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I can pay cash but want to finance part of purchase

Discussion in 'Financing' started by ericscher, Jan 14, 2015.

  1. Sberry

    Sberry Senior Member

    Joined:
    Jul 31, 2010
    Messages:
    382
    Occupation:
    Farmer
    Location:
    Brethren, Michigan
    I bought something a while back on credit, after I was done with it all paid 50$ less than if I paid cash,,, ha But if you are really going to build biz its good to have.
     
    scfinc likes this.
  2. TD24

    TD24 Senior Member

    Joined:
    Jan 3, 2011
    Messages:
    259
    Occupation:
    RETIRED (Mostly)
    Location:
    MS
    In the old school of small loan lending; where I once worked, we based lending on 3 things.
    Ability, Stability, and Willingness.
    Ability- Some stable source of income to actually make payments. Steady job or valid income producing venture.
    Stability- Same address or limited locale for a decent /recent period. Shows scale of living/operations
    Willingness- Record of making payments to others on a timely schedule. History from references.
    Not much different from remarks here; except, mine could get the cash, smile, walk out and move away.
    I was later in forklifts for 14 years. Had a small line of credit at a bank to get cash to go auctions. Sold for cash, he can go to the bank. First sale of an auction buy paid off the line of credit advance for the whole buy. Close crdit.
     
    John C. likes this.