NewStats: 3,261,708 , 8,174,873 topics. Date: Friday, 30 May 2025 at 08:57 AM 52179

I really need help from a cap drive, especially mini bus drivers. I want to collect a loan and buy a bus for transport business and I need a loan of 1.3million which I will pay back 1.5million in 11months. having made arrangements for the money.
can I remit the above money in 11month.
I need advice.
am a newbie in transport business.

Boydehot:
I really need help from a cap drive, especially mini bus drivers. I want to collect a loan and buy a bus for transport business and I need a loan of 1.3million which I will pay back 1.5million in 11months. having made arrangements for the money.
can I remit the above money in 11month.
I need advice.
am a newbie in transport business.

Depends on location n your resilience towards actualising your goal

You can't.


My one cent.

Boydehot:
I really need help from a cap drive, especially mini bus drivers. I want to collect a loan and buy a bus for transport business and I need a loan of 1.3million which I will pay back 1.5million in 11months. having made arrangements for the money.
can I remit the above money in 11month.
I need advice.
am a newbie in transport business.

Loans are for already existing business with a fixed income, the loan would be used to expand the business and since you already have a sustainable income from it, you can easily offset the loan.

Never use a loan for a start up business cos chances that you'll default is very high. Reason being that factors might arise that might hinder you from actualizing the money before due date.

To even think it's a high risk business like transportation which involves so much money and high risk, you're most likely going to default.

The reality here is that half of your income will be going into fuel, maintenance, agbergo, miscellaneous...etc. the other half would be going into your personal needs, family needs, family emergencies... etc.

When you consider other risks like accidents, fire, theft...etc, you clearly wouldn't be able to offset it within 11 months.

Nazgul:

Loans are for already existing business with a fixed income, the loan would be used to expand the business and since you already have a sustainable income from it, you can easily offset the loan.

Never use a loan for a start up business cos chances that you'll default is very high. Reason being that factors might arise that might hinder you from actualizing the money before due date.

To even think it's a high risk business like transportation which involves so much money and high risk, you're most likely going to default.

The reality here is that half of your income will be going into fuel, maintenance, agbergo, miscellaneous...etc. the other half would be going into your personal needs, family needs, family emergencies... etc.

When you consider other risks like accidents, fire, theft...etc, you clearly wouldn't be able to offset it within 11 months.

.

thanks for the advice.
are you saying this from experience

Boydehot:
.
thanks for the advice.
are you saying this from experience

Not direct experience, I just happen to know how dangerous transportation business is. And considering the risks involved, it wouldn't be wise to start it with a loan.

chatinent:
You can't.


My one cent.

but I have seen people that were able to remit money gotten from loan or hire purchase

Nazgul:

Not direct experience, I just happen to know how dangerous transportation business is. And considering the risks involved, it wouldn't be wise to start it with a loan.

what if i forget about the loan and look for hire purchase hope it will be less risk than getting a loan.

am not doing anything for now. i will like to start up something next yr.

Boydehot:
I really need help from a cap drive, especially mini bus drivers. I want to collect a loan and buy a bus for transport business and I need a loan of 1.3million which I will pay back 1.5million in 11months. having made arrangements for the money.
can I remit the above money in 11month.
I need advice.
am a newbie in transport business.

Go for it!! just don't loose guard

Preshmane:


Go for it!! just don't loose guard

thanks.
I had such opportunity in 2016 but thank God I didn't go for the car, because then I was addicted to gambling especially virtual betting. but stop playing virtual in 2017 since am able to save some cash.

Boydehot:


what if i forget about the loan and look for hire purchase hope it will be less risk than getting a loan.
am not doing any

Higher purchase is good, but these days most sellers would tell you to pay at least half of the total worth of the vehicle before handing you the keys. They too are trying to protect themselves from loosing.

You must have some money on ground before opting for it.

Nazgul:

Higher purchase is good, but these days most sellers would tell you to pay at least half of the total worth of the vehicle before handing you the keys. They too are trying to protect themselves from loosing.

You must have some money on ground before opting for it.

ok thanks.

:You can't.My one cent.but I have seen people that were able to remit money gotten from loan or hire purchase