Time Payment for equipment

[CreditCuestions]

I will be starting a Photo Company next In May and I need a $2K lens. I have called TimePayment and they say they pull Equifax and will work with anyone with a Fico score over 550. They also say they report monthly as an installment loan.

 

My question is TimePayment a good option? I have looked on the forum and I can not find them.

[BRBiz]

You should have the $2k for the lens before starting a business.. Any business requires some money even if it's only a few thousand to get started.

[Ace_TX]

yeah, seems like a critical item for your photo biz like a lens/camera should be taken care of already

 

have you looked into buying used or renting?

[CreditCuestions]

I've actually already began the business I am going to make it legal next month. I do have equipment already. I also have the $2k to buy the lens but I thought it would be a good time to open a higher line and use credit for something I am going to buy anyways instead of a lower line and something I don't really need like office supplies.

 

https://www.flickr.com/photos/taostmedia/25830836264

 

[credithunting]

What are you scores? you could always PG (personal guarantee) a business credit card.

[CreditCuestions]

With a credit card wouldn't I have to PIF at the end of the month to keep my UTIL low? Plus building a relationship with a company would be very helpful because at the end of the year or next year I would need more expensive equipment like a $15K body and it would help to have history because that amount I could not PIF in 30 days.

Haven't check my scores since the 20th of last month but they were: TU=550, EX=589, EQ=579

[BRBiz]

With those scores you won't get a Biz card with a PG.

[CreditCuestions]

I didn't want a business card just a company to grow with. Was just checking to see if anyone had any input on TimePayment or any alternatives.

[credithunting]

With those scores you won't get a Biz card with a PG.

Have you looked in to Renting the photo equipment

[CreditCuestions]

I have looked into it for other more expensive items that are way out of my grasp right now and something that I would rarely use. Several months ago I rented a $25K rig for $1000 for the weekend.

 

The lens I need I will use several times throughout the week and it is $175 week days and $100 on weekend. It wouldn't be cost effective to rent it.

[BRBiz]

Most of those companies require daily repayment terms and they need to see money in your bank account.

 

Very hard to get money for a new business..

 

Save up the money for the lens while working on building business credit and fixing your personal.

[CreditCuestions]

Most of those companies require daily repayment terms and they need to see money in your bank account.

 

Very hard to get money for a new business..

 

Save up the money for the lens while working on building business credit and fixing your personal.

What do you mean by daily repayment terms?

I have money in the bank.

From what I understand they do not give me the money directly. They have agreements with most major companies (in my case Adorama) and they send them the money and the Adorama sends me the lens. I have more than enough money for the lens but if I am going to buy it why not use it as a chance to begin building credit with?

[BRBiz]

 

Most of those companies require daily repayment terms and they need to see money in your bank account.

 

Very hard to get money for a new business..

 

Save up the money for the lens while working on building business credit and fixing your personal.

What do you mean by daily repayment terms?

I have money in the bank.

From what I understand they do not give me the money directly. They have agreements with most major companies (in my case Adorama) and they send them the money and the Adorama sends me the lens. I have more than enough money for the lens but if I am going to buy it why not use it as a chance to begin building credit with?

Often they withdraw money from your account daily for repayment.

 

So is this a lease?

 

This isn't the way to build credit due to the amount of money it will cost you to lease or finance the lens.

[BRBiz]

One thing that company does offer businesses over 3 years old is a non pg option..

Edited April 15, 2016 by BRBiz

[CreditCuestions]

 

 

Most of those companies require daily repayment terms and they need to see money in your bank account.

 

Very hard to get money for a new business..

 

Save up the money for the lens while working on building business credit and fixing your personal.

What do you mean by daily repayment terms?

I have money in the bank.

From what I understand they do not give me the money directly. They have agreements with most major companies (in my case Adorama) and they send them the money and the Adorama sends me the lens. I have more than enough money for the lens but if I am going to buy it why not use it as a chance to begin building credit with?

Often they withdraw money from your account daily for repayment.

 

So is this a lease?

 

This isn't the way to build credit due to the amount of money it will cost you to lease or finance the lens.

 

Yes it is a lease.

[Ace_TX]

you can try this company that b&h uses

 

http://www.bhphotovideo.com/find/leasing.jsp

 

 

this also is one of the finance companies bizchair uses

[CreditCuestions]

you can try this company that b&h uses

 

http://www.bhphotovideo.com/find/leasing.jsp

 

 

this also is one of the finance companies bizchair uses

I'll give them a call Monday but they seem pretty strict