Your Quote Is Waiting
All it takes is some basic information to get started. Your name, income information and your bank info. Should you decide to accept a loan, your lender will use this information to send you your money directly. You won’t be limited to a store card, you can shop for a welder anywhere. Let’s get to it.
Getting Your Welder Quote
The process is about as easy as it could be. First, you need to fill in your information above. Most people can complete the quote form in a matter of minutes. When you are done, be sure to double check everything real quick.
Next, you will submit your quote and this is where you will see the difference. Loan Monkey is not a lender, thankfully. This means that when you hit submit your info goes to a loan network. More lenders equals more chances of getting a bad credit loan offer.
This is very different from applying for a store card. With a store card or single direct lender, if you get denied, it is all over. With a network, if someone does not want to make you an offer, your info just goes to the next lender. This keeps going until you exhaust the lender list or get your offer.
If you receive an offer, you can review the details and decide if you want to accept the loan. Take your time and make a good choice. Accept the offer and your lender will get you your money ASAP, sometimes as soon as the next business day. If you do not like the offer, just move on. There is no commitment.
Once you have your money, you can use it to buy your welder wherever you like. Buy it from a store, online or even get a great deal on a used welder from Craigslist.
About Your Loan
If you need welder financing bad credit does not have to be a major issue. You probably already know that your payment will be a bit higher than someone with excellent credit would pay but you still may be able to get a reasonable offer. You need to make sure that it is worth the price of the credit though. This is a personal decision and the cost may be worth it to some but not for others.
If you need a welder to work and make money, for example, you could probably absorb the higher cost because without it, you would not be making money at all. You may even be able to write off the interest.
If you are a hobby welder, a high interest loan may not be the best thing for you. It might be a better decision to simply wait and save the money or work on your credit score.
Making Your Payment
A decision to take the loan means that you must make sure that the payment fits into your regular budget. Insert the payment and see if your take home pay is still enough to cover all of your bills. If it is not, you will need to cut some other expenses or add some extra income.
The easiest thing to do is to cut some expenses. Uf you have not done so yet, cut the cord. Getting rid of your satellite bill can save you an easy 100 dollars a month. Other ways to cut bills include searching for a cheaper electric provider, brown bagging it to work or simply skipping that weekly trip to the movies. There are dozens of ways to trim a budget.
If you can not trim enough money to pay for your welding machine, you can add a little income. The absolute easiest way to do this if you have a four door car, is to drive for Uber. They claim you can make $25 an hour driving so you would only have to work a few hours a week. Besides that, most retail stores are hurting for cashiers, stockers, etc. Most have also drastically increased starting wages to compete so you can make more money than ever part time.
Choosing Your Welder
If you have decided to accept your loan and you have figured out how you are going to pay it back, your next decision is which welder you get.
The individual welder that you pick is probably going to be a personal choice. Most people have some brand loyalty when it comes to welders. Are you a fan of Hobart or maybe you like Miller welders. Do you want to go with a stick or arc welder or is MIG or TIG your thing. Make your decision and then decide to buy new or used.
If you do not want to risk buying someone elses problem, a new welder may be the thing for you. You would get a full warranty and know that it is in perfect working condition. The great thing about having cash is that you can sho at any store you want. You are not stuck buying from the store that gave you credit. This allows you to look at any local store or even to shop online. Prices on some machines can vary by 500 dollars or more from store to store, so spend a couple hours looking around to find the best deal.
If you are looking for a hobby welder, you probably need to go new. These welders are not built to commercial standards and have a limited life. If you are looking for a commercial welder, however, the used market might be a good place to look.
If you are looking for this kind of welder, you probably know what you are doing and can recognize if a machine is in good working order and tell if it has been well cared for. Buying used can help you save thousands of dollars off the cost of new. You can often find them for less than half the cost of retail with low hours. Just be cautious and thorough when you examine your machine.