First Pacific Funding will help you double your Marketing and Work Capabilities by adding an Infrared Camera, Duct Blaster, Blower Door or any additional equipment to your Tool Arsenal, we can also finance the training!! With approved credit, starting January 1, InterNachi members can get into your Equipment for $0 down, and let the equipment immediately begin working for you right away.
Call me to get pre-approved.
Combine your camera purchase with our IR training class and get the lowest price
on cameras… plus financing on the whole package (and free interNACHI renewal when
purchasing the FLUKE TiR).
I hope everyone interested in this does their homework. I looked into financing my blown in insulation machine, not with FPF, and when I looked at the small print in the contract it was going to cost me 50% of the cost of the machine!!!
I passed. The rep. kept telling me, " But it’s a lease, it’s tax deductible!!"
I don’t care if it’s tax deductible. Paying 6000.00 for a 4000.00 piece of equipment is just bad business.
Make sure you read the fine print, as they say, looks good on paper.
You know the old saying “There is no such thing as a free lunch”
Happy New Year Everyone!
Sorry about your bad experience Peter with another company, I take a personal approach with each Internachi Member to find a way of getting into the equipment with an affordable payment, however sometimes there are scenarios because of a low credit score or prior Bankruptcy that makes the pre-approval a little more challenging. We certainly give it our best shot though!
I actually have excellent credit. It was the company I was dealing with. They set a flat fee for financing which means you have to pay the total contract no matter how fast you pay it off and on top of that you don’t own the equipment at the end, there was an additional fee of 10% of the contract to buy the equipment.
In this case I bought the machine on a credit card for 12.99% and will make excelerated payments.
Definitely with that scenario, I would never do business with them again. The majority of the time, we have the option of doing a Purchase or a Lease, whichever you choose.
50$ to walk out the door with a 5000.00 piece of equipment is incredable, but you will pay for the low down payment at the end.
you either take the hit in the beginning or you get it in the end.
either way they do not loose, there in the business to make money.
they will try to get the payments as low and as long as possible for you.
I know cuz I did this 4 years ago and after 3 years of payments, and 25% extra i was in the ownership game not the rental of equipment game.
If you can buy it oughright or put down what you can afford, to keep it low and short.
fwiw
Hi William,
Thanks for your “expertise” in the financing world, However, I have helped Internachi members and Home Inspectors out for 9+ years with select distributors on equipment purchases, and although you may have had a bad experience, I can show you 100 people that haven’t had a bad experience in 09 alone. I don’t know who “they” is, but I can assure you, it isn’t me and the bank that I am associated with.
Happy New Year!
Since others are posting their bad experiences, I will post my positive.
I have used leasing companies half a dozen times. All good experiences. My terms have always really been simple. 7-8% interest, 2-7 yr term. $1 buyout. No prepayment penalty (except on one, which had a 3%,2%,1% diminishing over the first three years). But that’s Ok, because we couldn’t pay it back in the first 3 years anyway. It’s essentially like a car payment.
I have also stretched my finances to pay cash for a $10K item. Even financed it on a credit card at 0% for one year.
Whatever suits the cashflow at the time.
But don’t fall for the “tax-deductible because it’s a lease” line. ANY business expense is tax-deductible. With the 179 accelerated depreciation, you can fully deduct all of anything that a HI would need in one year.
Good luck!
I can share my positive experience with Stephen Carnes with First Pacific Funding. I gotta’ say that he was instrumental in helping me overcome the negative thoughts I had permanently engraved in my brain regarding leases. Very responsive, good listener and detailed in all his correspondence. I highly recommend Stephen Carnes with First Pacific Funding. Good person to deal with!
Thanks for the kind words Gary!
There do seem to be people that have a negative feel about financing, but like you, there are a lot that do not. To be able to have a small payment to where the equipment can pay for itself in 1 or 2 inspections a month, and then use the cash that you would have paid for the machine, and use it on Marketing. That seems to work well also.
Forget the Leasing Part.
Look at the equipment part. In some areas there is a good demand for IR or energy testing. Other areas - NOT.
In my area I’ve yet to see any Home Inspector skyrocketing OR even really getting a hard jolt from either. The only hard jolt most talk about is the cost of the equipment. Expensive toys to set on the shelf.
No money around KC. No inspections. No one has any money to spend. It must be better in other cities.
I only did 15 this month so its still slooooow out west. 10 days of rain in row didnot help also… :shock:
As with any thing think it all the way though… do your home work. Is your Inspection work slow and you are just able to hold on and make your house payment. then do not go into dept… You need some back up cash to hold you over not another payment.
If you do not have a working plan and a mentor and some back up cash. a camera and some other nice tools are not going to help. It can take a year or 2 to get this off the ground. I’m still working with buyers that have no idea what IR Is… And it been almost 4 years now.
Best
Ron
For you guys that are in an area of no money, that actually should be better for infrared. You guys should do some research on how infrared can save customers money. Then come up with a plan on how to market those customers.
If you need some direction please feel free to email me or call me at anytime.
JJ
Good points Ron, An investment in IR won’t bring you instant $$$. It takes time, ask any home inspector who has invested his hard earned cash in this technology. Vendors always paint a rosy picture.
Personally I think the picture goes both ways. And as I stated in another post it really comes down to the business owners skills and ability in marketing, customer releations and ability to network. I have heard of IR cameras becoming $10k paper weights and in the same exact city another person will buy another unit inside of a few months due to demand.
Jason Kaylor – JJ
VP of Specialty Products
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