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Discuss Dealer Funding Problem in the Dealer Management Systems forum at Car Dealer Forums; I am a new Independent dealer with not so good personal credit. I mention this ...
  1. #1
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    Feb 2008
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    Default Dealer Funding Problem

    I am a new Independent dealer with not so good personal credit. I mention this because I am learning that it is hard to get dealer funding. I don't want to go "tote your note" but I need a financing option for my customers. However, I can't even get approved. Does anyone have any suggestions for a dealer lender that would approve a dealer with bad credit?

    Thanks,

    Chris
    midsouthwholesale@yahoo.com


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  2. #2
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    Default Dealer Funding - NO Turndowns! Just Fax your Applications.

    Chris,

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  3. #3
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    May 2009
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    Lightbulb Another Option

    Quote Originally Posted by cgipson1418 View Post
    I am a new Independent dealer with not so good personal credit. I mention this because I am learning that it is hard to get dealer funding. I don't want to go "tote your note" but I need a financing option for my customers. However, I can't even get approved. Does anyone have any suggestions for a dealer lender that would approve a dealer with bad credit?

    Thanks,

    Chris
    midsouthwholesale@yahoo.com
    Chris, another option would be to get in touch with a local Credit union - and get a vehicle loan representative that would be willing to approve your clients for you (or get two at two different credit unions) - meaning you fax over the buyers order, signed credit app, and booksheet so that they can evaluate the note structure, borrower and collateral. This is usually a good option for clients with A-B credit; plus it gives the loan rep an opportunity to set them up with the credit union when they go in to sign the loan docs. I would do the paperwork on my end as a "cash deal", secured by a security agreement, or a personal check; letting them take the car once you have confirmation that the Credit Union is ready to fund on their end and the loan documents have been completed. Take some of your time to establish this relationship, and have a general idea of what they will say yes or no to.

    As for bad credit - get in touch with a note buyer, and set up some perameters to sell him notes at a discount; if you want.

    Your other option is this - get in touch with a good local Auto Broker that has good financing capabilities, and run the finance deals through him - making sure he earns a fair cut for his service; or you get a good check for bringing him the client.

    Hope it helps,

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