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is it acceptable to state your buying second hand equipment when applying for a business loan? Is it looked on favourably or does all equipment have to be brand new with warranty?
The quality of the business proposal is all that matters, if you can source quality second hand equipment then why would you buy new? In terms of the business plan just ensure that you state the logic of doing this and why you made this choice. It is not enough to state "its cheaper" to do it this way as if the equipment is likely to have to be replaced then its not cheaper.........You could state that "I have compared the cost of purchasing equipment new as opposed to purchasing it 2nd hand or leasing it. I have also spoken to suppliers of the equipment to establish the reliability and lifespan of 2nd hand equipment and have negotiated guarantees on the 2nd hand equipment I intend to purchase". In short make it clear that you understand the advantages/disadvantages of all the available options and that your decision is based on research not just a gut feeling based on nowt.
Thanks, a helpful and non piss taking post, remarkable on the SMB, thanks again!
is it acceptable to state your buying second hand equipment when applying for a business loan? Is it looked on favourably or does all equipment have to be brand new with warranty?
If you were purchasing an existing business with assets, the assets are effectively second hand on completion of the transaction. No reason why a business plan can’t have second hand purchases included. What I would question is that if they were to break down, are you still able to trade?
How do you find out prices? just by looking on gumtree and facebook marketplace and getting the average price they are going for I suppose?
The quality of the business proposal is all that matters, if you can source quality second hand equipment then why would you buy new? In terms of the business plan just ensure that you state the logic of doing this and why you made this choice. It is not enough to state "its cheaper" to do it this way as if the equipment is likely to have to be replaced then its not cheaper.........You could state that "I have compared the cost of purchasing equipment new as opposed to purchasing it 2nd hand or leasing it. I have also spoken to suppliers of the equipment to establish the reliability and lifespan of 2nd hand equipment and have negotiated guarantees on the 2nd hand equipment I intend to purchase". In short make it clear that you understand the advantages/disadvantages of all the available options and that your decision is based on research not just a gut feeling based on nowt.
How do you find out prices? just by looking on gumtree and facebook marketplace and getting the average price they are going for I suppose?
What is the business if you don’t mind me asking?is it acceptable to state your buying second hand equipment when applying for a business loan? Is it looked on favourably or does all equipment have to be brand new with warranty?
What is the business if you don’t mind me asking?
I started mine 7 months ago, purchased both a brand new machine and a couple of second hand ones, didn’t effect my application.
If your on a similar industry to myself then I may have a few good contacts for second hand machinery...
Creating games?Video gaming
Creating games?
Selling arcade machines?
Opening an arcade?
Creating games?
Selling arcade machines?
Opening an arcade?
f***ing hell another one by the op
What the fuck is a mobile gaming party? You turn up to someones house with a ps4, Fifa and a few cans? And they pay you for it?