Towing Business
| Listing Information | |||
|---|---|---|---|
| Amount: | $10,000.00 | Status: | Loan created |
| Grade: | C | DTI: | 52% |
| Lender Rate: | 24% | Borrower: | LGL |
| Finished | State: | GA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Late | Origination Date: | 2007-06-15 | EricsCC ROI: | 18% |
| Status History | |
|---|---|
| Jun 15, 2007 | Current |
| Nov 30, 2008 | Late |
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Purpose of loan: My husband and I have always been too scared to step out there and try to start our own business, but we have finally decided to step out on Faith and start our own towing business and eventually more. My husband currently works twelve hours a day six days a week and I work ten hours a day five to six days a week for someone else, so we decided if we were going to work hard we should do so for ourselves. We have two daughters one of which will be graduating next year and the other the following year. Due to the fact that we have not saved and just found out that we do not qualify for financial aid this has really pushed us to want to work more for ourselves than ever, especially since we do not have anything saved for their college, so we are praying to be very prosporous within our business so we will be able to do this as well. (explain what you will be using this loan for) My financial situation: We have spoken to several tow truck drivers and businesses and they were all very encouraging about the business, because frankly there is too much work out there and not enough drivers. According to the statistics from http://www.truckinjuries.com/georgia-truck-accident-lawyers.html Tractor Trailer Accident Statistics Fatal Truck Accidents: 208/ yearNon-Fatal Truck Accidents: 5,244/ yearAccident Locations: 33% (Urban), 57% (Rural)Carrier Information: - 50% of Georgia truck accidents involve carriers whose principle place of business is not GA. Car Accident Statistics Persons Killed in Motor Vehicle Crashes: 1,634/ yearMulti-Vehicle Crashes Resulting in Fatalities: 714/ yearApprox. 53% of fatal car accidents occurred at speeds of 55mph or greater.Approx. 337 of auto accidents resulting in fatalities were on roads with 3 or more traffic lanes.Economic Cost of Motor Vehicle Traffic Crashes: $7.850 Billion/year I have been approved for the tow truck through Ford, but I do not want to actually get it until I can have the funds to start it. With the budget plan we have in place (see below) by the end of each year between me and my wife?s job there will absolutely not be a problem repaying this loan. Our tow rate is $65.00. Towing at least 6 cars a day, we earn $390.00, in 26 days $10,140.00, a years time $121680.00, which gives a profit of $19710.00. My goal is at least 8 or more cars a day, which will bring my yearly profit to $80,550.00. Monthly net income: $ $3203.06 Monthly expenses: $ Housing: $ 540 Insurance: $ 238 Car expenses: $1200 Utilities: $180 Phone, cable, internet: $ 55 Food, entertainment: $ Clothing, household expenses $ 100 Credit cards and other loans: $ 144.99 Other expenses: $ |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 358785 | Credit Card Debit | C | $3,300 @ 35% | Jun 27, 2008 | Loan created |
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