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    0 Replies Latest reply on Apr 8, 2009 11:46 AM by Cyclone4Ever

    Need advice buying a used car lot

    Cyclone4Ever Newbie
      I need advice on how i should get financing for this purchase. I found a used car lot in Iowa that does all it's own financing (buy here pay here) that i would like to buy, the seller is retiring. The purchase price for the business is around 300K. This buys all the accounts receivable (370K, 98% current) plus inventory (70K)and has good cash flow. I believe i have the buyer willing to carry back between 50K-100K. The lot is leased so really all i am buy is the A/R and inventory. I have over a 700 credit score but I don't have a lot to put down (possibly 25K in home equity). I have talked to a couple banker friends of mine and they think it sounds like a deal that can be done, just not with their banks. I have looked online high and low and have come up short. Anyone out there have any ideas who I should get in touch with. Thanks in advance.