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I Hate Banks They Are Anti Business

Discussion in 'Financing' started by itsgottobegreen, Nov 6, 2006.

  1. itsgottobegreen

    itsgottobegreen Well-Known Member

    Joined:
    Nov 1, 2005
    Messages:
    180
    Location:
    Maryland
    Well here is the story. I have found a Killer deal on a JOHN DEERE 310 Super E. 4x4 extend-a-Hoe Cab. 4900 hours, really nice shape, 65% rubber. $22,500.

    Well I go to my bank. Show them my 3 year snow contract for a Huge Mall here in maryland. Which includes one of their largest banking centers. Blah, Blah, Blah. So they run my credit, which is freaking great for a 21 year old. But tell me, No because I haven't been in business for more than 2 years. ARGH. That they only long money out based on gross from the year before. Ok they makes a heck of a lot of sense right? :Banghead So let me get this straight. I can't borrow money to make more money, that will get deposited back in your company. mmm WTF!!!!!!!!!! Plus I got a big contractor who flat out told me, if I get it, he will keep it busy for me at lease 30 hours a week.


    So anyways. I have talked to a couple of equipment financing companies. All which are willing to loan/lease the backhoe for me. Does anybody have any suggestions of a good company to deal with? Or tell me why this country does stuff so backwards. :mad:
     
  2. Dwan Hall

    Dwan Hall Senior Member

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    Occupation:
    Self Employed
    Location:
    Juneau, Alaska
    Try several different banks. They are not all the same and some smaller local banks will loan when the big ones won't.

    Next time you get paid off a large account deposit all the money in savings then take a loan out aginst the savings account, (Banks will uasualy give you the loan @ 1% inturest above the interust the savings gets.) ust the loan proceeds to pay your bills. If times get short you can pay the loan payments from your savings but otherwise make normal payments on it. It builds credit fast, puts money in savings, increases your co. assets, and makes you a good customer with the bank. another thing is banks will loan money a lot faster if you don't need it. so the next time you are ahead barrow from the bank and put it into savings for a later date.

    I went through what you are going through 25 years ago and it took at least 5 years to prove I was a good risk. all the time with perfict credit.
     
  3. digger242j

    digger242j Administrator

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    Occupation:
    Self employed excavator
    Location:
    Southwestern PA
    See the black button right beneath the American flag above? That's Finance Guy, one of our sponsors. I can't say whether the rules he has to work by are any different than the rules of the bank you talked to, but since he helps Steve to pay the bills around here, I'd be remiss if I didn't suggest that you see whether he can help. :thumbsup
     
  4. NJ Demo

    NJ Demo New Member

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    Nov 1, 2006
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    Location:
    Marlton, NJ
    Not to discredit the advertiser

    I have used a company by the name of Western Finance. They have done me well so far. I did work with Joel dont remember his last name though. They are smaller so shouldnt need it anyway.1-800-451-7087 They get very competitive quotes but if you tell them you are going to shop it than they always have some "program" they are introducing that will get you lower rates. Things went pretty smoothly for me and the dealer said it went well for them.
     
  5. Ford LT-9000

    Ford LT-9000 Banned

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    Occupation:
    Rolling around in the dirt
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    Join the club our banks are no different now that I'am working for a company I finally have a chance to get a bank loan. When I was self employeed I got turned down it was a pain in the azz especially when a person making 10 dollars per hour could get a loan because the bank said he had a "steady job".

    No my work wasn't steady but I still made more money that the person that makes 10 dollars per hour :confused:

    Lets just say I was a little :mad:

    What Dwan meantioned going to borrow money for no reason and paying it back was meantioned to me and the rest of my class in highschool by a teacher back in 94. He said it builds credit then when I seen Dwan meantioned it in another post not this one it reminded me of it.

    Good Luck
     
  6. woberlin

    woberlin Well-Known Member

    Joined:
    Dec 15, 2004
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    Occupation:
    excavating contractor/bodyshop owner
    Location:
    malvern, ohio
    I'd second what digger suggested. I talked to finance guy several times this last spring about financing or leasing a t-250 bobcat that I had found. Although the machine sold before I could even submitt the paperwork to him, he was very helpfull, and had numerous programs available. The next machine that I look to purchase, he'll definately be getting a call!
     
  7. itsgottobegreen

    itsgottobegreen Well-Known Member

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    Location:
    Maryland
    Just my luck. He didn't pick up the phone. :Banghead Oh well. Hopefully he got my message.
     
  8. murray83

    murray83 Senior Member

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    Occupation:
    jack of all trades....master of none
    Location:
    new brunswick canada
    Hmmm odd you have a large contract,you have assests and good credit.....Banks I'll never understand them :rolleyes:

    Do you think its due to your age?,some reason I have a feeling that has come into play.
     
