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Small Dealer Needs Advice

Mar 18, 2020
1
1
First Name
Scott
Great replies here, glad to get some insight from the experienced parties on thus forum. Been in business nearly 2 years on my own now, and it’s going alright. I want to get financing in place, and I cannot get a clear answer from anyone. What‘s the rundown, who do I reach out to, are there options for me as I don’t have 3+ years in business? I have an account with RouteOne but haven’t been able to find any lenders that will work with me. I don’t dig the feeling I got from the sales team at DealFi, and frankly, I’m just trying to avoid the sharks. Where did you guys start?
 
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Reactions: Retail My Ride

Patrick O

Boss
Feb 18, 2020
18
18
First Name
Patrick
Great replies here, glad to get some insight from the experienced parties on thus forum. Been in business nearly 2 years on my own now, and it’s going alright. I want to get financing in place, and I cannot get a clear answer from anyone. What‘s the rundown, who do I reach out to, are there options for me as I don’t have 3+ years in business? I have an account with RouteOne but haven’t been able to find any lenders that will work with me. I don’t dig the feeling I got from the sales team at DealFi, and frankly, I’m just trying to avoid the sharks. Where did you guys start?
I'd recommend starting with Westlake Financial. AFAIK, they don't require any business longevity. Their buy fees are high, but you can offset them with back-end products since they'll give you some room for that. They're geared towards subprime, but they usually offer somewhat acceptable rates to most of the spectrum. They have an online portal that will integrate with your RouteOne, though you won't really need RouteOne until you get other lenders on board. You can structure your deals, run credit, book vehicles, and get instant approvals through their own system. It's actually really nice, you may even want to use it as your DMS and CRM. It will let you print all your paperwork and does e-contracting too.
 
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Reactions: JScottG