How to get paid when selling vehicles?

**Dominion** · 04-13-2006 02:49 PM

Im trying to cover as much as I can before I start my biz and I was wanting to know how never having done it before, if I got a customer who wanted to buy a car and didnt have the full amount or very little how would I be able to finance them through a bank and if some one could explain it to me please.

**jhhardin** · 04-13-2006 03:09 PM

Originally Posted by Dominion

Im trying to cover as much as I can before I start my biz and I was wanting to know how never having done it before, if I got a customer who wanted to buy a car and didnt have the full amount or very little how would I be able to finance them through a bank and if some one could explain it to me please.

Well, unless you own a car lot, I am not sure how possible it is for you to find financing for the person. They should be able to get their own loan though. Credit Unions are usually great about giving loans to those who bank with them. They may need to have 50$ or so to open it, but they could most likely get a better interest rate than if they financed through anyone else, like a dealership. Basically, the most you could do is walk them to where they can get the loan and then get the cash from them all at once. It is ideal for all parties involved.

On the other hand, if you are going to be selling many cars, you may be able to set up an affiliation with a lender where you receive a commission for setting up the loan. In all honesty, I have no idea how you would go about setting that up (although I know that is how it is done). You would probably need a dealer's license first.