SPEED QUEEN® FINANCING FOR CURRENT BUSINESS OWNERS
The financing you need from one convenient source.
We know laundry financing better than anyone else.
Invest With Confidence
When you finance with Speed Queen®, you get more. Fast response times mean you can often get credit decisions in 24 hours. And no hidden fees, deposits or down payment mean you can get your business up to speed faster, with less hassle. Plus, it’s all managed by your own dedicated finance representative who knows the laundry business and can help evaluate both the right borrowing level and the amount of debt a specific location can sustain.
Simple, Flexible, Tailored to your Needs.
Our financing programs are designed to accommodate your specific goals and business needs. That’s why they’re flexible. Financing with Speed Queen® gives you the options and the freedom to structure your payments to fit your budget, whether you’re upgrading your equipment, refinancing or expanding.
Finance Calculator
Shopping for new machines is a lot easier when you know how much your monthly payments could be. Our finance calculator helps you take the guesswork out of financial planning.
CALCULATE MY FINANCES
Promotions
Our 2018 promotions give you the flexibility to get more for less. Review our current promotions and see how you can save with Speed Queen®
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Loan Pre-Approval Made Easy
Our preapproval process allows customers to receive instant feedback for equipment replacement up to $250k with just a one-page application. With only a completed credit application, personal financial statement and verification of liquidity, you can get pre-approved for a loan.*
APPLY FOR A LOAN
- ACQUISITIONS
- REFINANCING
Acquisitions
Available to support all your acquisition-related financing needs, our local Speed Queen distributors can help you find laundromats for sale in your market. If you’re selling a laundromat, our finance team can also help identify and finance a buyer, so you can avoid the need to finance the sale yourself.
- Finance up to 65-80% of the purchase price*.
*Finance amount to be determined on a case-by-case basis for qualified customers.
Refinancing
Speed Queen Financial Services provides financing options for replacement equipment purchases, capital needs that facilitate multi-store ownership and creative restructure of your existing account(s).
- Combine the remaining balance on your existing loan with new equipment purchases to improve efficiency and revenue.
- Utilize the equity in an existing laundromat to facilitate a new store development or existing store acquisition.
Over $2 billion in laundry financed
Combined lending experience of more than 100 years.
More than 20,000 loans
100% commitment to your success.
FAQs
Do you offer pre-approvals?
Yes, our preapproval process allows customers to receive immediate feedback based on an estimated financed amount by submitting only a completed credit application and personal financial statement.
How fast can I expect an answer on my credit application?
Typically, credit decisions are made within 24 hours of receiving a complete application package
How do I get started?
Complete our one-page credit application and visit your local distributor to identify your equipment needs. Your distributor will assist you in preparing a complete finance package based on the amount of your loan request.
What are my cash investment requirements on a new store purchase?
We will look to finance up to 70% of the total project cost, leaving the customer with a 30% cash investment. The total project cost consists of all costs associated with building the laundromat, including equipment, leasehold improvements, construction, impact fees and all other relevant costs.
Are there any prepayment penalties?
No, our loans can be prepaid in full or part at anytime without penalties.
Is there an application fee?
While we do not charge an application fee, there is a one-time administration fee due after loan closing. The fee is $300.00 and is capitalized into the loan balance at the time of funding. Seasonal promotions, refinancing and acquisitions may deviate from the standard.
Can I submit a credit application through fax or mail?
Yes, please download the PDFs below and mail to Financial Services Department, P.O. Box 990, Ripon, WI 54971 or fax to 1-920-748-4477