Need A Loan to start a business

Look at it this way, she may loose the house but it will help some flipper make some money.

 

I know someone who traded a house for a truck, then he went out borrowed on the truck for a trailer ... lasted 16 months and went belly up. He is actually living in the truck moving from one place to another but not working at all other than panhandling.

 

Small business administration.
Local bank or credit union.
Good luck.

 

2 Major rules in business
1.)You can't start a business in the hole.
2.)Never, ever put your house up for anything.

Just get a good paying job run it for about a year maybe two and save up your money then use that to start your business and keep your dream alive.
If you start out with borrowed money and buy a truck, and the engine goes down, you've already borrowed your limit and won't have the $35,000 for a new engine& getting it put in the truck.
You need to have readily available enough money to cover the cost of the most expensive thing on the truck, usually the engine at all times.

 

I agree, but have seen many of people do it for other business. Restaurant is a big one. Look at how many people take home equity loans for a remodel, or kitchen, a camper, a boat. Not that it's right, but people do it everyday.

 

You got that right- Happens everyday- id never do it- but people ant upgrades and dont have money- What r you gonna do.......

A home equity loan isn't the end of the world As long as it refinances within your affordability- example,take out 30k on a refi for ,maybe a better rate then your payment only goes up maybe $100 for the remainder of your 30 year term

 

I've got a 1993 International Cabover I'll sell you

 

Drive for a company for a full year. You will know if they are honest or not. When you find an honest company, you will have a much better chance to succeed as an owner/operator although an accident could also put you out of business as easily as a blown engine. In my last years before retirement, l lease purchased two Centuries (one at a time), paid off and got clear title in my name both times. Leasing to an honest company was instrumental in my being a success. Had l leased to a dishonest company, l would have been another bankrupt driver sniveling about how all lease purchases are bad.

 

Starting a business without or with $ in the bank is risky enough but doin that lease thing adds to an already big risk..
Celadon is a perfect example...All the $ some of those lease guys n gals had into their trucks,alllllllll gone now..Imagine if you had $ in your maintaince fund and one oayment to go before you own then you find out the company goes belly up....Whats left for you now.......You take that chance no matter how good or bad company is cause no matter what you think,company doesnt tell you anything till its to late...

Pay off your personal loans,save a downpayment and have a lil extra in the bank then go buy your own indtead of lease purchase....

 

Err. I strongly suggest you not risk your future just to own your own truck.

IMHO, get into someone else's truck until you have at least 20k in the bank before you think about buying a truck.