Business Loans ??

dave1223

Not really mate. I want to ask on here more peoples advice and more peoples own experience's

If you don't wanna help get off this thread!

If you wanna moan and !!!!! come and see me and i will give you a slap!

If you wanna help then fine i will be your friend and i will help you whenever i can

Thanks to everyone who has helped so far!

By the way is it worth just getting an Unsecured personal loan for £20k??

inmypocketnottheirs

Have to say I am with jonesy on this one. If you are asking questions as fundamentally basic as these, then I question whether you should be in business. I would say, save yourself a lot of pain and hardship and cut and run now before you end up swamped with badly planned debt.

COOKIEWILLOW

I think we are being wound up here. Firstly "Dave" dont threaten people with violence if you dont like their advice! Reading another post of your, saying there are too many "foreigners" in this country, that is racist. keep your private opinion off a public site.

dave1223

Sorry Guys didn't wanna upset anyone and didn't mean to be racist im not racist i have mixed race friends and polish friends so no don't get mistaken.

If the lady above got a lone for 25k Unsecured and with no questions asked why am i getting ill advised by you guys on this forum?

regularsaver1

You can't get an unsecured loan for business reasons, and also how are you going to prove your income

A lot of people have given some sound advice, no need to insult them. Also as one said, your accountant, should be able to help??

queen_of_leon

[QUOTE=dave1223

If the lady above got a lone for 25k Unsecured and with no questions asked why am i getting ill advised by you guys on this forum?[/QUOTE]


i don't believe you are being ill advised. the lady above (kandi) got her loan for 25k...wanted to pay it off early and was told they need to pay 35k back because of the interest added. she was trying to warn u not to make the same mistake.

you sound in a rush to get this money but u need to have sound professional advise before u rush into anything. none of us on this thread are professional advisors but are trying to point u in the right direction.

please seek that help ...which should be free, but you'll not know til u try!

sassybooboos

i got a business loan cause i knew what i was talking about.

you dont stand a chance!!!!!!!

and neither does your business with your attitude.

I was trying to help as i have already had a business.

chriz1000

That’s a bit harsh Sassy. He does stand a chance as long as he gets things in order.

I business bank with Lloyds TSB and Abby (two separate businesses), whenever you apply for a loan you should have all your facts and figures in place, create a forecast and if your not brilliant with the figures pay a professional to create a decent business plan.
The first thing the bank will ask you is if you have anything to secure the loan against, i.e equity in any property, if you do this will be your easiest way to get the loan.

You may find that you are refired to the DTI Small Firms Loan Guarantee scheme. You will still have to front some money though. I haven’t had to take a business loan out for 2 years now so cant remember the exact figures off the top of my head but I think you can borrow up to 75% of what you need through this scheme. You will pay a premium on top though.

At the end of the day mate, research research research, your account manager will want to lend you money, but if you don’t present your case properly and prove you are low risk you wont get very far.

dannynixon

I thik this is a wind up by Dave. I don't often give negative posts on this forum but this is a joke.

What do you pay your accountant for?

How on earth can you claim to have 10k but have 3k?

How on earth do you expect to last even 2 years with you attitude towards business?

How on earth do you get your shoes onto the right feet?

You have thrown some very good advice (ie queen of leon) back in peoples faces so lets have a laugh when you spit out your dummy when the bank !!!! themselves at you

lawrie28

The small firms loan guarantee scheme may help you, but don't forget that the bank will need security. In your case, you are buying easily identifiable, quick to sell assetts. A larger dealer would have whats known as a "stocking facility". This is basically a loan secured against the stock assets. It's a bit more complicated, and I don't knw if you can get this for a smaller business.

If you have already borrowed, then try to keep your overheads low as possible. If you know the trade, then you know how easy it is for dealers to go bust. If you want to sell more, then try to have a good source of cars and buy as soon as you have made a sale.

You could also try leaving some of the profit in the business. If you take it all out, it will limit your growth. Even a small amount left in from each sale will add up.

Don't forget dealerships make money selling extras - products, services etc. see what you can find - Mats, car wash kits, offer tinting, alloys etc, through third partis and take a slice off the top. Same with stereos etc.

hope this helps, good luck