FAQ Categories
Machine Tool Finance
Machine Tool Finance
Why is a loan better than a lease?
Leases are non-cancellable and come with prepayment penalties, some of which are hidden. A loan can be prepaid at any time including principal reductions.
Can I pay off early?
Yes, our direct customers can pay off in part or in full at any time during the life of the loan without penalty.
Do you finance used equipment?
Yes, in fact we have a great reputation for sellers of used machines because we move so quickly and understand the pre-delivery funding requirements.
When is the rate locked in?
We lock in the rate as soon as we start preparing closing documents.
Is Bank of Herrin a direct lender?
Yes, we are an 86-year-old commercial bank.
Do you finance firearm companies?
We have a large customer base of firearm companies and those that make components for firearms. This is an important niche for us.