How hard is it to actually get financing for a laser engraver?

[Megan Favaro]

To start off with my husband and I very young compared to many people who want to buy a laser engraver. We are both only 21. Unlike a lot of people, however, we are very realistic about what owning a laser engraver entails. We do not want one to "get rich" or even completely replace our current jobs. I have close to three experience laser engraving with an epilog helix and Corel Draw X5. We were brought a lot of custom work and I rarely turned down a job. I actually managed the shop I worked at for close to a year before we moved. I'm not trying to say that "Oh, I'm so awesome" or anything, just that I'm not going into this blindly like a lot of people my age do. There really won't be a learning curve at all. We have a shop to set up the laser and a pretty solid business plan (one that doesn't involve ipods or laptops I swear!). I have already made prototypes of many custom items I plan on selling using a friend's laser and have several shops interested in carrying my items and quite a bit of interest online. We have the time to run the laser as a second job as we don't have kids and just go to school and work.

The problem I'm sure we will face is no one wants to give that kind of money to two 21 year olds. We have a car loan that we've had for two years and are almost paid off on and pretty solid credit (700-720), but we barely qualify for most credit cards because of our age. He is a veteran and that sometimes helps, but not always. We can put down anywhere from $2000-$4000, but that's about it. We only need a small laser. An Epilog Zing or Mini would be fine, and I'd even settle for a cheaper laser if they have good customer service and a warranty. I just don't really want to lease through the laser company don't know if a bank loan would be even attainable at this point. Any advice would be so appreciated.

[Chris DeGerolamo]

I may be able to better help you if you share your biz plan... :)

In all seriousness, can you not find a laser to suit your need for $4k? We have been looking to add a second laser and 'the big three' are not on our list of manufacturers. What companies have you looked into?

[Mark Sipes]

Not sure where you are located since you left that info off but there are several equipment financial companies out there just for businesses in the trophy/awards type category. Sounds like you qualify since you are willing to put so much down. A business license? Do you have the computer and software....sounds like you have half the battle won.....training/experience.

Welcome to the Forum. We are here to help you when needed......and rely on your input to help others

[Walt Langhans]

Young people wanting to start a business, nothing could be better :) I spent a good part of my life in the financial services industry, but not dealing with credit, however if you want advice about forming a business, putting together a business plan, managing money, and using outside resources to get money, PM me, I'd be happy to help.

With regards to getting a laser. I'm in the process of doing that myself, and the people here on the creek have been a great resource and right on the money, so take what they say to heart. One of the biggest things to consider when trying to deiced what laser to get is what EXACTLY are you going to be doing with it.

Anything I can do to help let me know :)

Good luck to you!

[Megan Favaro]

Thanks for the quick replies guys! I am located in the northwest US and would prefer to get a laser from a company that at least has a base somewhere in the US. I am really not wanting to do awards/trophies so I don't know think that particular type of financing would work for me. I mainly make jewelry like wooden pendents and plugs (gauges). I'm really interested in selling online and at several tattoo and head shops around my area.

I do not have a business license, but could obtain one. In my area I don't actually need one at first if I'm only working from my home. I have a great computer and Corel Draw x5 already.

[Scott Shepherd]

Megan, spend a little time watching the classified ads on this forum. I've seen some really nice machines go for very good values. Someone had a nice mainstream machine for $4,000 or $5,000 about two weeks ago. So they come and go, just watch for them and you might be able to pick up a really nice machine for a great price.

[Megan Favaro]

The thing is that $4000 is the top end of what I'd like to spend. Ideally, I'd like to get a laser for $5000-10,000 with maybe $2,000 down. What does everyone think about Full Spectrum Laser?

[Walt Langhans]

The thing is that $4000 is the top end of what I'd like to spend. Ideally, I'd like to get a laser for $5000-10,000 with maybe $2,000 down. What does everyone think about Full Spectrum Laser?

Funny you should ask... That was one of the ones that I was looking at. Depending on what one you are looking at, their lasers are actually made by GWeike, who's rep http://www.sawmillcreek.org/member.php?90690-Lucy-Lee has also been very good at answering all of my question, and even with shipping you can get a very similar machine for less.

[Martin Boekers]

Have you contacted a company like Epilog, They have leasing options and work with financial companies to help get financing.

I imagine any one of the main players may be able to help you on that end, or may lease/sell a used or demo laser. I 'm surprised
that you would have difficulties getting a small loan as your basically talking less than a car loan. Do a bit of research and contact
the distributors in your area. Hit a trade Show if possible as many have lenders on the spot.

Here's a page from Epilog...

http://www.epiloglaser.com/why_leasing.htm


If your husband is a Vet at 21 make sure what you buy is easily transportable as he probbably will PCS a few times along his career.


Welcome aboard!

[Dee Gallo]

Welcome to the Creek, Megan!

I started with a used Epilog I bought for $3800 (on eBay, OH MY!) and it was a workhorse. I upgraded to a Mini two years later, and found another barely used one for $8000 on this forum's classifieds. I sold the older one for $3000 so it paid for itself. Check with your area's Epilog rep and see if they have a used machine for sale.. it does happen, if you're lucky.

If you are persistent and watchful, you should be able to locate a machine you can afford. Watch the Classified Section every week. Meanwhile, you can work on your designs, your Corel skills and your business plan. You can also keep using your friend's laser until you save up enough to buy what you want.

Patience and perseverance will pay off!

cheers, dee

[Mark Ross]

Just remember you get what you pay for. We joke at work that our two Epilog 36 EXT's print money (no we haven't tried to engrave printing plates...). They are workhorses, fairly robust, take beatings of 10-12 hours a day 5-6 days a week with fairly little down time. But these lasers are mission critical to us. We cannot afford the time to tinker around and learn a chinese laser, or wait more than overnight when we need a part. So we went with Epilog. That is not to say that there may not be a US rep. for some of the Chinese lasers. If you are going to have one laser and it is a big portion of your ability to do business, regardless of the manufacturer, have spare parts on hand.

[Megan Favaro]

Everyone seems very nice and encourging. I definitely wasn't expecting that, so thank you everyone! I would love to get an epilog, I just don't think it's going to happen at this point in time. I have had so many positive experiences with them, it'll be really hard to transition. We definitely have time to learn a new laser and wait for parts for a couple days if necessary. We aren't looking to make this our main job at the moment, just something I love turned into some income down the road. That's why I don't want to get into awards and trophies at the moment. It would be too much with school and our other jobs to have an actual store front.

[Gary Hair]

Welcome from another PacNW'er, Eugene, OR, to be exact. Not sure exactly where in the NW you are, but let me know if I can help at all.

Gary

[Megan Favaro]

Welcome from another PacNW'er, Eugene, OR, to be exact. Not sure exactly where in the NW you are, but let me know if I can help at all.

Gary

Hey there! I am in western Montana. Kind out of the way of most trade shows and there's not really many "local" reps out this way. What laser do you have?

[Scott Shepherd]

Megan, search the classifieds using the search feature and enter "laser". There's 2 lasers on there, one is a Chinese laser that's almost brand new and one's an Epilog Mini, I think. I searched earlier and saw them both listed not too long ago. I think one or both were right at your budget.

[Gary Hair]

Hey there! I am in western Montana. Kind out of the way of most trade shows and there's not really many "local" reps out this way. What laser do you have?

Mine is a GCC Explorer ZX, 30 watts, 38" x 20" - I went with lower power but a larger bed and very happy I did!

Gary

[Luann Brainard]

Depending on what it is, you might consider refinancing your vehicle, using the cash for the laser purchase.
Our truck has been a great way to get financing without going through the hassles of a business loan.
Luann