Make sure you know you are pre-qualified before you apply for a counting machine loan. Our free business capital search engine will allow you to see the funding programs and lenders that are available to you and then you choose those you wish to apply for. A counting machine loan is used for expensive counting machine purchases.
A counting machine is simply an adding machine that is used by many small retail based businesses. The loan amounts for counting machines are very small, usually under $2,000 to $10,000 of dollars. The loan terms are usually 12 or 24 month repayment periods. The interest rate charged for a counting machine varies, based on the borrower’s credit quality.
A borrower that has a good credit standing will typically qualify for a good rate. Many times the rates are several points (1 or 2) above the prime lending rate. Those borrowers with less than perfect credit will pay interest rates that are much higher that the prime lending rate.
A business that needs to purchase a counting machine can apply with a bank or private lender specializing in counting machine loans. Be careful to review your loan terms and conditions. The loan agreement is the legal agreement between the company borrowing the funds for the counting machines and the lender making the loan.Credit is the lifeblood of your business, especially for small or new startup companies. BusinessFinance.com assists entrepreneurs to get started purchasing equipment, building your inventory and expanding your business.
Some important items to know to finance your are:
- How much money do you really need?
- Do you know your exact FICO scores?
- How do you plan to repay the loan?
- Who is going to borrow the money? You personally or another legal entity?
- What assets can you pledge to secure your loan?