Welder financing

[FigureItOut]

I'm exploring my options for financing a welder and wanted to see what's known and recommended by you fellows. I have narrowed down the field to just a few machines but I'm not married to anything, and financing options may certainly affect what I choose.

So I'm a wanting one of the dual voltage, multi-process machines from either Lincoln, Miller or Hobart, and I want to get a spool gun, cart, helmet and some supplies all on the same loan. I'm expecting to spend about $2,500-$4500. I'd love to finance through the manufacturer because it appears they offer a little better rates. On their respective websites, only Miller gives any real info, but their minimum purchase is $10,000 so that's out.

I have seen that many financing programs are geared towards businesses, which I'm guessing would mean high minimums, and I'm sure they'd want to see that the loan had strong potential to generate income, so those options are out as well. A little Google research shows me a ton of companies offering what I'm looking for, but there's so much to wade through I'd hoped members here had some strong suggestions.

I have a very healthy credit score so that shouldn't be an issue, but obviously I'm not going to want to do this on a credit card or any type of revolving credit. I've got the cash to outlay but for various reasons I want to finance. Advice to save up and pay cash is good advice for most, but I've weighed the pros and cons and this is the way I'm going.

So anyone have experience with this and any specific or general guidance to offer?



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[Showkey]

Business or hobby shop...........

Buy used or save up and pay cash in most every case is the wise move ...........maybe just maybe .......unless you have a prepaid job that needs a special welder so you can complete the contract then maybe financing makes a little sense.

 

[sberry]

What is it you want to do with this? A lot of guys buy wrenches and tool boxes on credit but I might narrow the scope of work a bit here and pick off a bargain piece I could afford outright or buy used in some cases.
While its nice to weld anything under the sun the odds you could get buy with a 200 class feeder and steel for a good long time are good and get going at 1/2 that budget and not have a bunch of lightly used pieces sitting around.
If its a matter of real money, where time and consumable cost are significant then all this is another matter and the juice would be rather irrelevant in short order.

 

[lukedwag]

I would look to bigger "box" stores. Northern tool, etc. Eveb Lowe's or home depot. They offer some crazy financing deals. Remember just cause they don't have it in the store doesn't mean they won't order it for ya.

 

[sberry]

That's a good idea. The Lincoln 180 is a simple tap macine and is very good, about 700 or so. Getting the accys or bottle out of pocket or off c list and it wouldn't be too painful.

 

[kkroger]

Here I am trying to figure out financing for a lot of items for a new shop, Timesaver Sander, Bigger MIG welder, Bigger TIG welder, Brakes, Shear etc... and here is a guy who wants to finance a dual voltage multi process welder...

in my experience multi process items have a tendency to be not really good at any of the processes...

 

[Thumper68]

Here I am trying to figure out financing for a lot of items for a new shop, Timesaver Sander, Bigger MIG welder, Bigger TIG welder, Brakes, Shear etc... and here is a guy who wants to finance a dual voltage multi process welder...

in my experience multi process items have a tendency to be not really good at any of the processes...

I have found this very true in the past , but these new multi process welders a whole different thing. They are very good at everything because they are just like the old units, just a power source that you connect the accy's to.

They are also small and light due to inverter tech, where in the past to get the same kind of output you would need a huge transformer machine.

For the Op I would go to my bank and just get a personal loan if I didn't want to pay cash.

Also the ESAB Rebel should be added to your short list, I spent a couple of hours at the LWS with the factory rep running it through all its paces and found it to be a great machine.

 

[FigureItOut]

I have found this very true in the past , but these new multi process welders a whole different thing. They are very good at everything because they are just like the old units, just a power source that you connect the accy's to.

They are also small and light due to inverter tech, where in the past to get the same kind of output you would need a huge transformer machine.

For the Op I would go to my bank and just get a personal loan if I didn't want to pay cash.

Also the ESAB Rebel should be added to your short list, I spent a couple of hours at the LWS with the factory rep running it through all its paces and found it to be a great machine.

I'll look at that ESAB, it's right around the price I have in mind. It's not a mainstream brand, is it well regarded among those in the know? A major brand gives me a little more confidence, but I wouldn't want to rule out something that'd be a great buy.

A personal loan would be fine, but I suspect going through a seller or manufacturer might get me better rates. It's worth checking, for some reason I hadn't considered that.

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[paulxpowers]

HTP lets you finance and they are great welder.

 

[M0SES]

if you are buying online you can look into Paypal's bill me later feature.

