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Auto Dealer Funding
In 2020, THE AUTO INDUSTRY REPORTED SALES OF NEW AND USED LIGHT VEHICLES ACROSS THE COUNTRY OF ABOUT $53 MILLION. BIZ FUNDING FINDER CAN PROVIDE UP TO $500,000 IN FUNDING TO SUPPLY YOUR DEALERSHIP'S GROWTH IN JUST 24 HOURS.
Fast, Easy Auto Dealer Funding When You Need It
Because car sales are often big, expensive transactions with higher than usual sales volatility, traditional lenders like banks frequently view automotive dealer loans as "high risk." In addition, profit margins are narrower and car inventory depreciates quickly. This may make it more challenging for your dealership to obtain the necessary funds from the SBA or a typical lender like a bank.
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Biz Loans is able to accept more money for auto dealers because to a simplified online application, quicker turnaround times, and flexible approval conditions. We provide a range of alternative auto dealer financing alternatives, with funds ranging from $3,000 to $500,000, to support the expansion of your car dealership. All auto-related businesses are eligible for our funding, including Independent dealers, used Vehicle lots, Auto repair shops, Service facilities, and more.
Auto Dealer Funding Rates
The type of alternative small business capital you obtain will determine the auto dealer funding rates. Instead of using a standard interest rate, the majority of alternative financing alternatives for auto dealers use a factor rate. Factor rates, which are derived from your risk assessment, are straightforward decimal numbers that indicate how much "extra" you will owe on the initial loan amount.
Car Dealer Funding Solutions
OUR KIND, KNOWLEDGEABLE FUNDING ADVISORS WILL COLLABORATE WITH YOU TO SELECT THE BEST FUNDING OPTION THAT WILL ASSIST YOU IN ACHIEVING YOUR GOALS WITHOUT AFFECTING THE CASH FLOW IN YOUR DEALERSHIP.
How To Use Car Dealer Funding
Instead of replacing their cars, consumers are choosing to fix them, allowing them to stay in their possession for longer. By growing their used car departments or providing aftermarket services like financing, insurance, and auto maintenance and repair, many auto dealers are concentrating on increasing customer loyalty and retention in order to help them meet the challenges presented by these shifts in consumer behavior and other economic factors.
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You can use Biz Loans auto dealer capital in any way you choose. Generally speaking, financing for auto dealers is best utilized to support expansion plans that boost sales at your dealership, like:
Acquiring additional stock is a significant expenditure for automobile dealerships.
Remodeling or updating the showroom at your dealership
Boosting dealership advertising to attract more clients
Adding a repair shop to your enterprise could be a wise move. In 2018, franchised dealerships alone completed over 310 million repair orders for components and servicing, amounting to over $116 billion.
Providing customer incentives like warranty programs, free or heavily discounted oil changes for a year, or free roadside assistance in collaboration with a nearby towing company
How Funding for Auto Dealers Works
1
Apply
Collect three months' worth of bank statements and other documentation. Give us secure access to the transactional data from your bank account so we can approve it more quickly.
2
Choose Funding
Within an hour (during regular business hours), a financing advisor will get in touch with you to finish your application and go over your funding alternatives.
3
Get Funded
Your money can be authorized and deposited within 24 hours after you and your funding advisor decide which funding option is best for your company.
4
Set Repayment
Your company's debit and credit card sales on a daily or weekly basis will be automatically subtracted to cover payment. The amount of your payment will depend on your sales.
Will You Qualify for Auto Dealer Funding?
The specific qualifications required vary according on the kind of funding you're looking for from auto dealers. Biz Loans does not grant financing to auto dealers exclusively based on credit score or financial history. Rather, we concentrate on your dealership's general well-being, which includes:
Revenue for businesses
Money movement
Payment history of the vendor
Years of operation
Public documentation