Does anybody know how hard it is to get a business loan? Do you need a formal business plan and all that?
Right now I am still living at home so I have no expenses. I am going to school for machining and working part time a machine shop. I would like to borrow possibly about $5,000 to buy my own milling machine to start my own shop. Would I have any chance of getting approved for this? What kind of rate would I be looking at? I have had about 3 other loans and never had a late payment and paid all three off early. I am sure a formal business plan is a great idea but I have no idea how to right it up but I have a lot of ideas on things I could make and sell. Plus I have a lot of friends that offer me good money to make them things and I am getting tired to telling them no because I don't have a machine.
I am sure if I had to I could get a cosigner but I get tired to having to do that like I am a 10 year old again. The last two loans I had I got on my own but they were not for $5,000. Plus they were for cars and the bank had the title so if I didnt pay they would come get the car, I don't know what they would do if I didnt pay on this machine. I am sure I could pay it off within 6 months but the bank may think differently.
Right now I am still living at home so I have no expenses. I am going to school for machining and working part time a machine shop. I would like to borrow possibly about $5,000 to buy my own milling machine to start my own shop. Would I have any chance of getting approved for this? What kind of rate would I be looking at? I have had about 3 other loans and never had a late payment and paid all three off early. I am sure a formal business plan is a great idea but I have no idea how to right it up but I have a lot of ideas on things I could make and sell. Plus I have a lot of friends that offer me good money to make them things and I am getting tired to telling them no because I don't have a machine.
I am sure if I had to I could get a cosigner but I get tired to having to do that like I am a 10 year old again. The last two loans I had I got on my own but they were not for $5,000. Plus they were for cars and the bank had the title so if I didnt pay they would come get the car, I don't know what they would do if I didnt pay on this machine. I am sure I could pay it off within 6 months but the bank may think differently.