Financing a longarm

Financing Your Machine

Gammill and its financial partners offer several options to assist you in financing your equipment purchase. These plans that preserve cash, ask only for the Gammill machine as collateral, are available to residents of the contiguous 48 states and Alaska, have minimal up-front costs; and include the financing of tax, delivery, set-up, and training. Alternately, customers often obtain financing through their bank or credit union. Gammill partners with AFP and Arvest to provide longarm machine financing. Same-day approval is available.

American Financial Partners

Gammill partners with American Financial Partners (AFP) to provide financing options to our customers. This alliance provides many benefits:

• Convenient one-page application.
• Two payments in advance instead of the conventional 20% down payment.
• Fast response time from approval to funding
• No pre-payment penalty (other than initial, minimal loan fees)
• Up to 5-year financing available

Local Lending Instutions

In addition, some customers obtain financing through their local lending institutions.  A complete customized quote for financing is available by using the Build Your Machine link below.

Home Equity

With interest rates at historic lows, many of our Gammill family members are taking advantage of these rates to assist them in buying a Gammill. A home equity line of credit (HELOC) could be one such financing option available to you.

A HELOC is a line of credit secured by your home that gives you a revolving credit line to use for large expenses or to consolidate higher interest rate debts.

We recently heard from a customer who was able to refinance her home loan and take out a HELOC to purchase a new Statler. Because of low-interest rates, her monthly payments did not increase and her loan payoff did not change but she was able to use the money saved on interest to purchase her new Statler.

Here is how this process works using sample numbers and a fictitious customer, Jane.

This is a simplified example but when making a large purchase, it is important to consider all your payment and financing options.  Please contact your finance and tax representatives to discuss which options are right for you.

Tax Credits

If you are opening a new quilting business, you should speak to your tax planner about a section of the IRS tax code that could really help with your cash flow in that critical first year!

It allows businesses to deduct the full amount of the purchase price of equipment (up to certain limits) in the first year, rather than having to depreciate the equipment over many years.

In some cases, if you financed the machine, Section 179 could mean that during your first year of machine ownership the savings in your tax bill (or the increase in your refund check) is more than the total of monthly payments you had to send in!

More information about Section 179 is available at www.section179.org. Please also remember to consult a tax professional for more information.

Next Steps

Whether you will finance your machine or make a one-time payment for your longarm, you can feel confident that you are making an investment in your legacy, your business, your quilts, and yourself.  Our professional dealers can assist you in each step of the process.