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    6 Replies Latest reply on Feb 20, 2010 6:04 AM by stellamary

    In need of loan to start my used car business

    fpeterson1 Newbie

      HI I am starting up a used car dealership and need some help acquiring a business loan or line of credit between $50,000 and $150,000 USD. If anyone has any ideas or can help please let me know,thank you.
        • Re: In need of loan to start my used car business
          Mergent Adventurer
          fpeterson,

          My name is Brian Mosko, and I own Mergent Planning, which is a full service business and marketing plan writing firm.

          Any time you approach anyone looking for funding, you are going to need several things. The first is a solid business plan. This shows the potential investor that you are serious about taking money, and you know what your going to do with it. Business plans are the number one tool to getting a business started.

          The next, depending on your business, will be a marketing plan. A good business is great, but if no one knows about it, then its pretty much pointless to start.

          The last thing is you are probably going to want to get incorporated, simply because this will provide a seperate entity to have the business assets in and also to seperate you personal financial situation from the business situation.

          If you have any questions or concerns, please feel free to call me directly at 702-538-1798, or to e-mail me at brian@mergentplanning.com. I hope this helps, and best of luck to you!

          Best Regards,

          Brian Mosko
          Mergent Planning
          702-538-1798
          brian@mergentplanning.com
          • Re: In need of loan to start my used car business
            LUCKIEST Guide
            In need of loan to start my used car business, Welcome

            Who are you?? Where are you?? How soon will you be starting this used car dealership??
            Do you have a Business Name?? and a Federal I D Number??.

            Mergent is so right, one of the first items you will need is both a Business and Marketing Plan.
            Do you know about SCORE?? SCORE is FREE
            *SCORE "Counselors to America's Small Business" is a nonprofit
            association dedicated to educating*
            *entrepreneurs and the formation,
            growth and success of small business nationwide.*
            *SCORE is a resource
            partner with the U.S. Small Business Administration (SBA).*

            Good luck, LUCKIEST
            • Re: In need of loan to start my used car business
              bmt2008 Adventurer
              A quick internet search for floorplan financing will show you several soild companies that will finance you dealership. Also think about unsing indirect financing on the other side of the deal.

              With a floorplan, you purchase the vehicle (aution or otherwise). You send in your purchase invoice, the finance company will pay the amount of the invoice.

              When you sell the car, your customer may not have cash or financing in place. Use the indirect financing to provide them a loan.

              Some flooring companies will do both. Another good indirect lender is citifinancial
              • Re: In need of loan to start my used car business
                Creditbuilder Scout
                Hello Peterson. We at www.businessformationgroup.com can guarantee funding for certain projects. We have existing businesses that already have funding, business plans and lender compliant meeting minutes that you can take over FOR certain project and getting into used cars may be one of them -- there are other considerations such as location, real estate, etc. Give us a call.
                • Re: In need of loan to start my used car business
                  moneyresource Newbie
                  There are some alternative financing options that I may be able to help you with. Please contact me moneyresources@hotmail.com
                  • Re: In need of loan to start my used car business
                    stellamary Wayfarer
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