The cold hard reality is that nobody is going to loan you a million dollars without:
A.) A proven track record, not just a high credit score, but some kind of history of making the kind of money necessary to pay off such a loan.
B.) a solid business plan which reasonably proves you'll be able to repay the money
C.) A sizeable investment (downpayment) of your own to prove you have "skin in the game".
There's no shortage of people wanting to borrow money from banks. They can have people lined out the door if they want to lower their standards.
They HAVE to be selective, (aside from when the government thought everybody should get a loan and stuck their hands into the mix, creating the mess we've seen over the past 10 years.... but that was an anomaly.
Lenders can't afford to be nice. They can't afford to have "vision".
Vision is risk.
If they want to put their money at risk, they'd be much better off putting it in more secure corporate investment vehicles than investing in strangers off the street who want to try something new.
Banks don't want to hear "I'm going to rent half of my land to help pay you back"
They want to hear "I'm going to rent half of it, but when I can't find tennants I still have X income to continue making payments".
So - with all that said - you have to turn yourself into somebody the banks seek out.
You want to be a good investment.
Establish a solid track record of good income. Establish flawless credit. Increase your experience so you can write a real business plan and prove how you're going to generate money. Save save and save some more for an impressive downpayment.
Look at it this way - if you were to get the money, and then ran into trouble repaying it - you'd essentially )#($* yourself in a way that's going to make it veeerrrry difficult to get a second shot ever again. So don't be over anxious to move on it.
We sell tractor parts! We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today. [ About Us ]
Today's Featured Article - Earthmaster Project Progress Just a little update on my Earthmaster......it's back from the dead! I pulled the head, and soaked the stuck valves with mystery oil overnight, re-installed the head, and bingo, the compression returned. But alas, my carb foiled me again, it would fire a second then flood out. After numerous dead ends for a replacement carb, I went to work fixing mine.I soldered new floats on the float arm, they came from an old motorcycle carb, replaced the packing on the throttle shaft with o-rings, cut new ga
... [Read Article]
Latest Ad:
1964 I-H 140 tractor with cultivators and sidedresser. Starts and runs good. Asking 2650. CALL RON AT 502-319-1952
[More Ads]
All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy
TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V.
