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Opened a business-should I pay off my business loan early?
Posted on 10/17/12 at 6:53 am
Posted on 10/17/12 at 6:53 am
Opened a business that will generate $2500 a month for a four year term. I borrowed 34k at 5.95% on a 36 month term. Should I a pay off the loan ASAP or spread it out over three years? tax purposes, interest, cash reserve.. Etc
5
Posted on 10/17/12 at 8:16 am to eazyeric23
I am inclined to say no. Cash flow can swing hard and fast (like my pecker) and you may need that money.
Posted on 10/17/12 at 8:21 am to eazyeric23
No, don't pay it asap. Take the tax deductions, build cash flow, and establish your business first.
Posted on 10/17/12 at 8:34 am to eazyeric23
What kind of business did you open?
Posted on 10/17/12 at 8:58 am to eazyeric23
quote:
Opened a business that will generate $2500 a month for a four year term.
If you can be that exact, it sounds like you need some more leverage.
What kind of business is it?
Posted on 10/17/12 at 9:28 am to TheHiddenFlask
I am leasing locomotive work trucks.
Posted on 10/17/12 at 9:39 am to eazyeric23
Too many variables to answer, but I would think about trying to convert it into a line of credit somehow. That way you can pay off now and draw on it later if your revenue projections wind up being optimistic.
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