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Hi all.
So Im currently in my 5th month of my medical aestetic machine business and as it stands, no bank or leasing company is willing to finance anything.
That got me thinking, why dont I finance for my customers?
So I got a customer who wants to buy machines for about 100k and we cant get the deal financed.
The machines will cost me 35k to import.
The customer dont have any money but Im thinking of telling them they need to scrape together 10k and I will try to get a loan on mu business for the reminding 25k.
She will pay me 2k untill the 100k is due + 10k in interest, netting me a profit of 75k over about 72 month.
I have a contract that if she cant pay, I have the right to take back the machines after 3 month.
So in essence, she will pay back the loan first and after 16 month, I will go plus.
I believe she will be able to pay me back without problem but its not fun taking a loan to finance your customer. Then again, I will have a small down payment and can resell the machines if I have to.
Any thought, tips or reccomendations would be great
So Im currently in my 5th month of my medical aestetic machine business and as it stands, no bank or leasing company is willing to finance anything.
That got me thinking, why dont I finance for my customers?
So I got a customer who wants to buy machines for about 100k and we cant get the deal financed.
The machines will cost me 35k to import.
The customer dont have any money but Im thinking of telling them they need to scrape together 10k and I will try to get a loan on mu business for the reminding 25k.
She will pay me 2k untill the 100k is due + 10k in interest, netting me a profit of 75k over about 72 month.
I have a contract that if she cant pay, I have the right to take back the machines after 3 month.
So in essence, she will pay back the loan first and after 16 month, I will go plus.
I believe she will be able to pay me back without problem but its not fun taking a loan to finance your customer. Then again, I will have a small down payment and can resell the machines if I have to.
Any thought, tips or reccomendations would be great
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