How ca i open a small used car dealership and get banks to finance my qualifying cars and costumers?
Monday, May 24th, 2010 at
03:13
Auto Borrowing Associates
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US $12,750.00
Tagged with: Banks • Cars • costumers • Dealership • Finance • open • qualifying • Small • Used
first you need to get a business license, and make sure you have a lot of money. just ask any bank in your area for an application for financing.
The first thing you need to do is build a business plan to take to the bank to get financing. A good business plan goes a long ways with banks. Be prepared to have a least 60% of the money up front. Banks aren’t willing to give business loans out without there being risk to the person getting the loan, given that 50% of small business go under in the first year, and 50% of the remaining will go under in 5 years. Once you secure the loan you’ll have to get a dealers license.