So after getting shot down by two different banks for a small equipment loan, the third one actually said yes. I honestly thought I was done for. Anyone else been through this? What did you do differently the third time around?
Financing
I finally got approved after two banks rejected my application
Congrats!Third time's the charm, apparently. Did you change anything in your application or just got lucky with a different lender?
Banks are weird. i got rejected twice, then approved by a credit union that I'd been with for like 8 years. They actually looked at my history with them, not just the score.
I'm in the same boat right now. Second rejection came in yesterday. Did you use a broker or just go direct?
Honestly the whole thing feels like throwing spaghetti at a wall. My first two rejections were from banks that basically wanted 3 years of tax returns and a blood sample. The one that approved me asked for way less. No logic to it.
Congrats, OP. I've been rejected three times for a line of credit. Starting to think I should just sell a kidney.
Rusty, have you tried a smaller community bank? The big ones have these rigid checkboxes. Smaller ones sometimes actually talk to you.
Also, did you go in person or online? I swear walking in and talking to a real person changed my outcome.
In person? I didn't even know that was still a thing. Every branch near me is like a ghost town with one teller and a lot of pamphlets.
The pamphlets are the real product.
To answer a couple of questions: I didn't use a broker. I went direct but changed my approach. Third bank was a regional one, and I brought in a proper business plan with cash flow projections. First two I just kind of winged it. Not surne if that was the difference or if they were just less picky.
Cash flow projections.That sounds like homework. But fine, I'll try it. Anything to stop getting those polite 'we regret to inform you' emails.
Honestly the regional bank thing tracks. I've heard the same from a few people. They're more likely to actually read your application instead of just feeding it into the rejection machine.
One more thing — did they ask for a personal guarantee? Mine did and I almost backed out.
They always ask for the guarantee. I think it's just standard. Doesn't mean they expect you to default.
Yeah, personal guarantee seems unavoidable. But I'd still take that over another rejection letter. Good luck with the new loan, OP. Don't blow it on a forklift.