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Vehicle wrap Financing
- Thread starter Copierguy
- Start date
bannertime
Active Member
Sure, they can make monthly payments until they have enough in an envelope to pay in full.
Bradley Signs
Bradley Signs
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.
I'll pass.
Texas_Signmaker
Very Active Signmaker
Ask the banks how their loan portfolios are doing right now.
Your a sign shop, not a lender.
Your a sign shop, not a lender.
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
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
White Haus
Not a Newbie
That's the only way I'd ever consider doing something like this. Then there is no risk to you.
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
https://www.cit.com/business/
You might want to look into it for yourself and see what you think
CanuckSigns
Active Member
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.
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.