We had a company quote us 7%, but our math came out to 12%, they disagreed no matter what we said. Aren’t they required to disclose the real rates?
IIRC Ritalia was around 12% or so, so expensive money. I wish our credit union could be bothered to consider it, but they have a fresh stack of blank stares from all staff. I heard banks in the Midwest were more used to equipment financing. Don’t want to buy new at 2-3X the price because they have a good deal on financing. On Feb 28, 2020, at 16:21, Forrest Christian (List Account) <[email protected]> wrote: > > > And don't fall for the 'lease rate' crap the leasing companies push. > > Let's say you get a 5-year lease on a 100K piece of equipment. The leasing > company will quote you a leasing rate of something like 2.5%, with a payment > of $2500/month, with a dollar buyout. The naive assumption is that 2.5% is > the interest rate. Which would be a great rate. Unfortunately, this isn't > actually what it is. Instead, 2.5% is the amount of the total purchase you > pay each month. So this means your payment is 100K * 0.025 = $2500 per > month. > > If you take "100K, 5 Years, 2500/month" payment and stick it into a loan > calculator, you'll find that the rate is actually 17.274%. Which is pretty > bad. > > It's even worse that the sales people will tell you to your face how great > the rate is and how it's better than your bank. And then argue with you > when you tell them how bad it really is. > > > >> On Fri, Feb 28, 2020 at 2:28 PM [email protected] >> <[email protected]> wrote: >> Ritalia has horrible rates. Other companies are better. Your bank is >> probably the best. >> >>> On Fri, Feb 28, 2020 at 4:07 PM Jeff Broadwick - Lists <[email protected]> >>> wrote: >>> +1 on Ritalia! >>> >>> Also done well with Summit and LCA. >>> >>> Jeff Broadwick >>> CTIconnect >>> 312-205-2519 Office >>> 574-220-7826 Cell >>> [email protected] >>> >>> > On Feb 28, 2020, at 2:53 PM, Graham McIntire <[email protected]> wrote: >>> > >>> > We did a lease/finance through Ritalia and had great luck with them. I >>> > can't say we had a great rate (I don't remember what it was,) but they >>> > were easy to deal with and worked out well. >>> > >>> > Graham McIntire >>> > Verona Networks >>> > President/Owner >>> > >>> >> On Fri, Feb 28, 2020 at 2:40 PM <[email protected]> wrote: >>> >> >>> >> I have had a pretty good experience with John Deere on both rent to own >>> >> and >>> >> lease on a couple of mini excavators. >>> >> Just ask the dealer for dealer financing. >>> >> >>> >> -----Original Message----- >>> >> From: Dev >>> >> Sent: Friday, February 28, 2020 11:32 AM >>> >> To: [email protected] >>> >> Subject: [AFMUG] equipment lease/purchase companies >>> >> >>> >> Has anyone had a good experience with equipment lease/purchase/finance >>> >> companies for things like mini-ex, directional bore, etc? Our local banks >>> >> are totally clueless on equipment, so you have to go find a broker (who >>> >> takes a cut) who shops it to an out-of-state non-retail bank. >>> >> -- >>> >> AF mailing list >>> >> [email protected] >>> >> http://af.afmug.com/mailman/listinfo/af_af.afmug.com >>> >> >>> >> >>> >> -- >>> >> AF mailing list >>> >> [email protected] >>> >> http://af.afmug.com/mailman/listinfo/af_af.afmug.com >>> > >>> > -- >>> > AF mailing list >>> > [email protected] >>> > http://af.afmug.com/mailman/listinfo/af_af.afmug.com >>> >>> >>> -- >>> AF mailing list >>> [email protected] >>> http://af.afmug.com/mailman/listinfo/af_af.afmug.com >> -- >> AF mailing list >> [email protected] >> http://af.afmug.com/mailman/listinfo/af_af.afmug.com > > > -- > - Forrest > -- > AF mailing list > [email protected] > http://af.afmug.com/mailman/listinfo/af_af.afmug.com
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