Re: Am I being wise, or stupid???

Posted by Bob in WY on November 18, 2006 at 11:27:22 from (216.128.229.225):

In Reply to: Am I being wise, or stupid??? posted by Luke S on November 18, 2006 at 07:34:25:

Not advice but what I tend to do on things like this is setup a 3 to 5 year loan with no prepay penality. Borrow enough to make sure the project will take care of at least my 5 year plans. If everything goes according to my initial plans then I pay off early. If I end up with a glitch then I don"t put myself into a cash crunch.

The last machine I did this with was $120,000. I could have paid cash but it would put my cash on hand below my comfort level so I setup a 5 year loan. The machine actually did better than expected so I paid it off in 1 1/2 years. Doesn"t always work that way though.

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