KaseyLynn It is hard to find lenders as a new independent dealer or even an established dealer has trouble getting the better lenders. The first question I would ask is a majority of your customers walking in and is the first thing they say is "How much down do you need for this car". This is common for many independents especially since most consumers may assume you finance the bad credit market. If that is the case you can reach out to discount lenders who can help with this market.
Credit Acceptance, Westlake, United, and American Credit Acceptance are some of the big ones and are easier to signup as a new dealer. Learn what inventory they buy strongest and stock this inventory. Once you have a couple of years of lending experience CUDL is the next lender to target for the dealership. This gives you access to the local credit unions which can be a great source where you can add your own gap and service contracts for back-end products.
If most of your customers are walking in with cash or their own financing you will want to find a good service contract provider to offer. I had great luck with ASC but there are many new providers on the market now. Join your Texas Independent Dealers Association for more contacts and guidance.
Good luck and if you ever need help reach out like you are doing.
Credit Acceptance, Westlake, United, and American Credit Acceptance are some of the big ones and are easier to signup as a new dealer. Learn what inventory they buy strongest and stock this inventory. Once you have a couple of years of lending experience CUDL is the next lender to target for the dealership. This gives you access to the local credit unions which can be a great source where you can add your own gap and service contracts for back-end products.
If most of your customers are walking in with cash or their own financing you will want to find a good service contract provider to offer. I had great luck with ASC but there are many new providers on the market now. Join your Texas Independent Dealers Association for more contacts and guidance.
Good luck and if you ever need help reach out like you are doing.
