Start up costs for a used car dealer
| Listing Information | |||
|---|---|---|---|
| Amount: | $9,500.00 | Status: | Loan created |
| Grade: | AA | DTI: | 0% |
| Lender Rate: | 11% | Borrower: | MetalMan390 |
| Finished | State: | FL | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-08-06 | EricsCC ROI: | 10% |
| Status History | |
|---|---|
| Aug 06, 2008 | Current |
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Purpose of loan: This loan will be used to cover my start up costs incurred while opening my used car dealership. I have already formed my business entity and completed the state of Florida's car dealer training course, and cannot become licensed without first securing a business location. Collectively, I'll need around $5,000 between renting the business location, insurance, and the surety bond. The remainder of the money will go towards office supplies, getting utilities turned on, application fees, and unexpected costs. My financial situation: I am a good candidate for this loan not only because of my excellent credit history, but because I am very familiar with all aspects of the field in which I am starting my business. I have first hand experience in buying, repairing, reconditioning, and selling automobiles, and have many contacts in the industry the will play a vital role in my success. I expect to be turning a profit within my first 2 months, because my overhead will be relatively low, and through the use of a Floor Planner (lends buyers money at auto auctions based on credit), I'll be able to immediately build up a good deal of inventory. With low overhead, I'll be able to sell these vehicles at a competitive price, resulting in faster sales and quicker repayment of debts. |
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