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    3 Replies Latest reply on Jan 9, 2012 11:17 AM by Bhuvana73

    Best way to Finance my used auto business?

    Ron Hulette Wayfarer

      I'm also setting up a used Auto dealership, in Oklahoma City. I already have the lowest cost used car dealers insurance (Bond & Garage) I have no partners except my wife and incorporated as an S-Corp, Have a location for place of business. The line of credit or business loan is all I need, any suggestions will be greatly appreciated. My credit score has been consistantly near 800. (For a little background) I'm a mechanical engineer that has worked with the Government and commercial industry and have excellent management and people skills as well as far above average knowledge on vehicles of all types. My target is the internet but will have walk on traffic as well. Thank You for you assistance.

        • Re: Best way to Finance my used auto business?
          Clear Presence Media Scout

          Good move incorporating as an S-Corp. With a credit score like that, it shouldnt be all that difficult to obtaina  line of credit. The first step would be to put together a business plan. This is unfortunately redundant and usually useless for anything but obtaining lines of credit, but its what any bank or investor will ask of you. When youre done with that, I would start calling around banks and SBA offices to try to see where to send your plan and projections. Just sell your idea to the loan approval guy, and youre there!

           

          Hope this helps!

            • Re: Best way to Finance my used auto business?
              Ron Hulette Wayfarer

              Thank You for taking time out to answer my question. Though the bank with an SBA security is worth while to pursue, my intension's are to have a simple to the point security loan which does not include the typical Government paperwork and putting my children up as collateral (Although may not be such a bad idea) however; I find there is many who want to fund me under these conditions of simplicity (Loan covered by inventory) but, they are wanting 9.99% to 19.99% interest and I'm not willing to give up that much revenue. I will entertain 6.99% to 9.99% but not he latter. Quit often smaller lots are funded by better established dealerships rather then bank interventions and this is something I may be interested in, unless there are better, quicker and more lucrative ideas floating around. Thank You for your help and interest.