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Vehicle wrap Financing

Discussion in 'Product and Supplier Referrals' started by Copierguy, Apr 15, 2020.

  1. Copierguy

    Copierguy New Member

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    Jan 26, 2017
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    Any one financing vehicle wraps ?
     
    Tags:
  2. rjssigns

    rjssigns Major Contributor

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    I wouldn't want to be a banker on top of running the shop. If you can't afford to pay me for the work come back when you can. But that's just me. Old and crabby.:D
     
    • Agree Agree x 3
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  3. bannertime

    bannertime Very Active Member

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    No
    Sure, they can make monthly payments until they have enough in an envelope to pay in full.
     
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  4. 2B

    2B Very Active Member

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    NO,

    they can swipe plastic and then their CC can finance the wrap.
     
    • Like Like x 1
    • Agree Agree x 1
  5. The Yanki & The Brit

    The Yanki & The Brit The Yanki & The Brit Signs and Radio Show

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    Texas
    Someone never finishing paying. Filing liens. Put out large amounts of money you may never see again. Sending Lizard Lick Towing to retrieve your graphics.... People bashing your reputation because you wouldn't let them slide!
    I'll pass.
     
  6. Texas_Signmaker

    Texas_Signmaker Very Active Signmaker

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    Ask the banks how their loan portfolios are doing right now.

    Your a sign shop, not a lender.
     
  7. netsol

    netsol Very Active Member

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    i have seen our larger clients purchase a vsphere package (admittedly a $100,000 or higher package) and bundle all sorts of software and years of continuing support into the lease. leases get renewed after 3 years and even a 2nd renewal at 6 yr point, WITHOUT THE HARDWARE, just support and software licenses. they write both capital and operating leases

    my point being, why can't you go to a company like studbaker leasing and get a lease for just the wrap? nj at least has the capacity for a 2nd lien on the title. all sorts of advantages to not holding any paper yourself, and allowing the financial obligation to be to someone not involved in the actual install
     
  8. StarSign

    StarSign Active Member

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    Southern Utah
    We have an outside finance company available to customers who want to go that route. We get our money and if the customer defaults it's on the finance company to collect, not us.
     
    • Agree Agree x 1
  9. White Haus

    White Haus Formally known as RJPW..........

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    That's the only way I'd ever consider doing something like this. Then there is no risk to you.
     
  10. GB2

    GB2 Very Active Member

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    Actually, in theory, this is an excellent way to conduct business and to be able to get over financial hurdles when trying to close a sale on a sign project. Not to finance yourself of course but to have ready access to a finance company for your customers. A long time ago at a sign trade show, I sat through a seminar put on by Direct Capital, who seemed to specialize in financing sign projects. I thought at the time, this is a good idea but didn't get around to calling them until years later. I finally got in touch with them, established a connection and thought I'd be able to capitalize on this opportunity to really expand but it just never quite worked out that way. I think you really have to be committed to this idea and really almost become a salesperson for the finance company. Direct Capital apparently now is CIT

    https://www.cit.com/business/

    You might want to look into it for yourself and see what you think
     
  11. Copierguy

    Copierguy New Member

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    Jan 26, 2017
    PA
     
  12. CanuckSigns

    CanuckSigns Very Active Member

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    If you are regularly doing large projects (over $100k) then I can see partnering with a finance company to work something out where you get paid in full, and the finance company takes the risk. But I don't see the reasoning in offering financing for things like wraps etc. If a company can't afford to pay you $3-4 K today to wrap their van, why would you think they could pay you in a few months?

    We offer some long term clients net 30 terms, that is the extent of our credit. Knock on wood but we have been pretty lucky over the years with it, only been burned a handful of times.

    I'm blown away by how bad some companies are at the financial side of business, I've had companies come in to pick up small orders of $2-3 hundred dollars, give me a cheque and ask me to hold off till the end of the week to cash it, how a business can operate with less than $300 in their bank account is beyond me, but I see it on a semi-regular basis, on this fact alone I would never offer to self-finance projects.
     
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