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How to Get a Used Car Dealer Business Loan

Used Car Dealer Business Loans

Click to Apply Securely Here!

Call 919-771-4177 for more info.

Programs for:
Buy Here Pay Here Car Lots.
Start Up Car Lots.
Small and Low inventory Lots.
Low Monthly Sales Lots.
Bad Credit Owner down to below a 500 bureau.
Exotic and Specialty Care Lots.

Data Secure 15 Second Request Form Here.

Call us at Tel:  1-919-771-4177, or Question? 

How to get a used car dealer business loan

Preparation

Step 1:  Research companies that specialize in used car dealer business loans. Decide which programs meet your dealership’s needs for the amount, credit, time in business and what you need the funds for.

Search for used car Dealer lenders
Search online for used car dealer lenders

Prepare your documents

Step 2: Tip: Prep your information a few days before you need the funding. Amounts over $50,000 need more time to be approved and closed. Car lots selling more than $15,000 per month have a better chance of getting an offer.

start preparing days early
Get company information, bank statements and business licenses together days before they are needed.

Look closely at the cash flow in your bank statements. Explain low sales months, overdrafts, nsf’s and low balance periods upfront when you first apply. This can help get approvals, better offers and help avoid declines.

Settle on Top Companies

Step 3:  Contact your preferred companies and ask about their approval criteria.
Tip: Ask if you can be prequalified. Some funders can either prequalify through an online application or a representative by calling in.

Call used car dealer lenders
Contact the lender. What are their requirements? What are the most common reasons for denial?

Complete your application

Step 4: Apply with the programs the most aggressively solicit used car dealers while matching your needs. Complete an application for funding and provide all supporting documentation needed.

Apply for the best used car dealer loan
Apply with the best matching program.

Review Approvals

Step 5:  After approval, closely look at the terms and closing requirements. Get all of your closing documentation together and submit to complete the transaction.

Review closing terms and complete transaction
If the closing terms are satisfactory, provide all remaining documents and close the transaction to receive funding.

The lender will usually make a final merchant call to you. They will verify that the owner completed the closing documents and is ready to start the transaction. Confirm this and receive the wired funds into your account.

Loans to used car dealers are considered restricted loans by almost all lenders.   We have programs for below 500 credit scores.

F.A.Q. Frequently asked questions

Can our car lot get fast funding the same day or next day?

Same day funding is possible for applications received by noon. After mid day, funding on approvals and closings is possible the next day.

How long does our car lot have to be in business?

Time in business of at least 3 months is needed. The most recent three months business checking account statements are then submitted to pre-qualify.

What types of car dealer loans are available and for how long?

Programs are for dealers that specialize in buy here pay here, new and used cars, specialty, luxury, exotic, and short time in business. There is an option for small lots with low inventory of less than 10 cars. The longest term option is up to 10 years and available in most states. Other programs are short term bridge loans from 3 to 10 months.

How much does bad credit matter?

Low credit scores and bad credit will rarely be declined. Scores can be as low as 400. Having cash flow and positive business checking account balances are the most important approval requirements.

What are the rates?

Rates start in the low teens and depend mainly on cash flow, time in business and credit.

Can we use this financing to buy more cars for inventory?

The working capital can be used for anything such as to buy cars at auction, from wholesalers, customer trade ins, or anywhere your dealership buys.
It can also be used to buy lot space, repairs and improvements.

Used car dealership loan
Used car dealer loan financing. $2,500 to $1,000,000. Tips and steps on how to get a used car dealer loan.

Categories
Asset Based Loan

Get Used Car Dealer Loans with Low Credit Scores

Used Car Dealer Loans and used car dealer financing.

Loan for used car dealer up to $1,000,000.
Used car dealer loans of up to $1,000,000 can now be obtained fast. Terms available from 3 months to 120 months.   Low credit scores under 500 and tax liens can be worked with.   3 Months or more in business.

Complete the secure Data Secure 15 Second Request Form Here.
Or call us at Tel:  1-919-771-4177, or Question?

What types of used car dealer loans can I get?
Used car dealers and new car dealerships now have fast business loan options.   Programs are available.  No financials or Tax returns are required.

Steps your used car dealership can take to get a used car dealer loan.

Search and identify lenders that have used car dealer loan programs and offer used car dealer loans.
For a used car dealership lot that has more than $10,000 per month in revenue and bank deposits,  then it may pre-qualify for a business loan or other types of business financing.   Short time in business less than 1 year can qualify.
Select the program that is the best match for your business and profile, such as revenue, time in business, and credit.
Select the program that is the best match for your used car dealership
Select the program that is the best match for your used car dealership
Call the lender and ask for details on approval requirements.
If your business meets the requirements, then apply.  Submit any information that will help your application.

If an offer is made for business financing, review the terms.   If you want to close the transaction, gather all closing stipulations and close the transaction.

Complete the secure Data Secure 15 Second Request Form Here.
Or call us at Tel:  1-919-771-4177, or Question?

Car dealer loans

Buy here pay here business loans

Buy here pay car dealers have always had difficulty securing business loans and rarely get financed by banks.   Now they can use financing based on the cash flow of their dealership to get business loans fast.     They need to make several deposits per month and keep at least $3,000 average daily balance in their business checking account.

New car dealer loans

New car dealers can also get financing using their revenues.   The process is also fast and easy.   Just a few business days for financing and a one page application.

Callers request a used car dealer loan,  a loan for a used car dealer or a business loan for a car dealer.

Other requests include loans for a new car dealer, and loans for car dealers.

Callers this week have requested loans for a used car dealer and a business loan for a used car dealer.    Other callers have requested used car dealer financing and financing for used car dealers.    Our most recent customer specifically requested financing for a used car dealer.   The most basic requests are car dealer loans and used car dealer loans.

 

Thank you for visiting our used car dealer resource page again soon.

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