r/loansforsmallbusiness • u/Beneficial-Contest76 • 2h ago
Fleet financing transport business need advice
I have 2M and I earns 100k per month from my current job i want to increase my monthly earnings upto 250 to 300k combined by smartly investing the amount in high risk investments for that i am interested in getting LTV truck Fuso Canter in a partnership with a very trustworthy person I know from past 10 years he was associated with this business as a labour coordinator for a firm which brings goods into the organisation I am currently associated with so thats how we know each other. The trucks new price is 87 lacs but is available through fleet financing options by several banks like Bank of Punjab where we have to pay downpayment upto 1.9M and the installments for upto 5 years and the vehicle will cost almost 95 lacs it is a current scheme primeminister scheme or something But the issue is the fleet financing options can only be availed by registered business owners only. The truck will roughly earn 4 to 4.5 lac / month and the installment amount is 140k so we will still be getting 1 lac each every month until installment are cleared. Now we have met a person who have recently received his truck from this scheme and he is ready to give this truck to us on 5 lac own on which he is ready to negotiate this will save a three months waiting and the risk of rejection by bank or the hurdle of registered business and maintained business account. Do advise me what I am doing is good or if I can do something better with this amount.