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    2 Replies Latest reply on Dec 9, 2009 3:30 PM by phanio

    line of credit or ??

    seauto Newbie

      I am just beginning to open a small used car dealership. I was wondering what would be my best advice. For insurance I have found a couple ideas. But for the money to buy cars to sale. I am wondering if anyone knows what would be my best way to go about that? Please reply maybe a few that have been there before, and know the best route to take.
        • Re: line of credit or ??
          LUCKIEST Guide
          line of credit

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          • Re: line of credit or ??
            phanio Pioneer
            There are financing products called Floor Plans. This is where you purchase the vehicle(s) - submit the invoice to the financier - who funds you money - usually around 80% of the purchase price or value (black or blue book). Then, when you sell the vehicle you pay off the advance.

            Banks usually don't deal with used vehicles - at least national banks do not. Some local or regional banks might - you just have to ask. There are also non-bank companies that do floor used vehicles. A web search can help you uncover some of these and their requirements. Lastly, most auto auction houses offer onsite floor plans. Might look in to those.

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