- Joined
- Aug 9, 2019
- Messages
- 274
Rep Bank
$1,790
$1,790
User Power: 228%
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
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today
