Welder financing

[FigureItOut]

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.

Why be gentle? I'd say it's pretty clear that'd be the reason why. It makes perfect sense too. What I was hoping for was a finance program geared towards smaller business/heavy hobby. I'd be low in the range of just about anybody, but there's at least half a dozen companies that do it. The lack of testimonial of them from any member here is telling.

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[stokefire7]

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.

This would be my approach.

 

[sberry]

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[Zeke]

Local financing. Try your CU. I once bought an airless paint sprayer financed by the bank. Funny thing about that was that my first job was for the bank manger.

 

[bobcatdan]

You maybe able to take out a dirt cheap secured loan from your bank by using say your truck as collateral. Otherwise would look at a promo rate on a credit card that you can pay off with in the promo time.

 

[Todd.Brock]

Why be gentle? I'd say it's pretty clear that'd be the reason why. It makes perfect sense too. What I was hoping for was a finance program geared towards smaller business/heavy hobby. I'd be low in the range of just about anybody, but there's at least half a dozen companies that do it. The lack of testimonial of them from any member here is telling.

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I highly doubt that Miller or any welding company is carrying the accounts. It most likely a synchrony bank, chase, Sheffield , Wells Fargo that's financing the outfit. You get approved- the bank pays Miller and then you are in bed with the bank. Miller would typically pay a promotional fee to the bank.

 

[bobcatdan]

I highly doubt that Miller or any welding company is carrying the accounts. It most likely a synchrony bank, chase, Sheffield , Wells Fargo that's financing the outfit. You get approved- the bank pays Miller and then you are in bed with the bank. Miller would typically pay a promotional fee to the bank.

One thing to watch with those type of deals is they are giving a one use credit card. You get approved for financing then with your first statement, you see you have a credit limit. If they didn't give you a giant limit over your purchase, you overnight have a near maxed out credit card. This happen when I bought my tractor. I noticed a big hit to my credit which I can pretty attribute to this. It's not a big deal because I have no need currently for more credit. Also as I aggressivly attach that bill, I see my credit steadily tick back up to its once 800 standing.

 

[kkroger]

Pretty sure Lincoln was using GMAC at one point and another vendor financed through GE Capitol...

 

[FigureItOut]

One thing to watch with those type of deals is they are giving a one use credit card. You get approved for financing then with your first statement, you see you have a credit limit. If they didn't give you a giant limit over your purchase, you overnight have a near maxed out credit card. This happen when I bought my tractor. I noticed a big hit to my credit which I can pretty attribute to this. It's not a big deal because I have no need currently for more credit. Also as I aggressivly attach that bill, I see my credit steadily tick back up to its once 800 standing.

That is VERY good to know, and exactly what I'm trying to avoid. Thanks for the heads up.

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[BigMike782]

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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The Rebel will run on household 110 volt current. Most machines require a dedicated 20 amp circuit to run at full capacity(for 110). I have run a Lincoln SP-135 on a 15 amp circuit for 15 yrs and have never tripped a breaker.

 

[Albiemanmike]

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.

That is what I did recently. Got a Lowes card and the super deal was that it was no interest on any purchase if paid off in 6 months. So that is what I am doing. Just pay it off in the 6 months and it will be just like paying cash but getting it sooner.

 

[sberry]

I understand want just cause I want it, it could be important to define needs here too as it could make it a lot more affordable and still be adequate. The 200 class mig holds its value very well unlike so many tools that a guy wouldnt have to take too big a hit to use it as a stepping stone either.
I am a career welder so I have most of the machines and several of some but to tell the truth use or could use a small mig for 95% of the work I do.
This one has a home right on the bench, reaches the immediate area, made 1000's of welds.

 

[danski0224]

You will have a difficult time financing so little. It is tough to get a loan at a regular bank for less than $10k.

Consumer loan places like Wells Fargo, GE Capital, Synchrony etc. would be your best choices for a signature loan.

A home equity line of credit would be the best path.

 

[FigureItOut]

I've gotten terms and offers from a half dozen different companies that do this sort of thing, most are lease-to-own and not so attractive. Mostly because of the low amount. In any case, I just went ahead and did a cash-out refi on my car. I'll get about $2500 and I ended up taking 2 two percentage points off my current rate, so that's a win.
Now I just gotta jump through some paperwork hoops and start shopping.

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[Thumper68]

I have bought a few welders and IMO the best price is not always the best deal. I willing would pay a bit more at the LWS, then they are more willing to work with you on other stuff.

I just switched LWS's and the guys at the new one are much better at customer service, they show that they want my business and are will to work with me on prices etc...

I needed a new drive roller for my Lincoln SP250 (25+ year old machine) went to my old LWS and they spent 5 minutes searching for it and said "Sorry no got/can't get"

Stopped in at the new place on a whim and the guy there spent 20 minutes looking sent an e-mail and got the part ordered.

Building a relationship with the LWS can be a life (Project) saver.

 

[FigureItOut]

I have bought a few welders and IMO the best price is not always the best deal. I willing would pay a bit more at the LWS, then they are more willing to work with you on other stuff.

I just switched LWS's and the guys at the new one are much better at customer service, they show that they want my business and are will to work with me on prices etc...

I needed a new drive roller for my Lincoln SP250 (25+ year old machine) went to my old LWS and they spent 5 minutes searching for it and said "Sorry no got/can't get"

Stopped in at the new place on a whim and the guy there spent 20 minutes looking sent an e-mail and got the part ordered.

Building a relationship with the LWS can be a life (Project) saver.

Funny you mentioned that. I've pretty well decided to just go ahead and buy local rather than online. On the Lincoln the pricing will be about the same. Peripherals and sales tax will add some cost, but like you said, I think I'll be glad to have that relationship in the future. It's not what I'd have if I spent many thousands yearly like some, but I suspect it'll be beneficial.

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[Thumper68]

Funny you mentioned that. I've pretty well decided to just go ahead and buy local rather than online. On the Lincoln the pricing will be about the same. Peripherals and sales tax will add some cost, but like you said, I think I'll be glad to have that relationship in the future. It's not what I'd have if I spent many thousands yearly like some, but I suspect it'll be beneficial.

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My LWS opened a cash account for me as well, not allowed to charge by my request but that way when I go in and give them my name (Not needed most of the time) they can see what I have purchased in the past.tint

So even when I am not getting stuff weekly they can still see that I am a regular customer and will treat me different than joe off the street.

Also when you go in to buy, don't just walk in and say "I want a MP210"
Tell them what kind of work you will need it for, what you are replacing and so on. Let them help you. This will help build that relationship.

Edited to add:

Ask them for a cash discount vs using a CC/debit card they may not drop the machine price but they may toss in some consumables, gloves etc...

 

[FigureItOut]

My LWS opened a cash account for me as well, not allowed to charge by my request but that way when I go in and give them my name (Not needed most of the time) they can see what I have purchased in the past.tint

So even when I am not getting stuff weekly they can still see that I am a regular customer and will treat me different than joe off the street.

Also when you go in to buy, don't just walk in and say "I want a MP210"
Tell them what kind of work you will need it for, what you are replacing and so on. Let them help you. This will help build that relationship.

Edited to add:

Ask them for a cash discount vs using a CC/debit card they may not drop the machine price but they may toss in some consumables, gloves etc...

Thanks for the tips.

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