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Top 7 Tips When Considering Salon Equipment Financing

August 8, 2018 | Posted by Buy-Rite Beauty

It’s time to update, remodel, expand, or open a new location – but how are you going to pay for this? Even if you have enough cash on hand, you may want to consider salon equipment financing and use the cash you save on other important areas of your business – like salaries, advertising, utilities, and more. With several salon financing options available, Buy-Rite Beauty can help you obtain the funds you need to keep your salon functional and looking fabulous!

So how do you know financing is the right option for you? If you’re looking to conserve cash, fund salon startup costs, or are just looking for assistance in your hair salon expenses, Buy-Rite’s specialized financing for salon equipment could be right for you.

1. Save Your Cash on Hand

Conserving your cash on hand is essential – especially for salon startup expenses or when opening new locations. Salon equipment financing will allow you to space out your payments over time and give you a jump start on your business without becoming cash poor. Additionally, you want to consider the risk included in financing for salon equipment. Choosing to finance with our Lease-To-Own program or Snap Finance are quicker and easier than applying for a traditional bank loan, require much smaller down payments, and do not require pledged collateral of major assets.

salon equipment financing

2. Don’t Overextend Yourself

Everyone who runs a business or is a homeowner knows that emergencies happen. Whether it be issues with your building, equipment, or employees, you want to make sure you can deal with these emergencies quickly. If you’ve maxed out your credit cards purchasing salon equipment instead of using salon financing, you could be up a creek without a paddle. Protect yourself and your business and make sure you are covered by saving your cash or credit card funds for those unexpected moments.

3. Be in the Driver’s Seat

Don’t let your salon financing choice make the decisions for you! Unlike traditional bank loans, our Lease-To-Own program provides flexible payment and buy-out options and allows you to work with experts with extensive experience in salon equipment financing. Additionally, choosing to lease salon furniture allows you to maximize your cash flow by paying for your equipment as it’s being used to generate income. Lease-To-Own is the most popular form of financing, as it allows you to conserve your cash and can be customized to fit your specific needs.

4. Build Up Your Borrowing Power

Use your loan for salon equipment as a gateway for your next major investment by building up your credit score with our Lease-To-Own program. Making your payments on time and following the loan agreement will show that you can responsibly manage your debt, which in turn can improve your credit score. Improving your credit health with your salon equipment financing can save you money elsewhere down the road – like with utility companies, insurance companies, and with other lending institutions.

salon equipment financing

5. Don’t Forget No Credit Needed Programs

You transform your clients every day, but what do you do if your credit score isn’t as dazzling? Snap Finance may be the right choice for you. Snap provides salon equipment financing with no credit check. With no credit history needed, you can get an instant approval from Snap Finance for up to $3,000. Financing with Snap is also a great option for anyone looking to save their cash on other aspects of their business. If you pay your short-term salon financing off within 100 days of receiving your equipment, you will pay no financing fees!

6. Use Salon Financing to Your Tax Advantage

Depending on the type of financing you choose, your lease payments and interest could be tax deductible as an operating expense for your business. If your payments are tax deductible, this will lower your annual taxable income, decrease your tax burden, and make it a little easier for you to pay off your loan for salon equipment.

salon equipment financing

7. Research the Company

If it’s time for you to make an impact on your business with remarkable purchasing power, explore and carefully weigh the benefits of all your options, and find the best match to help you broaden your possibilities. Make sure to use a lender who has been in business a long time, regularly assists in financing for salon equipment, and will take the time to help you understand the pros and cons of your available options.

At Buy-Rite, we are here to assist you in making your dream salon a reality. With varying salon equipment financing options, our sales team can help you find the best program to fit your needs. And don’t forget, you can always start small and borrow more later! Whether you’re looking to conserve cash or lower risk and maximize profits, the Buy-Rite family is ready to help you reach your goals. Call your Buy-Rite sales representative today to get started!

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