 

[Thumper68]

I'll look at that ESAB, it's right around the price I have in mind. It's not a mainstream brand, is it well regarded among those in the know? A major brand gives me a little more confidence, but I wouldn't want to rule out something that'd be a great buy.

A personal loan would be fine, but I suspect going through a seller or manufacturer might get me better rates. It's worth checking, for some reason I hadn't considered that.

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ESAB is a major brand and have been around for many years.

A few of the brands under the ESAB parent:
Victor (Torches, regulators)
Arcair

From Esab site www.esab.com



The story of ESAB is the story of welding. When our founder Oscar Kjellberg developed the world's first coated welding electrode in 1904, he launched a company whose innovation and uncompromising standards have helped create the history of welding itself.

For more than 100 years, ESAB has been powered by the will to continuously seek new and improved ways of serving our customers. This has made ESAB a world leader in welding products and advanced cutting systems.

In 2012, ESAB was acquired by Colfax Corporation, one of the world's leading diversified industrial manufacturing companies. Colfax, like ESAB, is a solidly customer-focused company that places strong emphasis on constant innovation and improvement.

 

[Blazinzuk]

Esab is a major name with nice machines

 

[cbones62]

How long of a term are you wanting to finance for? If you only want to do six months, the PayPal "bill me later" mentioned above is good because it is zero interest if you pay it back in 6 months. I used it when I bought my Ironman 230 from cyberweld. If you need longer than that, try prosper.com or one of the other online lenders. Prosper has really good rates if you have good credit, and you can set the length of term for repayment.

 

[kkroger]

You cant really go wrong with ESAB, MILLER, LINCOLN, I just haven't found a "Multi Process" machine that works as well as its single purpose cousins... But I will go ahead and ask, why not just use a credit card? I hate the things but if you have a badass credit score... probably a similar interest rate to some of the financing rates... most of the financing for this stuff like you said is geared toward business...

 

[ovrrdrive]

Here I am trying to figure out financing for a lot of items for a new shop, Timesaver Sander, Bigger MIG welder, Bigger TIG welder, Brakes, Shear etc... and here is a guy who wants to finance a dual voltage multi process welder...

in my experience multi process items have a tendency to be not really good at any of the processes...

I was gonna say the same thing about multi-process machines. Lift TIG DC only isn't a TIG Machine... Stick machines are a dime a dozen. The only time they make any sense if it is for space saving reasons.

 

[theoldwizard1]

Business or hobby shop...........

Buy used or save up and pay cash in most every case is the wise move ...........maybe just maybe .......unless you have a prepaid job that needs a special welder so you can complete the contract then maybe financing makes a little sense.

This gets my vote !


I want one too ! I don't NEED one, but it would be cool !

 

[Stuart in MN]

Rather than buying online, try talking to local welding supply houses. They may be able to offer you a competitive price, and also may be able to provide financing. As time goes on you will need a local source for gas, wire, and other supplies so establishing a relationship is a good idea.

 

[FigureItOut]

I'm aware a multi-process machine probably isn't ideal for any particular task, but honestly I just don't think I'll ever have need for a dedicated machine. I've been screwing around with cheap HF welders for too long though, and I believe that a quality MP machine could be the last welder I'll ever need. It is for hobby stuff. While the ones I'm considering are capable well beyond my abilities, I don't want to grow out of it quickly. Space is also a big consideration.

I'm actually wanting to finance for a bunch of reasons, but that isn't really relevant to my question. To answer why not use a CC though: a revolving account is not what I want to add to my credit mix right now, an installment loan will be better for my situation.

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[paramud]

I have a lincoln 210mp. When I started, I just had a HF MIG. It sucked. After getting the 210, I started into TIG. I love TIG now. I am going to sell my 210 MP to get a AHP or some type of dedicated TIG. I havent MIGed in a year.

Don't have anyone tell you that a lift TIG can't do anything. I made this whole frame with the lift tig and it turned out great!

The Syncrowave in the back is borrowed from work. I had to weld tabs on the Alum seat. I **** at Alum.

It is nice to have HF start and a gas solenoid on a dedicated TIG.

 

[FigureItOut]

I have a lincoln 210mp. When I started, I just had a HF MIG. It sucked. After getting the 210, I started into TIG. I love TIG now. I am going to sell my 210 MP to get a AHP or some type of dedicated TIG. I havent MIGed in a year.

Don't have anyone tell you that a lift TIG can't do anything. I made this whole frame with the lift tig and it turned out great!

The Syncrowave in the back is borrowed from work. I had to weld tabs on the Alum seat. I **** at Alum.

