Leasing a new press

[blue moon]

not to mention that as a new shop we don't have a credit history either

Leasing companys love to hit you with this.. you can have a personal credit score of 800 but because the biz doesn't, you pay a higher rate for being a high risk.

The best way to go is to buy the equipment personally, then lease it to your business.

AHA! Now that's a good thought! 'will have to find out what is the difference in the rate.

pierre

[chubsetc]

I had ranges from 15-30% and some were real jerks when I asked about the interest rates and got some responses like - "do you want the loan or not?" So I said screw it and bought a used press and will pay cash for my upgrade.

I bought an embroidery machine in my early 20's and had no credit.  I had a nice downpayment but was hoping to lease the rest to build some credit.  Talked to the lease company and told them that I had a no interest loan from a family member for the part I couldn't come up with but was hoping to build some credit.  They came back with an offer at 19% interest and said "thats the price of building credit do you want the loan or not?"  Obviously I took the no interest loan, stopped using a business debit card and got a credit card to start building the credit. 

[jsheridan]

not to mention that as a new shop we don't have a credit history either

Leasing companys love to hit you with this.. you can have a personal credit score of 800 but because the biz doesn't, you pay a higher rate for being a high risk.

The best way to go is to buy the equipment personally, then lease it to your business.

AHA! Now that's a good thought! 'will have to find out what is the difference in the rate.

pierre

i had it explained to me by an accountant once. Something along the lines that because the machine is not an asset to the company, it's not subject to depreciation or considered value property or something like that. Also if the business fails for whatever reason, you still own the equipment.

1 more thing.. even after you pay the machine off, the company can keep right on leasing it from you.

[David005]

I got an old 8 color I can make a deal on

[T Shirt Farmer]

I just put down 25% deposit on the MHM package and got 5.25% fixed from Wells Fargo on a 5 year note. I have a lot of really good credit and my P&L is clean. They had it approved in 3 days and sent me 15 pages of docs to sign... funny back in the late 90's I would walk into the bank and they would say "How much would you like to borrow today Mr. Young" sign 1 doc and the money would be there the next day. I have been a Wells Fargo customer for 30 years and now they act like they don,t even know me or my company.... times have changed

[Prosperi-Tees]

Which MHM press did you get? How much did the press run?

[jason-23]

Question? How do you know or get information about your business credit score? I havent even thought about it before now.

[Prosperi-Tees]

Neither have I. I know business credit monitoring is done by Dunn& Bradstreet, kinda like Experian for individuals. My question would be how do you establish business credit being new and all.

[jason-23]

Neither have I. I know business credit monitoring is done by Dunn& Bradstreet, kinda like Experian for individuals. My question would be how do you establish business credit being new and all.

I guess the same way you do personal credit. Get a account, a cc, buy stuff on it and make payments. 5 years rings a bell for some reason, idk im an idiot!

[Prosperi-Tees]

Tough to get credit as a startup though. Does anyone know how tough it is to get a net 30 account at your blanks supplier?

[jason-23]

Tough to get credit as a startup though. Does anyone know how tough it is to get a net 30 account at your blanks supplier?

that reminded me i have to do that.

[jsheridan]

Neither have I. I know business credit monitoring is done by Dunn& Bradstreet, kinda like Experian for individuals. My question would be how do you establish business credit being new and all.

Take some time and read some credit help boards. when done right, you can skyrocket your business credit worthiness in less than a year.
creditboards.com helped me get my personal stuff back in line, and will help the business when the time comes to incorporate and build corporate credit.