Re: OT - I hate banks...

Posted by JDseller on July 28, 2012 at 02:12:59 from (208.126.196.144):

In Reply to: OT - I hate banks... posted by Lyndon - AB on July 27, 2012 at 12:06:11:

Do you have 20-30% for a down payment??? If you can do that do you have operating capitol left to get going with?? Can you afford a few months with out any income from the log truck??? If you answered no to any of those three questions then the bank is doing you a favor.

They don't want to loose money so they really want you to succeed. If you answered no to any of the questions that I asked about then your chances of making it are small. So you are too much of a risk to lend their money too.

Did you have a written business plan??? They would want to see a projected income and expenses for the next year. Real numbers too. You can't show you are going to be working 52 weeks each year and making top money each week. Make it as real time as you can. It may also show you that what you are wanting to do will not work. If may show a good profit and then you can use that to help your cause. If you just walked in and said I want to buy a log truck an here is what I need to go buy it. You would have gotten a no at just about any bank in the USA.

I have seen 30-40 guys in my life time that wanted to drive truck and make big money. Around me it is dump trucks and grain haulers. They all think that they are going to hit it big. So they just pay their fuel bill and make payments. They live high on the hog with what is left. The first set of tires, transmission repair, engine rebuild, etc. they are broke and the bank is foreclosing on a non running truck.

I see that you are in Alberta. You are wanting to buy a truck in late summer. When it the prime work time??? I would think that with winter just around the corner you are getting started late for this year. Also the log industry is a boom or bust one. They can be flying high and crash an burn in just days.

I was on the local bank's loan board for ten years. I would not want to lend to a start up business that is seasonal unless they had some real good equity in the deal.

Plus the banks down here are really getting looked over by the government. Loans they would have made just a few years ago are now a no go.

So save up some more money and work toward a goal of buying one in the future. There will be more for sale. You are young. So a history of stability for a few more years will help your cause a lot too.

Replies:

• Re: OT - I hate banks... fixerupper 06:24:13 07/28/12 (1)
  • Re: OT - I hate banks... fixerupper 06:28:51 07/28/12 (0)

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