Pitt wrote:Hi wazua family,
Am confused and concerned from where to get finances to purchase a truck,specifically a 6 wheeler or 10 wheelers apart from banks which have turned me down due to lack of collateral,Any members who know angel investors or asset financiers who have reasonable interest rates. The truck will be in business hence will service the loan.Your opinions and advice is welcome.
@Pitt, several things from your post stand out on why you aren't getting credit. First, in asset finance, there is no need for collateral. What you need is a demonstrable ability to repay the loan. You need average monthly account turnovers at least ten times the average monthly repayment.
Secondly, you sound like this is something you are going to start. No one funds start-ups in kenya.No bank will peg their loan repayment on anticipated income from the truck. It has to be repaid from your current income. The only exception would be if you have a really good contract e.g. with DHL.
There are many other people offering asset finance e.g. Synergy, springboard, ASL credit,but they tend to focus lending to the big boys.