Financing for commercial tanning beds
Are you a new tanning salon owner looking to stretch your working capital? Have you been in the business for a long time and now want to expand? Do the wise thing and look for financing for commercial tanning beds. Financing allows you to spread your expenses over a period of time to make payments more manageable.
How can I benefit from financing for commercial tanning beds programs?
Financing for commercial tanning beds is great for any kind of tanning salon, whether it is just starting up or already growing. It is especially helpful for owners running their tanning salon by themselves and business partners merging capital resources to get their tanning salon business off the ground. But it is now common to see even tanning salon corporations opting to go for financing for commercial tanning beds. This is because financing spreads the risk over a more manageable period and frees up the business' cash on hand for other more ‘immediately profitable' uses.
Is financing for commercial tanning beds expensive?
Not at all. The cash out you need in order to secure financing for commercial tanning beds is very minimal. You typically only need to pay a minimum down payment – usually one month's worth of payment plus a security deposit to be used for insurance (which is the same as a months pay). The actual rate varies depending company providing financing for commercial tanning beds, but they all usually base their decision on factors such as your business' credit history, financial performance and profitability, and the kind of tanning bed you are looking to buy.
Once your application for financing for commercial tanning beds gets approved, you can begin using the bed. The bed will be yours after 30, 40 or 60 payments, depending on the term of your loan.
Let us illustrate. Let us say that your salon decides to finance six high-end tanning beds. The company providing financing for commercial tanning beds agrees to shoulder the purchase, insurance and installation fees for all six beds, bringing your total loan to $100,000. You decide to pay for the beds over a period of five years or 60 months. The actual rate you will be paying will be affected by your business' circumstances and the payment terms and conditions of the company extending you financing for commercial tanning beds, but it should be somewhere around $ 2600 to $2700 a month.
Conclusion? Financing for commercial tanning beds is really a lot cheaper than buying your own tanning beds right away. Instead of spending your capital on equipment, you can spend it on salon remodeling, advertising, and other tactics to help you widen your client base.
Financing for commercial tanning beds is indeed a wise business decision. As long as you keep paying regularly, you never have to be burdened with very high default rates. Experts also advise you to pay more than your minimum premium monthly, if your business revenues allow it, in order to shorten your payment period and save on interest.