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Would you accept this offer?

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

Page 2 of 10
  1. Jul 21, 2021 #11
    Solo Soul

    Solo Soul Medium Load Member

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    But it is only 3.75% for 30 long years. This is an opportunity of a lifetime. How else can I get $120k cash at 3.75% for 30 years?
    I will keep their money safe in case they audit me. Once the loan gets mature, they won't care anymore and I will put it down on a house.
     
    Solo Soul, Jul 21, 2021
    Solo Soul, Jul 21, 2021
    #11
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  3. Jul 21, 2021 #12
    Solo Soul

    Solo Soul Medium Load Member

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    BTW today I talked to a garbage truck driver with CDL Class B. I asked him about his income and whether it is worth it. He asked me to guess. I said $1000 a week after taxes. He said, Oh no I make more than that.
    Any truth in that or he was just bluffing? But his job is tough, driving in residential areqs and picking up garbage at the sams time.
    @Chinatown
     
    Solo Soul, Jul 21, 2021
    Solo Soul, Jul 21, 2021
    #12
  4. Jul 21, 2021 #13
    Rubber duck kw

    Rubber duck kw Road Train Member

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    You're borrowing money at nearly 4% to park in a bank account at what, 2% at best? You're losing money doing that. There is no point in borrowing money to just park in a bank. I'm by no means a financial or legal expert but that seems like inviting trouble, we're talking bank fraud type of trouble, 20 years in prison type of trouble. I wouldn't do it but I'm kind of a chicken.
     
    Rubber duck kw, Jul 21, 2021
    Rubber duck kw, Jul 21, 2021
    #13
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  5. Jul 21, 2021 #14
    Solo Soul

    Solo Soul Medium Load Member

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    Why would they send me to prison? For keeping their money in my checking account? It doesn't make sense.
     
    Solo Soul, Jul 21, 2021
    Solo Soul, Jul 21, 2021
    #14
    slow.rider Thanks this.
  7. Jul 21, 2021 #15
    Hazmat Cat

    Hazmat Cat Medium Load Member

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    That $20k is costing you $15k in the long run… a 30 yr loan on $20k seems crazy
     
    Hazmat Cat, Jul 21, 2021
    Hazmat Cat, Jul 21, 2021
    #15
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  8. Jul 21, 2021 #16
    Solo Soul

    Solo Soul Medium Load Member

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    I will be driving for Wilson. Do they have 401k plans for their drivers?
     
    Solo Soul, Jul 21, 2021
    Solo Soul, Jul 21, 2021
    #16
  9. Jul 21, 2021 #17
    Arctic_fox

    Arctic_fox Experienced mx13 execrator

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    Dont walk RUN. The whole #### thing sounds like one of those nigerian price needs help scams to me.

    Besides you should only get a loan when its NESSESARY. Examples being medical expenses, unexpected truck repairs, replaceing your car that just blew up, needing to expand your business NOW because a contract that more then makes up for how much you borrowed may slip through your fingers if you dont ect.
     
    Arctic_fox, Jul 21, 2021
    Arctic_fox, Jul 21, 2021
    #17
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  10. Jul 21, 2021 #18
    Solo Soul

    Solo Soul Medium Load Member

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    Government won't make any money on that. 3.75% won't even cover the inflation.
     
    Solo Soul, Jul 21, 2021
    Solo Soul, Jul 21, 2021
    #18
  11. Jul 21, 2021 #19
    Solo Soul

    Solo Soul Medium Load Member

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    No, it is SBA. No scam.
     
    Solo Soul, Jul 21, 2021
    Solo Soul, Jul 21, 2021
    #19
    slow.rider Thanks this.
  12. Jul 21, 2021 #20
    Rubber duck kw

    Rubber duck kw Road Train Member

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    I'm not entirely sure I may be entirely wrong. You're talking Small Buisness Assistance type of loans from the government right? Those are designed to be spent to start or expand your buisness, don't know if I would want to be caught financing a house with one of those loans.
     
    Rubber duck kw, Jul 21, 2021
    Rubber duck kw, Jul 21, 2021
    #20
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