Picture Perfect Financing
Equipment Financing Picture Perfect Financing
Author: Casey Marie Long
Date posted: 08.08.24

Whether you’re starting a photography business or taking your existing business to the next level, there are a lot of things you need to take into account. One of the most important aspects is acquiring the right equipment. This can be quite expensive, which is why many photographers choose to finance their equipment.

There are a few things you need to know in order to get approved for equipment financing. First of all, you need to have a good credit score. The lender will also want to see that you have some experience in the photography industry. They will also want to know what type of equipment you need and how much it will cost.

Once you are approved for financing, it can really help your business take off. You will be able to purchase the equipment you need without having to worry about coming up with a large amount of money upfront. This can free up some cash flow so you can invest in other aspects of your business.

 

Picture Perfect Financing

A wedding photographer in Maine had spent years steadily building her portfolio and was ready to take her business to the next level in late 2021. After the pandemic, the demand for wedding photographers was at an all-time high as couples scheduled their delayed nuptials.

Although she had been regularly doing weddings for a few years, she didn’t have the cash flow needed to purchase additional equipment for an assistant. She turned to equipment financing to purchase upgraded equipment for herself and a second photographer.

The equipment cost $25,000, but she was able to get the financing needed four days from completing the application. The loan process included a check of her personal credit score and verification that her business had sufficient cash flow.

She submitted her planned equipment purchase, which met the criteria for financing and acted as security for the loan.  The loan was for $25,000 and had a fixed interest rate of 7.99% with monthly payments over three years.

This helped her business take off, and she was able to take on more weddings than ever before. Not only did she have the equipment she needed, but she also had the peace of mind that comes with knowing she didn’t have to put any of her personal funds.

Having the equipment on hand allowed her to hire an assistant. This meant that she could take on more gigs and further expand her business. The assistant also helped with social media and marketing, which increased her reach even more.

If you’re thinking of starting or expanding your photography business, equipment financing can be a great option to help you get the equipment you need. It allows you to do so without breaking the bank.

Picture Perfect Financing
About The Author | Casey Marie Long

Casey has 12 years of technical writing experience. She is also a CPA and bookkeeper. Casey graduated from the University of St. Thomas (Minnesota) with a B.A. in mathematics and currently resides in San Diego, CA.

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