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fleet financing

I have a Start-Up Car Lot business. looking for fleet loan options. Thank you by stewwy713 from Detroit, Michigan. May 1st 2019 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

This site is primarily for mortgage related questions, but lucky you.. prior to my mortgage career, I was in the car business. First, I don't think you are looking for fleet financing.. That typically means you need bulk financing for employee driven vehicles or equipment,, I think what you are looking for is called "Flooring Financing",, This is basically a line of credit you obtain that allows you to purchase cars at auction or from individuals without having to outlay the cash. Realistically, there are not many flooring companies out there that will lend to a "Start-up" used car lot. If you have a new car franchise, your options will be endless, but as a start up.. you will need to be established before anyone will take a chance on you.. For the few lenders out there that might consider doing business with you, They will require you to have excellent credit and expect much higher than industry average interest rates and fees. Also be prepared to be micro managed in regards to your inventory and account. Try a google search for "startup used car flooring plans".. good luck. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

May 1st 2019
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