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Would you accept this offer?

Discussion in 'Questions From New Drivers' started by Solo Soul, Jul 21, 2021.

Page 1 of 10
  1. Jul 21, 2021 #1
    Solo Soul

    Solo Soul Medium Load Member

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    SBA offered me a 30 year loan of $20k at 3.75% last year in July. I took out that loan. The monthly payment of $98 just started this month. Now they are offering me $100k more. Should I take it? The $20,000 is safe in my account. If I take this $100k too, I will have $120k to put down on a house in 2 years.
     
    Solo Soul, Jul 21, 2021
    Solo Soul, Jul 21, 2021
    #1
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  3. Jul 21, 2021 #2
    Solo Soul

    Solo Soul Medium Load Member

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    I don't think they will audit me for just $120k. Even if they audit me after 2 years, I will still have their money. I can give it back to them.
     
    Solo Soul, Jul 21, 2021
    Solo Soul, Jul 21, 2021
    #2
  4. Jul 21, 2021 #3
    Cattleman84

    Cattleman84 Road Train Member

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    The Sticks, Idaho
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    Why not just go finance a house?
     
    Cattleman84, Jul 21, 2021
    Cattleman84, Jul 21, 2021
    #3
    Rideandrepair, Bean Jr., Doealex and 1 other person Thank this.
  5. Jul 21, 2021 #4
    Solo Soul

    Solo Soul Medium Load Member

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    My credit score is not great, and I don't have money to put down. My trucking career hasn't started yet. I got my permit and physical. I am going to Wilson in Montana for training next month.
     
    Solo Soul, Jul 21, 2021
    Solo Soul, Jul 21, 2021
    #4
  7. Jul 21, 2021 #5
    Solo Soul

    Solo Soul Medium Load Member

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    SBA didn't run a credit check on me. They give this loan to everybody lol.
     
    Solo Soul, Jul 21, 2021
    Solo Soul, Jul 21, 2021
    #5
    Rideandrepair Thanks this.
  8. Jul 21, 2021 #6
    Dave_in_AZ

    Dave_in_AZ Road Train Member

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    That list they keep to harvest people's organs.........it's not real.
     
    Dave_in_AZ, Jul 21, 2021
    Dave_in_AZ, Jul 21, 2021
    #6
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  9. Jul 21, 2021 #7
    Cattleman84

    Cattleman84 Road Train Member

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    The Sticks, Idaho
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    Do you have a 401k you could cash out for a down payment? Thats how I got the down payment for my house last fall. It wasnt enough to get the 20% needed to avoid mortgage insurance... But it got me the house.

    As far as the SBA loan... Thats out of my realm of knowledge
     
    Cattleman84, Jul 21, 2021
    Cattleman84, Jul 21, 2021
    #7
    Rideandrepair and Solo Soul Thank this.
  10. Jul 21, 2021 #8
    Solo Soul

    Solo Soul Medium Load Member

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    401k, are you kidding? 28 year old delivering food can't have a 401k.
     
    Solo Soul, Jul 21, 2021
    Solo Soul, Jul 21, 2021
    #8
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  11. Jul 21, 2021 #9
    Judge

    Judge Road Train Member

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    No.

    I personally wouldn’t.
    I don’t like borrowing money.
     
    Judge, Jul 21, 2021
    Judge, Jul 21, 2021
    #9
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  12. Jul 21, 2021 #10
    Cattleman84

    Cattleman84 Road Train Member

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    The Sticks, Idaho
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    Get one ASAP... You would be suprised how fast it will grow. Mine was over $15k after just 4 years.
     
    Cattleman84, Jul 21, 2021
    Cattleman84, Jul 21, 2021
    #10
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