If you are like every wise entrepreneur, you want to be able to put up your tanning salon business without ever making a major cash outlay. Guess what – you can actually do it. There are now a lot of tanning equipment financing firms that are willing to lend you money so that you can purchase tanning beds and other related equipment and pay in flexible terms. Best of all, some of these firms allow you give 12 months interest free for new tanning beds! How do you know which financing companies are best? Here are a few guidelines.
It should provide 100% financing. Competition is forcing financing companies to give you the most assistance that they can – the ball is on your side now, so play it. There is no need to settle for a company that shortchanges you. Make sure that on top of giving you 12 months interest free for new tanning beds, they also provide 100 percent financing. You should be able to get a loan not only for the major tanning equipment (such as tanning beds), but also for the accessories that come with it (such as extra lamps), the freight involved, and even the installation charges (if any). This way, you never have to shoulder ‘hidden' charges. You get to pay for everything on a more comfortable pace.
They should provide competent financial advisors. You know that a financing company really has the best interest of your business in mind when they give you a one-on-one consultation. Instead of just giving you 12 months interest free for new tanning beds, they should also give you sound advice on what payment schemes are most optimal for your business' current position, what will be good for you in the long run, etc.
They should set realistic promises. Avoid financing companies that attempt to ‘sell' you their services by dazzling you with promises of 12 months interest free for new tanning beds or impossibly affordable monthly rates. Look instead at the company's sincerity – if they are able to tell you directly what you will be paying and the consequences if you do not pay, then they probably are honest and transparent.
Do not be fooled by financing companies that set unrealistic claims. As a rule, you should expect to pay about $270 every month for two years for a $10,000 loan, about $750 per month for two years on a $20,000 loan, and about $920 per month for two years on a $30,000 loan. Borrow 40,000 and expect a bill of almost $1,500 for $1480 every month for 48 months. Some companies waive the interest fees for a certain period of time – you can realistically get as much as 12 months interest free for new tanning beds. An interest-free period longer than that is already dubious.
Other tips
Financing your tanning beds is great way to retain capital and use it for other business development purposes. Use this option wisely and your business will undoubtedly tae off. Also, lease payments are considered tax deductible if you are a business, so you are really doing your bottom lines a lot of favor by financing.
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