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Tanning Salon Financing
Getting financing for a new tanning salon or tanning equipment doesn’t have to be a stressful, long-drawn out process. You should focus on the other aspects of getting your salon open and successful instead of worrying about getting the credit you need for your tanning equipment.
Once you have decided on what equipment you are looking to add it is time to find the capital necessary to buy it. The best place to look for financing is through a tanning bed manufacturer. Because manufacturers are familiar with the industry they not only can help you get capital that other sources may not offer your, but they can also help make recommendations on the actual equipment to help you be successful.
Obviously the more money you can put down the better rate and lower monthly payments you can secure, but this also will reduce the amount of working capital available to you. Because of these factors this will all be dependent on your individual financial situation. It is often hard to receive tanning bed financing if you have bad credit, so you may need to rely on another source of funding if that applies to you. One place to look if that applies to you is to family and friends.
Different tanning equipment manufactures offer different options for leasing their products. The standard option is to have set monthly payments for a set period of time with a lump sum pay off at the end of the lease. Another possibility is to have a $1 buy-out option. This second option is essentially you financing the entire purchase price which will make your monthly payments and interest rate higher. As long as you have a steady monthly income this type of financing should work out well. If you are opening a new salon or are going into the slow season this might not be the best route for you.
Sun Capsule one of the tanning industries leading manufacturer is also one of the industries leading tanning bed financing. The major difference between Sun Capsule and the other major manufacturers is their unique financing plan known as FLEX. The FLEX plans uniqueness come from the way that it is structured. It is based around the concept that to help salon owners pay for their equipment they should only pay when they are using it. This really makes it possible for the customers to end up paying for new equipment. The most basic plan is a $4 a session system. Every time the tanning booth is used the salon owner must pay $4 to Sun Capsule and the rest of the income from that session is theirs to keep. With an average of $12-$15 a session this means that the salon owner is profiting from the very first day. The down payment with the FLEX system is also very negotiable. Down payments as low as $0 are possible depending on the credit of the lease holder. With great trade in plans and flexible start dates to the leases Sun Capsule continues to be the leader in tanning salon financing.
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