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Small business loan questions?

Discussion in 'The Lounge' started by Blaze, Dec 17, 2003.

  1. Blaze

    Blaze 1/2 ton status

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    I have been looking for a project car to build up to showcase my f-body parts business. I have an 85 Firebird I was gonna use, but it is basically just a body with potential. I found a guy getting divorced and he is selling his 89 RS Camaro with a LS1/4L60E conversion for $2500. I told him I'd take it if I can secure the loan. I have about $3k worth of parts I am going to list on eBay, but I need the money faster than I can sell the parts. How hard would it be to get a $2500 loan and then pay it off in about 3 months or so? This car is just too sweet to pass up, but I'm afraid if I have to wait too long, I will miss the deal.

    Someone buy my 79 and 81 TAs! /forums/images/graemlins/rotfl.gif /forums/images/graemlins/rotfl.gif
     
  2. marine_enlisted

    marine_enlisted 1/2 ton status

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    A lot of banks will give you an unsecured loan, which requires no collateral. It is given based on your credit. It will have a significantly higher interest rate than a normal loan, but you can have the money in your account the same day. Of course if your credit sucks then you won't get it.
     
  3. Blaze

    Blaze 1/2 ton status

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    I have excellent credit, but my business really has no credit. I am an LLC, so my personal credit and my business credit are independent.

    I'm still waiting to hear back from the guy. I may end up just selling my stuff and saving the money to drop an LS1 into my 85 Firebird.
     
  4. kennyw

    kennyw N9PHW Premium Member

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    You could always buy the car on your personal credit and sell it to your business on payments over the next 3 months... Wonder what the notary guy would think about a contract made out that both parties have the same person signing for both sides /forums/images/graemlins/rotfl.gif
     
  5. landsmasher

    landsmasher 1/2 ton status

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    That's one of the good things about having a corporation. Even an LLC. You can do that. /forums/images/graemlins/thumb.gif
     
  6. Blaze

    Blaze 1/2 ton status

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    /forums/images/graemlins/rotfl.gif /forums/images/graemlins/rotfl.gif That would be funny. If only my sister wasn't married, she could notarize it and there would be Schochs all over the title!

    BTW, no way I can buy it on my personal credit, Kelly would kill me. /forums/images/graemlins/1zhelp.gif
     

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