topic Re: Loan for a Machine .... debt is over in Personal Finance

Loan for a Machine .... debt is over

Anonymous — Tue, 08 Aug 2017 23:49:56 GMT

Ok now...

Finally debt free. Almost. $3k to go.

Been working alot this year and its paid off 10fold for me.

After 2yrs from $35k in debt im almost home.

Credit score seems to be going up and close to the 800 area.

Looking to buy a machine thats $40k next March '18.

In the meantime im saving $$$ towards it until that time.

I havent been too concerned about credit score until this year

and knowing I want something that will require a loan.

Now that im fresh and clean slate, almost. What to look for?

Looking for at least 3-5 yr loan. Im using CCs but not going

buck-wild with them. They're paid in full each month. My score

was around 680 in Oct, then 746 in Mar and around 790's

today. I havent received a solid score # yet. Should I let this

build up higher until March time? Then make a move for it?

I have $3k to go, very soon that is for it to be paid off. Is the next

couple of months good to let things sink in with credit people

that they see no outstanding debt? My wifes credit is past 800

and she doesnt work. I pay all the bills etc on time. No derogs

no lates.

I plan on paying off the loan early by making decent sized weekly payments.

I dont want to risk a short term loan.

Thanks all

Re: Loan for a Machine .... debt is over

Appleman — Wed, 09 Aug 2017 03:37:20 GMT

Congrats on improving your credit score.

Is this machine for a business? If so, not sure I have any advice.

As long as you have a very solid payment history and a strong income you could try Sofi.com. Only a soft pull to see if you would qualify for a personal loan.

Re: Loan for a Machine .... debt is over

Anonymous — Wed, 09 Aug 2017 04:03:39 GMT

Check NFCU if you are eligible, also I am super curious as to the "MACHINE" idk why please share.

Re: Loan for a Machine .... debt is over

Anonymous — Thu, 10 Aug 2017 07:26:09 GMT

lol... good question about the "Machine"

It's a CNC router. I am a sign maker and operate a fairly large

Multicam 3000 to cut out alot of materials to make the signs

you see everyday.

The machine I am getting is about half the cost of what my job paid.

Somewhat smaller though to fit in my garage.

I live 40 miles from job, so staying late whatnot is not my cup of tea.

Besides, I make more things than signs. Im at the point where I

am very creative and can handle my own. Maybe make some $$$

along the way. Im not looking to operate a business. Just a nice

expensive toy that will be used alot and give me the accuracy I look for.

Who knows, the machine may pay for itself if I want it to.

I never mentioned that I paid off some CCs really fast. Like within

a month or 2 time frame. Would that have an effect?

Re: Loan for a Machine .... debt is over

Anonymous — Sat, 12 Aug 2017 19:41:14 GMT

Hi, OP. Maybe I am missing something - but, if I understand correctly, you are wanting to take out a loan for a $40,000 printing machine when you are employed by an employer who has a similar one? And you want to take out the loan so you can use it at home?

My first impression is to absolutely not take on $40,000 of debt after just working very hard to pay off your current debt. You're going to end up right back where you started - in debt, only much higher in debt this time.

I just think it sounds like a very bad idea to take out a single $40,000 loan period, (you're not doing this as a business, you say) much less after the information you have shared above.

You just paid off $35,00 in debt after a lot of effort and hard work, and now immediately want to take out another $40,000 in debt? Yipe. Oh, and you still have $3,000 left to pay off from the $35,000, so it isn't completely paid down yet.

That is a very large loan just to have a machine at home for the purposes of not commuting as much to your job, and to make a few other things on the side. I don't think it's a wise decision to go back into debt for that large sum - that's just my first thought.

$40,000 for an expensive toy (your words) and you don't plan to have a business with it is not a good idea.

I'd also suggest taking a long, hard look at the reason you got $35,000 in debt before going down that path again. I don't want to see this end badly for you.

Think very carefully about emergencies as well. Your $40,000 toy will not look so shiny if you have to (hopefully not) deal with an emergency and have 2k in cash set aside but $40,000 in loans for a printing machine.

Re: Loan for a Machine .... debt is over

Anonymous — Sun, 13 Aug 2017 02:35:08 GMT

@humu

All points valid for your response. Maybe I explained myself in a nutshell, a small one.

So I will try to reply to each :

Yes, I live 40 miles from my job. More than once have I realized if I made a mistake I would have to wait for another redo. Not fun. At the same token I also have to wait for the next available allowance for me to cut what I need. I would also have to cut this stuff on my own time. It's bad enoughto do the drive, usually 1-1/2+/- hrs travel time. (SS+LIE/NY). Also work 12/14hrs day. At work I would have distractions, questions etc. Things I cut at work dont always get the proper cuts or I forget something etc.

