up more money and pay cash for a new printer when the time comes?

    I spent a lot of years on the "can I afford the payment" cycle and while its been a slow process, I'm getting to the point of paying off all my existing equipment and paying cash for all additional purchases. My salesman had to give me a couple months to finish paying, but I was able to pay cash for a new Mimaki cjv30-160. That felt great!

    I can't help but think of that Steve Martin skit from Saturday Night Live about spending money. "Don't buy stuff you can't afford. A 1 page book."

    Just a thought...
     
  10. custom sign center

    custom sign center Member

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    It's not that I can't afford it. I could pay for the whole thing but I would rather not take that chunk out right now with having to pay taxes too.
    I saw that Mutoh had the special going on and thought maybe I should consider taking advantage of the deal since my current printer is 4 years old.
    As far as riding out the 1204 until I have no options, I'm seriously thinking of keeping it at least until the end of the year.
    I don't have any debt on anything so I'm not too comfortable having any. I don't even own a credit card.
    Thanks for the input.
     
  11. tomence

    tomence Very Active Member

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  12. custom sign center

    custom sign center Member

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    You don't sound rude at all... and point taken.
     
  13. visual800

    visual800 Very Active Member

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    the days of calling up your bank and asking them for money are pretty much over. Now you call and they want you to come in for a rectal exam. IMO I would go with your bank. Yes they make me jump thru hoops now to get loans and it ticks me off cause I damn sure didnt tell them to loan out all that money back when things were going good! lol

    Somehow I gotta pay for it though. atleast you can build a relationship with them
     
  14. gnatt66

    gnatt66 Active Member

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  15. autoexebat

    autoexebat Member

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  16. binki

    binki Premium Subscriber

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    The PRC
    US Bank has some good rates,
     
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