Monthly payments on mills.

[Left_Coast_Rich]

I just made the last payment on my mill.  Great feeling and I was just wondering what kind of cost others were carring on their mill.  Mine was $1080.  Glad to be past that baby  LC Rich.

[gary]

My mill was given to me. 

[ohsoloco]

I think the monthly payment on my mill was about $160 for four years (Norwood).  Paid it off in three years  ;D

[red]

there is only one payment left on my mill tooo 


$30 K 

$40 K  with all the bells and whistles ......

[IL Bull]

Paid for mine when I received it. 8)
(I had been saving up for it)
Joe }:c

[tcsmpsi]

I originally made the deal for the mill with the financing option.  Paid the down money, and in a few days, got the contract on the financing.  Reading over it (yep, all the fine print), had some language I didn't care for, interest was high, and carried a prepayment penalty.

I promptly called the manufacturer and made the deal to bring the balance with me when I go to pick up the mill.

Payments would have been about $155 a month.

[joelmar10]

Who in this day and age charges prepayment penalties anymore?    smiley_annoyed01

[tcsmpsi]

Not sure who all might have prepayment penalties.

Certainly, this is the first I have come across in a spell.

I would rather suspect that several have entered the contract without ever knowing about the penalty, and probably never  fared the worse for it.   

Most likely, I just happened to be one who does read all the pages of fine print and kinda picky about how I'm 'fondled'.

[bull]

I lease purchase my equipment. My sawmill was around 775.00 a month for 40 months and then 245.00 for final 12 months.  Leasing allows a 100 % right off of rental fees anually at tax time.

[WoodButcher]

I have a LM2000, I had to wait till I had enough to buy outright. Seemed like it took forever but now I'm glad I waited. 8)

[jpgreen]

I stole mine..  :D

[pigman]

I was so poor that I couldn't ( or was that wouldn't) borrow any money for machinery so I always just paid cash. ;D 

[Daren]

I'm glad I didn't have a mill payment, I just bought one for fun cash. I just planned on milling at my shop for a house I was building and some custom to pay for gas/blades .Then came the skidsteer payment, logs are heavy, I payed that off pretty quick. Then I got calls for great freebies and it was a trailer for logs, then one for the skidsteer and logs... and I always had to have cash around for the unexpected trailer that shows up with a jag of beauties that someone is wanting to sell, or go on down the road. I invested $4300 on a cheap mill to "save money" on my house and since spent 10x that. I quit my job as a master plumber, and eat sawdust every day. I make about $20,000 less a year (about $1660 a month, if we are putting it in monthly payment terms) I wouldn't change a thing, except I wish I had done it earlier. After 2 years I have "broke even" and am turning around and making some money. I am free and clear now, I guess I need a bigger mill :D.

[fat olde elf]

I paid cash with my wife's blessing.

[woodbeard]

Yikes! thanks for reminding me! Better stop by the bank this AM and get them their $301.  :D

[FiremanEd]

well over 2k/month,,,  for a little while longer...

[jimbo]

  i payed for mine when i bouth it over the net   credit cards are wonderful thing  :(

[Percy]

$1173.00 per month and I got about 8 or 9 payments left. The mill, allthough 3 years old now, is still cutting like new with close to 3000 hourd on it..... ;D

[Left_Coast_Rich]

Mill costs are just another expense in doing  business.  If it weren't fer the mill there would be no business.   Many of us owe little to nothing for our mills cash on the barrel head others owe a little and still others owe more.  We all chase our dreams to provide good wood to our customers at a price that pays for our time. Ain't it great! LC Rich

[Ed_K]

 Plastic  8), have no idea what the mill payment is, as its mixed in with a grapple & forestry trailer a 6" 3pt chipper and a 1T truck. Oh and down payment $ for 60 hp landini.

[Bibbyman]

Our mill makes payments to us.. 

We did borrow $9000 at the bank on our first mill.  It was just a one year note and we paid it off before it was due.  That was way back in 1994 – before the companies started to offer financing. 

We just made one payment on each the other two mills we bought. The first mill paid for the second and the first and second paid for the third.  Mary likes to keep things simple. 

[Rockn H]

Mine was a gimme, if hard labor doesn't count. : ;D
There's a few local banks here that from time to time want to put penalties on their loans for early payoff. >:(  Banks seem to like getting all the interest possible. ;)

[Warren]

"We all chase our dreams to provide good wood to our customers at a price that pays for our time. Ain't it great! LC Rich"

LC Rich,

That's the great part about being American.  We can choose our own dreams... As well as how to pay for them...

Warren

[Left_Coast_Rich]

Hey Bibby,
I know that Mary is quite the Gal but how do you get her to run all 3 saws at the same time? LC Rich

[Brucer]

I bought my first mill for cash. When I sold it, the proceeds only paid for half the new mill, so I had to borrow the rest. Payments are $450 per month.

As of the first of the month, I've earned enough to cover my annual fixed costs (including loan payments), so for the rest of the year my net income is all profit. One third to paying down the loan, one third for upgrades and improvements, and one third into my pocket ;D.