What types of equipment and accessories can I finance through PowerLINE?
With the exception of Miller Welding Automation Products, all Miller branded equipment and accessories are eligible for the Miller PowerLINE 0% financing. Miller Welding Automation products, however, are eligible for the “Wells Fargo standard interest rate.*" See Wells Fargo for details or contact your Miller Representative.
*All financing is subject to credit approval and acceptance by Wells Fargo.
What are the rates/terms on the PowerLINE Financing?
0% financing for 12 months with 12 equal payments. 24 - 60 month payment terms are also available at specified interest rates. To quickly estimate your monthly payments use the payment calculator. Customer's rate is locked for 90 days after credit approval. This rate is far superior to credit cards and extremely competitive with commercial lenders.
How difficult is it to gain financing through Wells Fargo vs. through my local bank?
Because Miller Electric Mfg Co. has already prearranged the financing with Wells Fargo, we know funds are available for lending. Because each customer's credit position is different, it is impossible for us to comment on the ease or difficulty of gaining financing from your local lending institutions. However, businesses are telling us that lenders remain conservative and credit is slow and hard to come by for equipment purchases. Bottom line, the program provides another very competitive, accessible and fast option for you.
Advantages of the program?
- Easy application process—you get an answer in days vs. weeks or months
- The program offered through Miller Electric Mfg Co. — the same reliable company you count on for equipment
- Minimum amount is only $10,000—much lower than similar programs offered elsewhere
Who owns the equipment?
You own the equipment after you make the last monthly payment — no balloon payments at the end.
Who do I make payments to?
Payments are made directly to Wells Fargo.
Who completes the application to Wells Fargo — me or my distributor?
You must get the form from your distributor along with an equipment quote and the distributor will send the completed application to WFFCF.
Why not make the financing form available online?
We are encouraging you to make personal contact with your distributor to make sure you have the best equipment for your applications and accurate estimates for your financing. In addition, your distributor will be available to support your equipment after the sale.
Does 100% of the equipment have to be Miller — or can I include other manufacturers’ welding equipment on my financing project?
The program can only be used for Miller branded welding/cutting equipment and accessories.
Does the 0% finance program allow me to buy Miller equipment directly from Miller Electric?
No. You must purchase the equipment through a Miller-authorized distributor.
What are the up-front costs associated with financing equipment?
After financing is approved, the contract along with the advance payment invoice will be included in the document package. A feature of financing is the low start up costs of only the advance payment. Note: The documentation fee of $100 will be billed on the first monthly invoice once lease has commenced.
Are the interest charges calculated simple interest?
Can I finance tax, freight, and installation charges?
Are there any fees associated with paying off a contract early?
If you wish to pay the contract off early with WFFCF, the payoff amount will be the outstanding balance plus any late charges and taxes due and you will be rebated any unearned interest.
If you decide to pay off the contract in less than half the original term, (for example, month 10 of a 36-month contract) you are quoted the principal amount that is due plus a $300 early close out fee. You are still rebated the unearned interest.
Are there any UCC1 and Security agreements filed against the equipment and are there charges for this?
Yes, we do file the UCC1 and Security Agreement. No, there are no charges to you for this service.
If my request for financing is declined, am I still responsible for the $100 documentation fee?
Will I receive a payment book?
Monthly invoices will be sent.
When is my monthly payment due?
Monthly payments are due on the 1st of every month.
Can I get set up on an ACH (automated clearing house) program where my monthly payment is automatically extracted from my account?
Can I pay down extra principal on the loan?
No, it is not possible to send in extra money and have it applied to the principal amount.
If I am considering a purchase, how long is the interest rate locked?
Your interest rate is locked for 90 days from the day you are credit approved. Once you sign the contract, the rate is locked for the entire term.
How are my monthly payments calculated?
Payments are calculated based on the term selected and the dollar amount of the equipment being financed. To quickly estimate your monthly payment, use the payment calculator.
Can educational institutions take advantage of the PowerLINE 0% financing?
No, Educational Institutions are not eligible for the PowerLINE 0% financing, but ask about Miller’s educational discount! Miller offers a discount on equipment sold to chartered non-profit educational institutions. Contact your local Authorized Miller Distributor to see if you can save.