mainor5251 Posted February 28, 2013 Share Posted February 28, 2013 With the changes that I have made recently to my business model with focusing on racks and amusement machines I have found a need to finance machines. While doing bulk over the last 3 or 4 years my company was a sole proprietorship and did very little record keeping, I recently shut that down and now have formed an llc (waiting on that paper work to come back). So my question is how hard is it to get equipment financed from distributors like Birmingham Vending or Coast to Coast with a brand new company, what do they traditionally want down. I want to be able to go pitch accounts and know I have a resource to several different types of quality machines. Im in a position that as long as payments are low enough that machine profits can cover them, product and commission im golden since I don't have to draw a check from business. Link to comment Share on other sites More sharing options...
Toad Posted February 28, 2013 Share Posted February 28, 2013 Score over 600 and 20% should do it I would say Link to comment Share on other sites More sharing options...
musser Posted March 1, 2013 Share Posted March 1, 2013 Or check out equipment leases at Firestone or ACG. Rates are higher than good bank credit but they will finance when others wont. And a lease has really significant tax advantages. Most suppliers will have a lease company they work with. Some like Betson self finance. Link to comment Share on other sites More sharing options...
mainor5251 Posted March 1, 2013 Author Share Posted March 1, 2013 Thanks guys good info Link to comment Share on other sites More sharing options...
sherlock Posted March 1, 2013 Share Posted March 1, 2013 Even an LLC can qualify for a business credit card without much credit history. You may be able to get a business credit card with 0 interest for 12 mos. If you are expecting a 12mos or less ROI, the business card w/promotional 0% may be the best/easiest option. One place you can try if you want to go this route is Spark Business -- it's part of Capital One. Link to comment Share on other sites More sharing options...
dogcow Posted March 1, 2013 Share Posted March 1, 2013 i got a credit line at betson easy, tho at the time my credit was much better now its all f'ed up Link to comment Share on other sites More sharing options...
Action Vending Posted March 2, 2013 Share Posted March 2, 2013 SBA loans can be a good way to go. Link to comment Share on other sites More sharing options...
Walta Posted March 12, 2013 Share Posted March 12, 2013 Are you prepared to sign a personal guarantee? The distributor I work for required one for all financing deals. Basically all your personal assets are collateral for this loan. Walta Link to comment Share on other sites More sharing options...
mainor5251 Posted March 17, 2013 Author Share Posted March 17, 2013 Got rejected on a $6000 line from Birmingham last week. Didnt get to speak with them on the phone yet but was wondering if a written guarantee/contract from a location would change their minds and is their financing in house or by a secondary company. And generally whos easier to work with distributors on financing companys like firestone. Link to comment Share on other sites More sharing options...
havending Posted March 17, 2013 Share Posted March 17, 2013 Got rejected on a $6000 line from Birmingham last week. Didnt get to speak with them on the phone yet but was wondering if a written guarantee/contract from a location would change their minds and is their financing in house or by a secondary company. And generally whos easier to work with distributors on financing companys like firestone. Give betson a try. The word on the street around here is that Birmingham vending is not doing so hot. So if they are holding the paper it may be that they can't. I can tell you that most of their equipment old and they dont seem to be buying much. Sent from my Desire HD using Tapatalk 2 Link to comment Share on other sites More sharing options...
mainor5251 Posted March 17, 2013 Author Share Posted March 17, 2013 I'll try them if no luck I'll go with musser recommendation and try Firestone Link to comment Share on other sites More sharing options...
will.vend Posted March 17, 2013 Share Posted March 17, 2013 birmingham vending is a very disorganized company, they were part of the problem with my toy taxi. I wouldnt recommend them or toy taxis! Link to comment Share on other sites More sharing options...
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