It is nice to have HF start and a gas solenoid on a dedicated TIG.

The Lincoln 210MP is one I'm looking at. There's nice instant rebates on it right now. I've also got the Hobart 210MP on my short list, along with a couple higher priced Millers whose model numbers escape me at the moment. Whatever I do, I'll get a spool gun and be set up for aluminum, then wait on the Tig stuff.

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[Marcm157]

If your credit is strong as you say and you have a good relationship with your local bank, I will cast another vote here for the small personal loan. Interest rates are still fairly borrower friendly.

 

[FigureItOut]

If your credit is strong as you say and you have a good relationship with your local bank, I will cast another vote here for the small personal loan. Interest rates are still fairly borrower friendly.

I'll look into that next week. I was fairly set on something through a seller or manufacturer, but I'm not really sure why. I was assuming the rate would be better, as financing through a dealer can SOMETIMES be cheaper than the bank directly.

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[beakie]

just brought home the Lincoln 210MP, picked it up the day the new rebates were offered... loved that timing!


Get your final price for what you want.

Have a preapproval from your bank for that amount and the rate they would give you.

Goto LWS or where ever you expect to buy and see what they can offer price/rate wise.

Do the math, go with best option.

 

[weadjust]

Apply for a Chase Slate credit card and get 0% intro APR for 15 months on purchases and balance transfers. I did this recently to replace a HVAC system at a rental property. Will pay it off in 6 months using the rental income.

 

[mg283680]

I don't think a Lincoln 210MP is $2,500-$4500. 3 seconds of searching shows $1200.
I'd troll CL for a used one at half price and pay cash.
I dropped $450 on a Hobart 190 a few weeks ago--new in the sealed box.
I'd also wonder why finance $1200. If you want it, buy it. Why pay $1500 for a $1200 item? Add a zero or 2 and maybe, but for a trivial amount, no.

 

[koditten]

Personal loans generally have a higher interest rate. If you use a credit union, they usually let you pay off early. In that case, you can save quite a bit on interest and the rate means nothing, plus you increase your credit rating thru that credit union.

With that said, 25 years ago I bought the set up to weld aluminum. I've used it exactly twice. I resisted diving into TIG welding for just that reason.

If I can't do it with my MIG set ups, its probably cheaper to hire the job out anyways.

 

[sberry]

Personal loans generally have a higher interest rate. If you use a credit union, they usually let you pay off early. In that case, you can save quite a bit on interest and the rate means nothing, plus you increase your credit rating thru that credit union.

With that said, 25 years ago I bought the set up to weld aluminum. I've used it exactly twice. I resisted diving into TIG welding for just that reason.

If I can't do it with my MIG set ups, its probably cheaper to hire the job out anyways.

I have a lot of aluminum irrigation pipe most dont have but I got to agree with your general take on the need for aluminum.
I can go a long time between uses.
. As for figure,, we know he wants a machine, maybe he has a need for heavy equipment so we are speculating.

 

[FigureItOut]

Personal loans generally have a higher interest rate. If you use a credit union, they usually let you pay off early. In that case, you can save quite a bit on interest and the rate means nothing, plus you increase your credit rating thru that credit union.

With that said, 25 years ago I bought the set up to weld aluminum. I've used it exactly twice. I resisted diving into TIG welding for just that reason.

If I can't do it with my MIG set ups, its probably cheaper to hire the job out anyways.

I keep really thinking some seller would have a financing program with no/low interest rate, but if there were, I'd think a member here would know of it and have mentioned it by now.

Anyway on aluminum, you have a point, but in the very little work I've done I've found I just enjoy working with aluminum. It takes a little more equipment, as I found out when I destroyed a grinding wheel (sometimes you just don't know what you don't know), but I like it. I want to have the option anyway.

I'm pretty well set on the Lincoln now. With the current rebate I can get it with the spool gun for $1200. Then by the time I get a little cart, helmet, gloves and peripherals to replace my HF ****, then get gas (probably a 5 year lease on a 125), a supply of consumables, and maybe some practice stock, I'll be right at about $2500. I was thinking of a Miller that was $1800 and came with pretty much only the power, which I is where I got my higher numbers.

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[Thumper68]

Why would you buy a cart?

A cart is one of the easiest things that you can build with your new welder and it is a good chance to practice with it as well.

I never lease tanks unless it is something that I am only going to need for a very short time 6 months or less. Just buy it outright.
My LWS lets me trade tanks anytime I want, when I picked up my tig machine I traded a 125 co2 syphon tank for a 125 argon, right now I'm waiting for my spare 80 o2 tank to run dry and then I am getting a tri mix 125.

