Info on Red Thread Financial Group

[DeMaris]

I am looking at purchasing a new longarm and wanted to know if anyone of you have had any dealings with Red Thread Financial Group and what was your experience with them. They are the people who finance the APQS machine I am looking at and before my husband will move forward with this he is wanting more information.

Thanks

[feline fanatic]

I believe they also do the financing for ABM Innova. I didn't finance my machine but I do recall seeing the name on ABM's site. They specialize in financing of Longarms and high end embroidery machines so I suspect a lot of companies that are sewing related use them.

They do have a website:
http://redthreadfinancial.com/

I would consider shopping around for interest rates before going with them. Sometimes your local credit Union can offer a much better rate or doing a home equity loan. I know that was the case when I was working with my dealer they said the local credit union had a much better rate, they said their financing company rate was very high (although I don't know if it was red thread at the time). I opted to save up for it so I saved like a demon for 2 years and then my wonderful DM gifted me the balance. She called it my early inheritance. If she had not intervened it would have taken me 4 years to save up for it. I did have it in a CD that was maturing as well but that was my husbands and mine money (joint money) and he was hesitant to blow it all on a sewing machine, not realizing the extent I would use it.

Personally, I hate going into debt and financing anything if I can just be patient and wait a few years saving the money myself I will do that rather then throwing out hundreds of dollars in interest payments. Unless it is interest free financing. Then I make sure I pay it all off before the interest free term is up because if you don't, the finance company socks you with the interest fee going all the way back to inception. Never pay interest if you don't have to.

[DeMaris]

Thanks for the suggestions and the additional information.

[cmmcbride]

I financed my Avante over 5 years with an interest free loan. Initially went through GE Capital which later was transferred to Synchrony. The sewing store offered the interest free loan. I qualified on the spot. I have 3 years left on the loan. I hope this helps.

Christina

[romanojg]

I financed my Avante over 5 years with an interest free loan. Initially went through GE Capital which later was transferred to Synchrony. The sewing store offered the interest free loan. I qualified on the spot. I have 3 years left on the loan. I hope this helps.

Christina

this is the company that I got both of my emb machines for, my Babylock serger and many other things. They are great to work with and offer a few different interest free programs. one is free for the life of the loan the other is free for x amount of months. the key is too, make your payments on time and for the second option make sure it'll be paid off by the end of the contract or you could end up being charged all of the interest that would have been charged.

[ManiacQuilter2]

I agree with everything that feline fanatic stated in her post above. This is a serious investment as much as buying a car. Credit Unions have much lower interest rates. Make sure if you have free interest for 3 years, make sure you can pay it off in 3 years. Sorry, but to go into debt for a LAQ is just not worth it. Save up for it instead.

[DeMaris]

Thank you everyone, I appreciate the input and the great advice.