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Getting Business Loan with minimal/no credit history?

Discussion in 'BlackHat Lounge' started by zSpyderx, May 2, 2009.

  1. zSpyderx

    zSpyderx Junior Member

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    Recently I have been thinking about starting an auto detailing business and I was wondering if anyone has advice for getting a decent sized start up loan for purchasing a truck/van and a equipment trailer and other equipment to start the business. Its gonna be a mobile business but lack of money is my issue right now and I don't really know how I'd go about getting the funds with little credit history.


    Any advice be appreciated. Thanks
     
  2. farfetchedmoney

    farfetchedmoney Regular Member

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    Occupation:
    Serial slacker
    Location:
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    Random options..... some blackhat some grey and some white

    The dirty way is to steal someones credit and have them(you) cosign...

    You could write out a business plan and present it to a hard money lender and that would be a possible partnership

    Have a friend use their collateral and co-sign

    set up a website as an invester and present it as if your looking for investors and have them loan you the money while you use it to run your business and pay them back with interest and make up some excuse why you cant pay out

    do as above except keep paying them interest and keep them on as investors
     
  3. spaceinvader

    spaceinvader Regular Member

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    Occupation:
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    damn, im so tempted to refer you to one of my cpa offers lol :D

    but what i would do is tell them you are employed and earning a good wage... they cant check this info on your credit report (at least not here the uk)... be aware: to lie on your application is fraud.. and to be honest its hard to get a loan anywhere these days anyway. you are more likley to get accepted for credit cards but that may not be enough capital for you.

    good luck ;)
     
  4. zSpyderx

    zSpyderx Junior Member

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    Thanks for the replies. I'm probably just gonna go hunt for investors. Buying a Van and trailer would be the major expenses and getting the proper training would be a little more cash but I could probably pay for the training myself.

    Guess I'll have to look into my options.
     
  5. phpfiend

    phpfiend Junior Member

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    You could always go through the SBA and SBDC's in your area... SBA- Small Business Association SBDC- Small Business Development Center