 

[sberry]

If I was after a full size machine today Hobart 230 would be on my short list.

 

[FigureItOut]

Why would you buy a cart?

A cart is one of the easiest things that you can build with your new welder and it is a good chance to practice with it as well.

I never lease tanks unless it is something that I am only going to need for a very short time 6 months or less. Just buy it outright.
My LWS lets me trade tanks anytime I want, when I picked up my tig machine I traded a 125 co2 syphon tank for a 125 argon, right now I'm waiting for my spare 80 o2 tank to run dry and then I am getting a tri mix 125.

Really good point on the cart. I haven't firmly decided yet on the tank. My LWS said they won't sell me a tank over 80. Then he went over the refill rates for various programs, and the 5 year lease made sense. Also, at that particular LWS, the lease includes any size tank I want. I can swap them out anytime, so if I'm heavily into a project I can get a big one so I don't have to go back and refill, but for normal use I can keep a smaller, easier to manage bottle at the house.

There are still two other LWS's to check on prices with.

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[jomobco]

HTP lets you finance and they are great welder.

Agree. I have a 220V MIG and a Plasma from them. Nice stuff. I'm drooling over their TIG.

 

[Thumper68]

Really good point on the cart. I haven't firmly decided yet on the tank. My LWS said they won't sell me a tank over 80. Then he went over the refill rates for various programs, and the 5 year lease made sense. Also, at that particular LWS, the lease includes any size tank I want. I can swap them out anytime, so if I'm heavily into a project I can get a big one so I don't have to go back and refill, but for normal use I can keep a smaller, easier to manage bottle at the house.

There are still two other LWS's to check on prices with.

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Then I would find a different LWS to deal with. No way am I paying monthly/yearly or any other way.

 

[BD1]

As for the multi purpose machines, I think IF one process fails, they ALL are dead . I prefer a dedicated machine for each process. A multi process machine is not the same as a specific process one.
As for tanks, check with all suppliers in your area. Tractor supply and Farm and Fleet in some areas have tanks too. A 125 is a nice size. Monitor craigs list for tanks too provided your supplier will exchange them.
No info on financing, I use the cash stuff. Go to supplier and buy a package deal. Get the total, and then ask how much for cash . Works for me.

 

[BigMike782]

If you want multi process get a machine that will run 6010/11. The ESAB Rebel will the Lincoln won't.
Intro pricing on the Rebel was 1330.00 on one of the .net suppliers.
I ran the Rebel last weekend.....awesome, but then I need another welder like a hole in the head(Millermatic 200,252, Syncrowave 250, Bluestar 6000 and 3 110 volt migs).

 

[FigureItOut]

If you want multi process get a machine that will run 6010/11. The ESAB Rebel will the Lincoln won't.
Intro pricing on the Rebel was 1330.00 on one of the .net suppliers.
I ran the Rebel last weekend.....awesome, but then I need another welder like a hole in the head(Millermatic 200,252, Syncrowave 250, Bluestar 6000 and 3 110 volt migs).

Maybe I read it wrong, but I thought the Rebel would never run on a household circuit. I'm not super familiar with KVA, but I thought that 4.5KVA at 110 should work out to over 30 amps.

Edit: I have a 20 amp circuit I can dedicate, and will eventually run 220, hence the desire for dual voltage. The Lincoln runs 15, leaving me some breathing room, the Miller runs 20, which is pushing my limit.
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[Thumper68]

My advice would be to run a 240 circuit asap, even though they will run on 120 IMO to get the most out of them they need 240.

I have run a few dual voltage machines on 120 and they are not much more than hot glue guns for sheet metal <1/8 inch.

 

[FigureItOut]

My advice would be to run a 240 circuit asap, even though they will run on 120 IMO to get the most out of them they need 240.

I have run a few dual voltage machines on 120 and they are not much more than hot glue guns for sheet metal <1/8 inch.

Oh I will be. I've been asked to wait on it though. We're doing a bunch of stuff to the house later this summer, and 240 will have to wait and be done at the same time.

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[zkling]

How to say this gently?.... I have a feeling the reason Miller and the like don't finance smaller machines (sub 10K) is due to the headaches generally associated with those that finance smaller K purchases. It quite simply isn't worth their time and frustration to track down and pester someone for payments on a $2K machine. Because statistically most of those that have to finance smaller purchases aren't the most, punctual with payments.

 

[sberry]

I slept a lot at work at one point, way better pay though.