Well… this is a little embarrassing, especially when you’re still pretty new to the industry and trying not to burn bridges. I got jerked around a bit by Quickspark Financial on an equipment lease and ultimately jerked around Pressuretek as a result.
I’ve been doing all I needed to do to get my paydex score through Dun & Bradstreet to an A which meant buying BS at Grainger, Quill, and Uline at 3x the cost I could get it elsewhere on 30 day terms, getting a business credit card, blah blah blah.
I’d rather punch myself in the face than finance anything, but I know that sometimes it makes sense to do so. OPM. Other people’s money I keep hearing.
Anyhow, I’m waiting to hear back from Kabbage and Credibly on lines of credit, but does anyone have any experience with these two companies? Pros, cons?
Ever thought about a business CreditCard instead? When I opened my business bank account with US Bank they extended a CreditCard offer to the business name. Was approved for 15k max limit and 0% interest for first 12 months.
Nope. But I do have a capital one business credit card and was considering switching my bank accounts from my credit union to cap one. Maybe I’ll call US Bank.
OPM only applies to investors. Investors invest money knowing they have a chance of losing their investment… Credit is not like that. When you loose a credit companies money, they sue you. They come after your assets. The term good credit just means you take out loans and pay back in a timely manor. Sorry for the rant…
Maybe i didn’t read it right but looks like $225 kept you from getting what you wanted and Bob making a sell. “We” preach about customers being cheap. Spend the money. It might be a cheesy add on fee but, really? I’ve spent that gassing up the boat. It’s just money. You can’t take it with you and you can always make more.
Find the smallest bank in town. Preferably one branch only. Go in and intro yourself. Take the bank manager out to lunch. Put all your money there and they will take care of you
I thought about this. And Bob is still going to get the sale. That weighed heavy on my mind. But I have two companies who said that credit lines are all but guaranteed at better rates based on my bank statements. They’re just going through underwriting to determine the final amount. Also, I would never have entered the other lease without enough cash in the bank to pay it all off at once.
So Bob will still get the sale whether or not it’s a mix of cash or credit lines. I’m just trying to build business credit with the lease/financing or I’d just pay for it. It’ll just be once I figure out what’s best for the business and being able to sleep at night.
I just feel bad that they did the work and I have to put it off. I agree. The $225 is meaningless except that I was hoping for an inch while giving a mile.
That’s my credit union, but unfortunately they won’t do business loans/lines of credit for businesses under 3 years. Incredibly conservative credit union.
I should also mention the day before they agreed to drop the doc fee and one of the upfront payments if I signed the docs that day. I agreed, but they pulled the deal by the end of the day.
You can take your money and invest it in yourself or your biz. If you screw up and you have only hurt the investor (you) When you borrow money you are not an investor you are now an asset to the lender. You screw up they are coming after you. Even if you don’t screw up you are losing xxx percent every month, which in turn means you work xxx percent harder just to keep even. The more loans you have you either have to find more work or raise prices even higher to cover it. More work,is usually good because you get to keep the money so when all that extra work wears out your equipment you have money to replace it… UT OH… But you don’t have any money because you have been paying off a loan… But that’s ok you got good credit you can get Another loan because they love your good credit score… And the cycle continues …
Well… I would never lease a personal vehicle… but my CPA believes if my business stays on the tracks at the same speed leasing a truck is better at this point.
But wouldn’t I need great business credit to buy or lease? What if I decide to delay it? What’s wrong with having great business credit?
I’ll get a second opinion because now you’re making me question it, but it seems like there are plenty of reasons to lease from my conversation with Dean the CPA, this article, and other unbiased sources.