Sure and HELL NO. The past batch of years the debt was from nonsense buys. Also to the fact that I wasnt making as much to knock down the debt like I previously have done. I've been with my job over 22 yrs and assured I am not going anywheres. Since getting the CNC at my job I've managed to bring our company to higher levels and production has jumped. In turn I've also made alot more $$ for this. After realizing how much $$ in interest was going out and that if I paid more off, I'd be good. Listen, Imelda Marcos may have alot of shoes but I know someone quite well that may have more. Also other things to match colorwise for those shoes. It may sound silly but I could pay off the outstanding debt right now but why? I have 3 BTs & a small loan(?) The small loan is 0% financing I purchase to heat my garage from 12/2015. Instead of paying that off, I'm saving $$ in the bank and collecting interest. I stretched out all 4 and pay each week a percentage until its final payment. It's a few bucks each week and I dont feel any pinches nor have to worry if I have the money to cover the bill for the month. I dont see any higher debt coming nor will I allow it to happen again. Booie.

I just think it sounds like a very bad idea to take out a single $40,000 loan period, (you're not doing this as a business, you say) much less after the information you have shared above.

The info was sparse. Im not crazy for it either. $40k was the price for the CNC. Im saving $$ in the meantime towards it. So the more I save, the less I borrow. Obviously I could wait it out more and do a direct purchase when the time arises. Besides, there's other I need to buy to get the machine to run, like another electrical subpanel installed.

Well, I didnt say immediately, but I guess March 2018 is considered so. Who knows, I may hold out longer. There's a bunch other things I need to get that cost way lot less. The outstanding debt is explained above.

Absolutely! I dig what you say there 100%

$40,000 for an expensive toy (your words) and you don't plan to have a business with it is not a good idea.

Well it would be my most expensive machine purchased. Why would I have to be a business? Thats not my thing, I like to make things and I do it quite well. At the same token if I make a few bucks from it then it works in my favor.

I'd also suggest taking a long, hard look at the reason you got $35,000 in debt before going down that path again. I don't want to see this end badly for you.

Well after getting most of it gone, I have looked back and dont plan on going back. I am determined. Through the years animals are costly, worse than humans healthwise. Sadly we dont have many of the cats around us no more. We had 11 at one time now down to 3, ya know sort of like debt. Eventually it goes.

Going by todays bills and some extra what ifs we have at least 2yrs saved as backup. We dont talk about it, just keep putting $$ aside.

My plan was to pay weekly and in good size $$ to pay it down faster at the same token have cushion incase I miss a week.

Basically I wanted to know if my credit score would be better off by next year so I could lock in a decent APR%

Funny has it... im losing interest on this adventure for now being so far from it to say.

Just something to think about and look forward to. Life changes... who knows.

I have alot of time to think things over and it isnt an actual need so there's no pressure.

It's a want issue which I can surpass.

PS: I will get this machine eventually

Re: Loan for a Machine .... debt is over

Anonymous — Sun, 03 Sep 2017 22:46:10 GMT

All paid off! Worked me butt off the past few weeks. Determined.

I've decided to wait till next year about the machine and deal with my jobs machine.

So yeah... i've given it some thought Humumumumnumnumnummu

Meanwhile... saving $$$$ and actually feel good about it.

So if anyone thinks its nuts to make payments every week however

much I could part with, its done. Many sacrifices and a lil time.

Well thats about it in a nutshell.

Re: Loan for a Machine .... debt is over

Appleman — Mon, 04 Sep 2017 00:02:46 GMT

Congrats!

Re: Loan for a Machine .... debt is over

LadyJEsq — Mon, 04 Sep 2017 23:16:33 GMT

Congrats on being debt free! I've been where you are now, and I know what a wonderful feeling it can be. Bask in your glow!

Re: Loan for a Machine .... debt is over

Anonymous — Sun, 01 Jul 2018 13:08:25 GMT

Hey Lady

almost 9 mos later and that wonderful feeling it is.

A different outlook on usage, saving $$ and yes... I take delivery

on that machine I mentioned prior in 2 weeks. 24% of the loan is already paid for.

The way its going, knock on ~~wood~~ skull I'll be making extra $$ with it

to really knock it out. I guess it becomes ocd after things are clear.

Mid 800's is like an A on the report card.

OK then... Happy Fourth to all!

Re: Loan for a Machine .... debt is over

Anonymous — Sun, 30 Sep 2018 17:49:05 GMT

Update...

Still chugging along w/ all finances in check.

Using the cards for everything now instead of cash.

But I do have cash in case of emergencies.

Liking the cashbacks % Discovers 5% for Amazon & BJ/Costco buys.

Imeldas shoe collection has lessened

Cycled thru all the other cards not used in a while.

Poor Lowes for 5%, never paid any interest.

The loan did beat me down tho. Was in the mid 830's and

currently sitting around 810's.

Machine is in and now for it to make us $$$.

Pay as much as you can and do not over do it or short change yourself.

A little time & patience and you'll be good.