New Haas UMC 350 Models Coming Out Soon

[crossthread82]

I have a feeling an MTB that starts offering easy financing for their machines will immediately start looking for ways to lower the cost to build the machines.

That's entirely possible. But I think if they started financing and offered some more upfront pricing they might find that more smaller shops are interested in their stuff since they have more info to work with.

They can keep their pricing structure the same just offer installed payments, because I'm sure you know getting a 200k+ loan from a bank is not exactly easy for a guy or a starting business.

 

[Houdini]

That's entirely possible. But I think if they started financing and offered some more upfront pricing they might find that more smaller shops are interested in their stuff since they have more info to work with.

They can keep their pricing structure the same just offer installed payments, because I'm sure you know getting a 200k+ loan from a bank is not exactly easy for a guy or a starting business.

Mazak has started down the road of competing with Haas, they were out yesterday and told me about in house financing, their huge amount of local(US)parts, the Ez line of machines, they even have a machine building app online, all they need is the pricing online and they have the exact same system as Haas. Just a FYI. I personally am done buying entry level machines.

 

[empower]

That's entirely possible. But I think if they started financing and offered some more upfront pricing they might find that more smaller shops are interested in their stuff since they have more info to work with.

They can keep their pricing structure the same just offer installed payments, because I'm sure you know getting a 200k+ loan from a bank is not exactly easy for a guy or a starting business.

damn near impossible
i recently tried to get a 150k loan with 30% down and 800 credit score - was told to go pound sand.

 

[Houdini]

damn near impossible
i recently tried to get a 150k loan with 30% down and 800 credit score - was told to go pound sand.

Every person and bank is different, I just went and got one for $200k, 6%, no down, no pounding sand involved.

 

[empower]

Every person and bank is different, I just went and got one for $200k, 6%, no down, no pounding sand involved.

as a new business?

 

[Houdini]

as a new business?

No, Not as a new business. I didn't think you were a new business either?

 

[empower]

No, Not as a new business. I didn't think you were a new business either?

thats what we were talking about.
i am a new business now, or at least i started a new business, might have to put it on hold since i cant get a loan...

i've just been working at different shops, decided to go out on my own finally. had tons of work lined up, SMOKIN deal on a machine, but foiled by banks

 

[david n]

thats what we were talking about.
i am a new business now, or at least i started a new business, might have to put it on hold since i cant get a loan...

i've just been working at different shops, decided to go out on my own finally. had tons of work lined up, SMOKIN deal on a machine, but foiled by banks

Start up makes it difficult to get $$$$..............what kind of lending institution? I deal with my local credit union. Never an issue getting a loan. I have a 22 year track record with them, so that helps. Most of the time the loan papers are finalized after I buy the machine.

 

[bryan_machine]

Loans are credit, credit is about fear and greed. Reduce lender fear, easier to get loan.

Or find other sources of capital...

 

[gustafson]

damn near impossible
i recently tried to get a 150k loan with 30% down and 800 credit score - was told to go pound sand.

I have not had a problem getting financing since I stopped calling banks
Leasing companies.
They are built for this
I had a guy on the phone some years back reading my tax return and he actually understood it.
Nobody at a regular bank would.

 

[gustafson]

And the down payment is usually something like first and last

 

[alek95]

thats what we were talking about.
i am a new business now, or at least i started a new business, might have to put it on hold since i cant get a loan...

i've just been working at different shops, decided to go out on my own finally. had tons of work lined up, SMOKIN deal on a machine, but foiled by banks

Have you considered a used machine to start off? Lots of companies start off that way.

Lots of lenders want to see some kind of cash flow before they lend 100k+

 

[604Pook]

thats what we were talking about.
i am a new business now, or at least i started a new business, might have to put it on hold since i cant get a loan...

i've just been working at different shops, decided to go out on my own finally. had tons of work lined up, SMOKIN deal on a machine, but foiled by banks

Get back working for someone, taking a check, then borrow the money...then quit the job. Best advice I ever got was get my credit line and credit cards all up and going while I was still working for someone.

 

[empower]

Start up makes it difficult to get $$$$..............what kind of lending institution? I deal with my local credit union. Never an issue getting a loan. I have a 22 year track record with them, so that helps. Most of the time the loan papers are finalized after I buy the machine.

i've tried several banks. my credit union (navy fed) was the worst - not even a reason for decline, no counter with even a crazy % or anything. just flat out no.

 

[empower]

Have you considered a used machine to start off? Lots of companies start off that way.

Lots of lenders want to see some kind of cash flow before they lend 100k+

it was for a used machine, GF mikron Mill e 500 for 150k. absolutely smokin deal, alas...

 

[empower]

Get back working for someone, taking a check, then borrow the money...then quit the job. Best advice I ever got was get my credit line and credit cards all up and going while I was still working for someone.

thats the plan right now. in 2-3 years i should have a few hundred k saved up (and from company shares if all goes well) then i'll just buy what i want cash, fuck banks.

 

[empower]

I have not had a problem getting financing since I stopped calling banks
Leasing companies.
They are built for this
I had a guy on the phone some years back reading my tax return and he actually understood it.
Nobody at a regular bank would.

i was going through a machine financing company - essentially a middle man. he was blown away that nobody would touch me considering my situation, yet here we are.

 

[david n]

i've tried several banks. my credit union (navy fed) was the worst - not even a reason for decline, no counter with even a crazy % or anything. just flat out no.

Haas will finance ya.................................

 

[Houdini]

Also, obviously it depends on your debt to income ratio.

 

[cnctoolcat]

Most mainstream builders are happy to lease you a machine through their own financing departments.

Not just Haas, but Mazak, Okuma, DN Solutions (Doosan), Hardinge, DMGMori, etc. will lease a startup shop a new machine, as long as the owner has decent-to-good credit, money to pay down, a place to put the machine, and a believable business plan/idea.

The "dollar-level" of machine offered for lease would obviously depend on the owner's creditworthiness and cash for down payment---don't expect to lease a million-dollar machine simply because you have good credit...start simpler.

ToolCat