Equipment Financing

[Biverson]

Also, we ran into an issue where the lease is a fixed percentage of the total amount that does not diminish as you pay it off. So a 6% on 10,000 is going to 600 every year unlike the loan which will be less as you pay it down. When converting this to the amount of money spent, it turned out that the 15% lease offer was similar to a 33% loan.

This is what mine was, but it was at 4.3% on $44k. Final calculation would be like a 21% loan - $53k in total payments. If I pay the press off early they do take 4% off each of my remaining payments, which I'll do as I'm selling it. I still wouldn't do it again and wish I wouldn't have been so gung-ho.

[Nation03]

I like Geneva but this is making me second guess my deal. My equipment lease on my current press was for about 25k which will end up being 35k after it's paid off. I forgot what my rate is but at those numbers I'm guessing 8%. My credit score is almost 800 so I thought I would get a better rate. I might need to consider a regular loan for the next press.