small CNC mill financing source?

Gos · Mar 16, 2016

Greetings,
My searching came up with very old information, so I'll ask for some fresh input.
For personal shop equipment, has anyone used a good source for financing? I'm looking at some CNC Mills, but it's beyond what I have saved for the project, so before I shelve it for a couple of years, perhaps finance the loan?
Just a thought,
Thanks in advance,
Gos

Moriboy · Mar 17, 2016

Possibly you could get a secured line of credit or an equity loan on your house?

CatMan · Mar 17, 2016

Who's machines are you looking at? Sounds like your ordering the machines out of a catalog, so there would be no dealer financing available.

Agree with post above. Cheapest place to borrow money is from yourself.

The Dude · Mar 17, 2016

I don't have a ton of experience in this area but the financial guy who's podcasts I listen to often (Clark Howard) strongly recommends avoiding the "GMMBs" (Giant Monster Mega Banks, i.e. Chase, Wells Fargo, etc.) and going with smaller community banks. Crowd funding these days is another option. TONS of people are looking for a guaranteed interest of better than 1% (i.e. that being guaranteed if you actually pay it back, rate depends on your credit history).

The Dude

Gos · Mar 21, 2016

Thanks all.
Looks like I just need to keep saving and plugging away at it.
Gos

Oldwrench · Mar 21, 2016

This is practically a non-question. Don't waste time with a bank, they hate machine tools unless they have their own machine tool finance branch. Any machine tool dealer will have people who will finance whatever you buy from him, and in fact most of the manufacturers (Haas comes to mind) have an extensive structure devoted to getting that machine on your floor. If not, then you're looking at hobby equipment.

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