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AIE Equipment Loans

AIE Equipment Loans

***NEW*** AIE students can apply for an equipment loan and take up to 24 months to pay!

Loans start as low as 138.00 per month for a Silhouet-tone ST 250 and from 185.00 per month for an Instantron Spectrum Elite. Outfit your office!

Loans are for equipment of AIE approved vendors only.

Loans are offered to students who are residents the USA.

Call Ron Davis, Director @ 888-844-4247 for details and a credit application.

Equipment Loans for Electrology Students

You made the decision to reboot your career and that lead to retraining, self-discovery and most likely, tuition payments. And just as you’re preparing for a licensing exam, it’s time to invest in the one piece of equipment every Electrologist needs to remove hair, an epilator. It’s THE key piece of equipment that you’ll depend upon to earn a living and based upon your finances, you’ve probably concluded that you need a first and a second choice. Your first and ideal machine is feature rich, feels comfortable and is intuitive regardless of what skin or hair type you’re working on. Your second choice is an epilator that works well and does a serviceable job but that may not have the WOW factor you’re hoping for so, as with all things in life, it comes down to how much money you have on hand come decision day. This has been the thought process for AIE grads throughout our history of just over 3 decades.

Now, things are different. Today, students have a funding option for their epilators. Close to the end of your program, when you are likely to be short on cash or the necessary credit to get the epilator of your dreams, there is an equipment loan that can help you get your epilator of choice.

Loan Features: The loan features are, 6 months, same as cash. Definition: If you pay off your loan within 6 months, all payments made toward principal and interest convert to principal payments. The net result is you’ll have paid principal only and not a cent in interest. If you’re looking for short term bridge-financing and know you’ll have the funds to pay-off your loan just short of 6 months, this is a great option to consider.

No Pre-Payment Penalties: If your plan is to take out a 2 year loan and you find you have the money to pay-off short of 24 months, say by month 14, (you can pay-off at any time) you will only pay interest up to the moment you pay your remaining balance and you’ll not incur any penalties for paying off earlier than your loan contract.

FICO scores and credit worthiness: Definition: A FICO score is a type of credit score created by the Fair Isaac Corporation. Lenders use borrowers' FICO scores to determine whether to extend credit. FICO scores take into account various factors: payment history, current level of indebtedness, types of credit used, length of credit history and new credit accounts. All commercial loans offered are based upon approved credit and AIE’s equipment loans are no different.

Is “excellent credit” necessary? We’ve seen a number of our students that have fair to good credit, apply for and get equipment loans, and co-borrowers are a great idea for students who may be young and who haven’t as yet established an extensive credit history. Co-borrowers also help those who have had credit hic-ups in the past get loans today and through good payment history of their equipment loan, improve their credit rating. The good credit of a co-borrower will always lower the cost of borrowing for anyone.

Affordability: Are monthly payments affordable? The best way to answer this question is to give three examples, all of which reflect a 24 month term. The following epilators are from AIE’s approved list of vendors.

Example One: A Silhouet-tone ST 250 will carry for around 138.00 per month.

Example Two: An Instantron Elite can be purchase for 185.00 per month.

Example Three: A Silhouet-tone Evolution 5HD, an epilator that lists at 5,500 carries for around 360.00 per month. The prices listed are examples that represent a borrower with good credit. This means that someone with excellent credit may pay less per month while someone with fair credit may pay a little more.

Down payment, a plus! Another factor that lowers monthly payments over the timeline of your loan will be a down payment. Can’t afford the entire price of a new epilator but have a down payment of 500.00, 750.00 or more? Make a deposit upon signing on for your equipment loan and get the benefit of borrowing less and paying a lower amount over the term of your loan. It may seem like a small thing but you’ll learn that any reduction in the principal on day one will work to your benefit.

Funding Alternatives: The option of using a credit card or getting a private loan from a family may or may not be there. Frequently, by the time students near the completion of their programs, credit limits on personal credit cards may be limited and family funding resources may simply not be available.

Built in to AIE’s equipment loans is an awareness on the part of our lenders that they are offering loans to students / graduates. They understand that our borrowers are motivated, that they’ve met or are meeting all training and tuition payment requirements and they are now ready to offer them assistance with the purchase of their equipment.

Are there loans for items other than epilators? The short answer is YES. Every borrowers’ debt levels, payment history and credit score will determine the extent to which they can increase an equipment loan. Some of the items that go to make up a modern Electrologists office are; a dry heat sterilizer, a height adjustable treatment bed an Electrologists chair as well as loupes and / or a mag lamp. Prices for the aforementioned items vary based upon country of origin of the manufacturers but using median prices an additional 2,000 to 3,000 will generally cover these items.

Use this example to establish how much you may want to fund through your equipment loan. Start with your epilator of choice. If it’s a Silhouet-tone S T 250 for 2,350 add an additional 2,500 for the above mentioned equipment and you’ll have a loan that totals 4,850. This amount will carry for 350.00 to 400.00 per month depending upon your credit score.

Recap: Is it possible to fund all or most of your Electrology equipment using an AIE equipment loan? Answer: YES. With good credit and / or the addition of a co-borrower, the majority of graduates can start their practices without a large capital outlay.

One-Source Funding. At AIE we offer tuition and equipment funding programs that are as available as possible to everyone enrolled in our Electrology school. We have been asked for an Electrologists’ turnkey start-up option since our inception in 1986. With today’s lending options, we can make the dream of a career in Electrology a reality and make launching your Electrology practice more achievable than ever.

Call us at 888-844-4247 and ask about our tuition and equipment funding options today.

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The American Institute of Education can put you on the fast track to a rewarding career as a licensed electrologist.

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I really loved school at American Institute of Education and I selected it because I heard it was the best program. The experience was amazing even from the first phone call with Ron where tuition, scholarships, program hours flexibility, online access, and timely information is all top notch. The curriculum is national standard and includes all the latest and greatest topics that are hot in the industry.
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