Approximately half of the Gammill or Statler Quilting Systems that we deliver are financed in whole or in part. There can be a lot of reasons to finance a major purchase like this, even if you have the cash to buy it outright, it may make sense to keep your money invested or available for other purposes.
Here are some of the top ways that our customers have financed their new Quilting Machines:
- Take out a loan from your 401k retirement plan. This way you are paying the interest to yourself instead of a bank. “These transactions can be the simplest, most convenient and lowest-cost source of cash available.” Generally you can get a 5 year term and you can borrow up to 50% of your account’s value. Read an excellent article from investopedia.com here (external link opens in new window).
- Dealer Assisted Financing. We have developed relationships with several lenders who LOVE these loans! Quilters are a pretty great bunch of customers to work with every day, and they know it! When you apply thru my online application I will send the information to my lenders and they will contact you directly with any additional questions, then they will make you an offer. Choose anyone you like, because each and every one of these lenders is very reputable and easy to do business with. to apply now!
- Taking out the money from their house through using a HELOC (Home Equity Line of Credit). If you already have one of these set up, in most cases you can just write a check and the equity from your house buys the machine. Pros: Easy if you already have one, quick (often one day). Cons: It might take longer to pay off the machine because the price just gets added to your mortgage, so your total interest paid might be high.
- If you own an automobile free-and-clear, a creative financing approach is to call the bank and in most cases, just with the VIN off the car, the bank can write a secured loan on your car and give you the check. Pros: really easy, quick (often same day). Cons: You might have to increase what you pay in car insurance to meet the bank’s requirements. Also, your car may not have enough value to provide the entire funding for your quilting machine and so you may need another loan beside.
- A new financing partner of ours is ACG Equipment Finance. It pays to shop for financing, and you should give them a chance to make you an offer by clicking this link here. (external link opens in new window).
Please, if you have another financing idea, email it to me at firstname.lastname@example.org and if I like it, I will add it to this list and send you a little gift besides! (must include full mailing address to receive gift).