Thread: Who to use for equipment financing ?

Looking to buy a Cnc lathe in the near future, wondering if you have a finance company that you would recommend or stay away from.

Machine would be used.

Originally Posted by JB @ C and L Machine

Looking to buy a Cnc lathe in the near future, wondering if you have a finance company that you would recommend or stay away from.

Machine would be used.

103 views and nada?

Sorry JB. I'm watching because I'm in the same boat.

Just check around. Try to stay small time local bank. direct capitol is a rip and you'll pay like 20% interest. There was another thread on that

read your direct capitol lease very carefully

in my little experience, a larger local bank was too high interest and didn't want to work with it. Smaller bank was happy. Family place ran into the same bit. They needed to spend money (to keep the gubment off it... wish I had that problem) but wanted to just borrow and keep their reserve in the bank. decided to get a new Peterbilt rollback and same big bank they used for over 20 years wanted them to fill out a book of paperwork, even though they had 3-4 times the cash in the bank. Small bank was happy to work with it, fill out a couple papers, sign here, done deal.

The bigger the bank or lender or whatever, the more it is all about the money and extra hoops and even more money. Smaller banks are still trying to provide a "service"

Originally Posted by annoying

Just check around. Try to stay small time local bank. direct capitol is a rip and you'll pay like 20% interest. There was another thread on that

read your direct capitol lease very carefully

Thanks...I remember that thread....a search turned up a place that OX said was pretty good.

I recently got a loan through US Bank. They have a division specializing in Machine Tool purchases. The application was a 1-2 page thing that takes a whole of 10minutes to fill out. They let you know if you qualify or not within 2-3 days or so. The banker even knows what a machine tool is!

try cnc associates, they do financing for the haas factory outlets. Very easy to deal with.

Originally Posted by steve10778

try cnc associates, they do financing for the haas factory outlets. Very easy to deal with.

I agree, easier than some car loans I have had. Do they work ouside Haas though?

Jason,

Originally Posted by alliancefab

I agree, easier than some car loans I have had. Do they work ouside Haas though?

Jason,

We use Intech funding for everything. I can get the guys name...super chill guy and rates are good.

Originally Posted by JB @ C and L Machine

Looking to buy a Cnc lathe in the near future, wondering if you have a finance company that you would recommend or stay away from.

Machine would be used.

How much $$$ you plan to finance? The amount financed may be a factor in who to use. You are probably looking at a rather big toy.

Amount up to $20k, my local credit union was the best option for me.

Bill Moore at US Bancorp. Best I have dealt with. PM with any questions

I really like MFR (Machinery Finance Resources). They have a short and easy to read set of docs. They are easy to deal with and the rates are good. I've even paid a few leases off early and that went very smooth.

Home - Machinery Finance Resources

Originally Posted by steve10778

try cnc associates, they do financing for the haas factory outlets. Very easy to deal with.

I just did this without even having a job. Told them my business plan as a start up and my machine is now on the shop floor.

I also tried US Bank as mentioned earlier as they do have a Machine Tool/Equipment department, but I didn't qualify with them due to not enought time in business. Wells Fargo also has the same division, I told them to go pound sand as I didn't like there customer service, but it's worth a try as you may have better results.

Scott

I had a couple of different finance co's in the past, interestingly they both sold their "lease" to US Bank.
One of those was actually MFR, who is I believe simply the originators.
Nonetheless, the last time around I've combined two of my existing leases and added a new machine with US Bank.
They do have a division specializing in equipment finance, and they also provide loans in addition to leases with comparable rates.
They were good enough to reduce the remaining interest from the existing leases during the conversion and I now have a loan which can be paid off at any time
without penalty or having to pay all of the remaining interest as in a lease.
I was told that the company Haas uses also forgive the remainder interest if paying off early.

Originally Posted by SeymourDumore

.
I was told that the company Haas uses also forgive the remainder interest if paying off early.

Haven't heard that I will have to look into that.

I have heard that they do not go to the credit bureaus if you miss payments, I guess they are not going to give you the code for the machine for that month once the hours are up.

Originally Posted by Pulse

Haven't heard that I will have to look into that.

This is where I've gotten' it from:

haas financing

Originally Posted by SeymourDumore

This is where I've gotten' it from:

haas financing

Thank you, appreciate the link.

Originally Posted by steve10778

try cnc associates, they do financing for the haas factory outlets. Very easy to deal with.

would they finance/lease used non Haas machines ? they seem to be a Haas exclusive sort of like cat financial

Just financed a new machine with USBancorp, rates are pretty good, though they have a prepayment penalty. We also got approved through investors bank, pretty much the same rates but USbank had more flexible terms.
If you need a contact call me at 732-548-5500

Sam