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Getting a line of credit at a bank @ 6.7%
Posted on 6/19/13 at 6:56 pm
Posted on 6/19/13 at 6:56 pm
50k line of credit to buy equipment to start a business at the above posted interest rate. Interest payment each month on money spent is the only monthly obligation.
Should I shop around for a better rate?
Anything I Gould be weary of?
First time doing something like this and kinda going in blind.
Should I shop around for a better rate?
Anything I Gould be weary of?
First time doing something like this and kinda going in blind.
4
Posted on 6/20/13 at 8:38 am to FelicianaTigerfan
Fixed rate or variable? If fixed then 6.7% interest only is pretty strong for a start up business IMO. Maybe someone else knows of a better rate/place but seems good to me.
Also is this an open-ended line or does it close after ____ years? If it closes after ____ years then find out what happens if you still owe a balance at that time.
Also is this an open-ended line or does it close after ____ years? If it closes after ____ years then find out what happens if you still owe a balance at that time.
Posted on 6/20/13 at 10:16 am to FelicianaTigerfan
quote:
Getting a line of credit at a bank @ 6.7%
Secured? If not, thats pretty damn good.
eta: if it is secured, I would say its still pretty good.
This post was edited on 6/20/13 at 10:17 am
Posted on 6/20/13 at 10:26 am to FelicianaTigerfan
Good rate. Also is this fixed?
Good luck with your business.
Good luck with your business.
Posted on 6/20/13 at 9:41 pm to FelicianaTigerfan
That's not neccesarily a bad rate but its probably not fixed as the vast majority of LOC's are variable in my experience.. Make sure to fully understand the rate process if its variable and the whether or not the loc can be called due.. You don't neccesarily need to understand all the ends and outs but cover your arse and ask questions when you don't understand.
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