Long time used car dealer looking for financing options

Bryce Massey

I run my family's used car dealership in Arkansas that has been in business for over 30 years. I am looking for any options for financing customers with decent to good credit. We have the subprime options and a local credit union that works with us but the local banks do not want to do any vehicle financing. Are there any good options for smaller independent used car dealers? Small being we keep 600k-750k in inventory which is usually 70-80 vehicles. 

Chris K.

Bryce, we just started with the concept of residualized used car financing, like used car leases. It's something we're toying with, to be able to promote lower payments and at the same time giving used car buyers some of the benefits of leasing, like getting a newer car every 3 years, and mitigate their risk for depreciation. We're at 70 units, $1MM.

Chris K.

Also, you might want to partner with Local Community Banks like the Credit Unions. Around us, Credit Unions lend millions a month. In fact, some dealers are using the Credit Unions and they are funding some deals, no other banks will. It's a solid business for them. They work outside the parameters of the FED and its bureaucracy. There's still time for a community bank to break out and launch across the country with auto loans and become mega. Wish I could help make that happen.

Marie Nies

Hello Bryce, I have attached a link for you to have a look at . It's your state's Dealer Association and I believe it will be helpful. I recommend that more dealers would sign-up with this good source of information and services for dealers like you. Good luck and let me know how it goes.

http://www.arkiada.org/service_providers.htm

Bryce Massey

Thank you for your information. We currently work with our local credit union but that is all we have at this moment. 

Amanda Gordon

Bryce Ally Financial would be a huge benefit for your lot. Check them out..

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