Loan for used car dealer

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Loan for used car dealer
Posted by: Robert E. Jackson Aug 2 2004, 09:15 PM
I own a small used car dealership in Mississippi, have about 30 vechiles on the lot, are there any finance companys that will do financing for my customers that I can work with by the internet with a quick response?
Posted by: loanuniverse Aug 3 2004, 08:07 AM

I am sorry but this is not an area that I am familiar with. For what I have seen from the lending companies in the net, most of them are looking for term-loans preferably secured by real estate. The next big group are those interested in factoring, and there are a few that claim to be able to provide all type of commercial financing.

The problem with your request is that we are talking consumer loans, and they are a pain in the neck to do because of regulations.

When it comes to dealers and financing, my experience is limited to financing the inventory “floor planning”, my employers through the years have not gotten involved with financing their “paper”.

It just occurred to me that this must be a common problem for automobile dealers so you might want to check out some dealer association websites for info:

Here is one of them:

I just visited it, and it seems promising their latest news release is called “Dealer Financing Under Attack” by NADA Chairman Charley Smith

Good luck
Author: Commercial Loan Underwriter