Spa Equipment Financing
“Do You Need To Finance New Or Used Spa Equipment?”
Spa equipment financing can be secured for a wide variety of Spa related equipment including but not limited to the following:
Steam showers, reception desks, tanning beds, facial table, manicure table, shampoo chair, beauty salon equipment, styling station, therapeutic system, mirror, dryer, hydro massage system, facial machine, shampoo station, styling chair, and pedicure chair.
There are commercial equipment financing programs for both new and used spa equipment as well. For used equipment, down payments will likely be higher, repayment periods shorter, and interest rates higher as well. That being said, the newer the used asset, the better the condition its in, and the amount of perceived useful life remaining can provide rates and terms similar to new spa equipment financing in some cases.
For amounts under $25,000 for established businesses, the application and approval process is fairly straight forward with financing completed in just a matter of days. As the amount of funding increases and the time in business is reduced, the requirements for funding will increase as well as the time required for a more thorough human review of the information. For larger deals, the approval process can take two to 5 business days to complete, depending on the amount of applications targeted lenders or leasing companies are processing at any given time.
Get Spa Equipment Financing That Meets Your Needs
For spa equipment financing requirements above $25,000, one strategy to get things done quickly, and at good potential rates is to break up the pieces being purchased into individual leases with several leasing companies. This allows the approval process to be completed faster as each lender will be asked to carry less of the overall debt which reduces the amount of risk analysis they may need to perform.
If you have time on your side, there’s nothing wrong with getting everything done and approved within one loan or lease, reducing the ongoing administration of the loan or lease to a monthly payment.
There also is the potential to purchase used equipment from both a licensed vendor and a private seller. The private purchase process will take a bit more work and time to assure the equipment financing company that there are no liens or claims outstanding against the asset. But this can be well worth the effort if you can secure a good deal on quality used spa equipment.
Even if you purchase with cash we can still arrange financing on the equipment after the fact for up to 6 months after the date of purchase and return all or most of the capital outlay back into your cash flow