TrackingPoint rifles are known for futuristic tech that was previously only seen in movies and a listing price similar to that of a new car and out of reach of the average gun owner, but the Texas company announced last week a new financing program for its precision-guided firearms.
The program will allow buyers the option of putting 10 percent down and financing the rest over a two- to four-year period. Loans are dependent on credit score and interest rates range from 10 to 13 percent.
In the past, TrackingPoint spokesman defended the high price point — ranging from $7,995 to $27,500 — and described it as a high-end product. Advertisements suggested customers were likely those who could afford African hunting trips and even more likely the U.S. military, but the company is changing its tune.
“With this new financing program, customers can enjoy their TrackingPoint gun and spread out payments that better fit within their budgets,” said John McHale, TrackingPoint’s chief executive officer, in a statement. He added the program now “allows anyone to afford” a TrackingPoint rifle.
TrackingPoint has launched a number of marketing endeavors since it re-opened last September and returned from a four-month hiatus brought about by financial troubles. Although rumors surfaced that the company was have problems selling guns because of the high price, spokesmen said the shutdown was an issue of logistics rather than a lack of public interest.
During the Christmas shopping season, the company advertised a sale on old inventory, dropping the price of a rifle by $14,500 in one case. Earlier in December, TrackingPoint hosted a shooting competition with Taya Kyle, the widow of famed Navy SEAL sniper Chris Kyle, called the “American Sniper Shootout.” Before that, in November, the company pledged to give 10 rifles to any U.S. agency willing to bring them to the middle east to combat Islamic State militants.
It’s not unusual for a gun company to offer financing. In many cases, gun makers offering custom or law enforcement weapons make similar financing programs available.