Has anyone ever done it where it worked out??:badidea:
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Has anyone ever done it where it worked out??:badidea:
I have never done it. If the bank will not loan you money why should I?
I'm not a finance company....
Did it once for a friend.. Didn't end well.
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Bad idea
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Did it for a real responsible friend of my kid, I did tell him that it wont work and if it didn't, when he returned the bike he would be out anything he payed me. 2 months good, 3rd month half a payment. Then he returned it, the kid learned a lesson.
Yes but only when there was a decent downpayment and good, solid, hard to destroy collateral.
I've done this, but only when they gave me a deposit for the full amount in advance :D
If there's enough money up front so if things go bad (and they probably will) you would still come out ahead. I say it's ok.
High risk, high reward! Live a little! :DQuote:
Originally Posted by Hotboat
I'll gladly pay you Tuesday for a cheeseburger today :DQuote:
Originally Posted by Mateo
Did it for a friend and charged him the going interest rate as if he had good credit. Every payment was late except the last couple which he paid early. There's a reason people have bad credit.
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I except payment plans.......the plan is you pay me the full amount when you buy it.:D
Ive done a few.....No regrets.....!
Ditto....Quote:
Originally Posted by 28eliminator
Never done it, here's why, when I was young my Father owner financed a small river house on the Missouri River we owned, the jerk-off made two payments and never made another one, my parents really didn't have to money to waste, took almost two years to get rid of him, they spent a ton getting him out of it and then we still had to sell it, what a mess, taught me something, don't finance anything for anyone, that's what banks are for.
I've done it a couple times for friends. It typically took longer to get the money than what was agreed upon, but I wasn't hurting for it and trusted that they'd pay me off when they could and they always did. What I find to work a lil better is just get a deposit from them, let them know you'll hold such item till it's paid for, then release it to them. They'll pay you a lot sooner!
Although you had a previous situation that made you feel that way, there are ways to protect your investment/cash. Privately lending money isn't about loosening ALL credit standards, it's about loosening maybe one standard but still lending prudently. If your parents had taken a large enough downpayment, they would have been happy to get rid of him and sell it again. There's nothing better than selling something for a profit twice!Quote:
Originally Posted by 314joey
One of the keys is don't do it for freinds and family. Make it a business decision and you should end up just fine.Quote:
Originally Posted by 28eliminator
thanks for all the replys...
I'd finance anyone with the proper down, I'd love to have financed my river place, earn decent interest and maybe the schlep would have to give it back to me, LOL!!
With 2 payments left. :thumbup:Quote:
Originally Posted by pvhca1