Thread: Loans?
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  #100  
Old 10-21-2012, 06:47 PM
32vld 32vld is offline
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Join Date: Feb 2011
Location: LI NY
Posts: 3,210
Quote:
Originally Posted by Working Man View Post
Picked up a contract this year 50000/year 3 years. I had enough $ to buy the mower, trailer and already had the truck but if I had I would have been pretty low on cash. I financed 100% for three years, and kept my money in the bank.
Many cash first people here also said they would take a 0% interest loan and hold onto the cash in the bank and earn interest.

This way if their business had a down turn there was the money in their savings account to make the payments.

Now a person that takes a loan to buy equipment and does not have money to cover the loan their business may not be able to survive a down turn do to being in debt.

People run their business just as if they were an employee. Earning $100 and spending $100 every week. Then when their salary gets cut they can't meet their loans.

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