If you are an entrepreneur you’ve probably learned that not everyone is supportive when you announce that you want to create your own business. Some will tell you that it’s the wrong time to try and start something. Others feel the only option in life is to work for a company for year upon year until it is time for retirement. Your yearning desire to own your own venture, to be your own boss, is threatening to others because it shines the spotlight on life choices that some prefer not to explore. In today’s world, it’s more critical than ever to forge your own path in life. Millions of workers have recently been furloughed or lost jobs, possibly forever. Those who plan to work for the same company for a long time will likely see their goal subverted by massive changes in our world and our economy. One could argue that creating your own venture is the only way to proceed safely in this day and age.
Refinance Your Auto Loan
Most small startups will need to rely on creative self-funding for the initial capital to launch their firm. As an entrepreneur, you should carefully review your finances and see where you can come up with the cash you need. One of the ways to free up money is to refinance your automobile loan. When you refinance your vehicle, you can get great rates and lower your monthly payments. If you have equity in your vehicle you may also be able to pull out cash. There’s no obligation to get a quote and it won’t affect your credit score. You can be approved within 24 hours when you go to the fully digital platform and check out the options that are best for you.
Apply for Zero Interest Credit Cards
To get your new venture up and running quickly you’ll need some initial capital to cover you until you start generating revenue. One of the ways to do this is to apply for several zero interest credit cards. The best cards will give you 18 months with no interest at all. Be sure to apply for these and put them in place before you leave your steady corporate job. When you get two cards, you can use one of them for new purchases that you will need to make to get your venture started. It’s a good idea to use the second card for balance transfers so you can pay off other high-rate cards and take advantage of the zero-interest offer. Do not put purchases on the balance transfer card or you will be charged interest on your purchases right away.
Get a Cash-Out Home Refinance or Home Equity Loan
If you have significant equity in your home, there are several ways you can tap that appreciation in value and pull out cash to help finance your startup. When you do a cash-out refinance you take out a new, bigger mortgage. With that funding, you then pay off the old note and pocket the difference in cash. This is especially advantageous when current loan rates are much lower than the rate on your existing note. Most lenders will allow you to pull out money in excess of 20 percent equity in your house. With a home equity loan, which is basically a second mortgage, you can pull out equity in the form of cash. Another option, the home equity line of credit, allows you to write checks on the value of your home and take out money when needed.