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Used Machine Financing

blkaplan

Cast Iron
Joined
Nov 23, 2011
Location
Maryland, USA
I am looking at getting another machine for my shop,

I am torn between a new NLX2500 SY twin spindle lathe and something like a relatively new used NTX2000,

We dont have the budget or the work to justify a new NTX at the moment.

Does anyone have any experience with used machine financing?

The NLX is going to be around 300k and hopefully a used NTX wont be more then 400k.

I have heard some machine resellers offering used machine financing with a warranty that covers operator error for the length of the loan.
 
Gun sales belong in the For Sale section.
Not the finance section.


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I am Ox and I approve this post!
 
I had good luck with Stearns
First and maybe last person who understood my tax return
They would finance used, at least after I had history with them

Yamazen set me up with machinery finance resources who seem good, but no idea on used
 
I'd go to my bank but have also used US Bank. Whoever you go to needs to understand what a machine tool is. If you have to explain anything else about the equipment their just wasting your time.
 
usually banks are harder to deal with if you are a small guy and looking for a bigger cnc capitol purchase i'd find the guys that specialize in machine tools / industrial equipment. local here is tech financial services. plenty guys around but banks can give you the run around and waste a lot of frickin time!
 
[other than local bank]

2nd option would be Harbor Capital out of Seattle I think.
I have not used them, but came close one time.
They would be my second go-to.
They seem to target manufacturing as well.


Note, my replies are from experience, but it is older experience as I have not financed anything new in 15 years, so ...
And maybe 20 years since a "lease".


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Think Snow Eh!
Ox
 
I went to Quickturn Financial. They are a broker and I ended up with Banterra as the bank. I think they were the only bank that would touch my loan since it was a 9 year old Haas minimill and I had no credit history with my business. If you're established I'm sure you'll have more options than I had.
For sure don't go to your local bank.
PM for contact info if you're interested.
 
I went to Quickturn Financial. They are a broker and I ended up with Banterra as the bank. I think they were the only bank that would touch my loan since it was a 9 year old Haas minimill and I had no credit history with my business. If you're established I'm sure you'll have more options than I had.
For sure don't go to your local bank.
PM for contact info if you're interested.

Once you are fully established, you don't need their services nearly as much.

Local bank experience depends on the local bank. Mine was super! But I did get some leases from outside as I kind'a like to have my credit spread around a bit. And, a biggy as well was that my inside guy could go up to $200K on his own. Above that - and it went in front of the board. This is barely a black dot on the road map, and everyone knows everyone here. (at least multi-generational families) I was uncomfortable with others knowing my business, so I kept some big ticket items off of their books.


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I am Ox and I approve this post!
 








 
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