  9. Dusty

    Dusty Charter Member

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    Location:
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    its funny i wanted to buy a used ford dump for 13k from a dealer no dice to high of intrist so i went to my bank and they gave me the runaround to
    i think i was 21 at the time so i went to another ford dealer and they sold me a brand new truck at 7% and no cosigner and off i went 10 trucks later from the same dealer and they were happy to sell a kid a truck many years ago
    dont give up someone will loan u the money
    o by the way we have a guy up here in philly that loans money but dont be late or he will :thumbsup burry u
     
  10. Dwan Hall

    Dwan Hall Senior Member

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    His age may have a little to do with it but when I tried I was 35. It is not all age.
     
  11. ante_up

    ante_up New Member

    Joined:
    Jan 25, 2006
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    Location:
    Pa
    The banks I have dealt with have just come right out even before running my credit and say I am to young and it is doubtfull( I will be 21 in under 3 months) I have perfect credit, contracts, and a lot of cash to put down on loans but still no luck yet.

    Dusty where is this guy at in the philly area? i live in the suburbs
     
  12. digger242j

    digger242j Administrator

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    Occupation:
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    In Philly, there's probably one on every street corner... :wink2
     
  13. jmac

    jmac Senior Member

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    Location:
    Central NY
    Try CNH capital I just used them on my excavator that I just signed the paperwork yesterday for. They had better rates than my bank. My bank HSBC wanted me to not only use the machine for colatteral but wanted a blanket lein on everything I own and future assets. Look for fixed rates and standard term note 48 months. You should be able to find a note for 10% or less. Have you any loans from other banks? Call them first.
     
  14. itsgottobegreen

    itsgottobegreen Well-Known Member

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    Location:
    Maryland
    I also called John Deere finacing. They said they where willing to give me a loan on any used JD equipment. But they haven't gotten back to me on any rates or offical yes yet. So I know I got someone willing to give me money now. Plus I got a friend who offered $15,000 to me if I needed it. Only problem is then I am her person bitch till further notice. :eek2
     
  15. Dusty

    Dusty Charter Member

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    Location:
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    i could use a whipping boy for a while do u want some money :slomo :slomo
     
  16. murray83

    murray83 Senior Member

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    Occupation:
    jack of all trades....master of none
    Location:
    new brunswick canada
    Hopefully you'll have good luck on that hoe (The John Deere not the woman:wink2 ),for that price she's worth the butt kissing :yup
     
  17. jmac

    jmac Senior Member

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    I will be glad to be a personal bitch for 15K!:notworthy :yup :rolleyes:
     
  18. Countryboy

    Countryboy Senior Member

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    Load Out Tech. / Heavy Equipment Operator / Locomo
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    Georgia
    I would be looking for the one that will give you the 15k and not make you their personal......huh hum......assistant.:D
     
  19. Wawrecker

    Wawrecker Well-Known Member

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    Location:
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    Some of you may have seen my post regarding our Kenworth Hooklift we built this summer. Well, that truck taught us a lot about banks. Prior to the Kenworth our largest purchase was a $45,000 used EX 200 that a leasing company took care of us on when we were in business for about 16 months and very little money. So we go to the bank that we’ve have been with since the beginning, at this point we have passed roughly $7 mil through there doors in five and a half years, no bounced checks, no overdraft just a good bank customer. We met with the loan guy to request $160,000 to build the truck. We came with all the requested docs P-L, balance 3 years tax returns, etc, etc, The first thing he looked at was our net worth work sheet, spotted $15,000 in credit card debt and said “That’s a problem†and I am thinking what the hell, We have over a $100k available but only used 15%? I am sorry I don’t remember his technical reason for not placing the loan but he did review the other docs but not until we were denied and he actually said our business looked pretty good but sorry! We went to another local bank at the suggestion of a friend and this Bank “MT RAINER NATIONAL BANK IN BUCKLEY WASHINGTON†Reviewed our docs and within 15 minutes said yes I think we can do this and committed the following day. My old bank that was very unsupportive of a small growing business by the way that bank is “Venture Bankâ€. Any ways Unsupportive Venture bank spends a lot of money on marketing in business journals tooting there horn about how the bank was started by business owners tired of getting treated poorly by banks. I could go on and on but I will finish, so I sent the ceo of Un supportive venture bank an email basically saying the same thing I am telling you and have yet to get a response and that was 4 weeks ago.
     
  20. Countryboy

    Countryboy Senior Member

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    Not about equipment but still pertains to financing. I have excellent credit and this was proven when I bought my new house (150k+ for estimates) and was asked jokingly by the bank if I would like another one also. Well, I go to one of the major building supply companies to buy a washer, dryer and refrigerator. I bought the washer and dryer with cash and wanted to finance the refrigerator. The fridge was app. $1400 but they said the best they could do was let me finance $200 and pay the rest in cash:mad: . Its ok though because the competition got my buisness by financing 100%:yup . I mean how much credit you gotta have to buy a freaking refrigerator? To top it all off, I was able to finance the ol' lady a brand new car to go with her brand new house:crying . I have worked hard to have nice stuff and good credit and find it very offensive to be turned down. I guess I don't understand credit like I thought I did:confused: .