Financing for Auto Dealerships
Due to the high cost of purchasing and carrying inventory, owning and operating a car dealership comes with its own specific set of challenges. Cash flow is a must in order for your business to operate but if you’re like the vast majority of auto sales business owners, obtaining financing is difficult. Banks and other traditional lenders pretty much rule out loans to small businesses operating in the automobile industry. Floor line planning is tough to manage; get behind in payments and you can lose your inventory very quickly. Avoid over-extending yourself on floor line planning and contact Greenbox Capital for safer and affordable funding solutions.
We offer auto industry-friendly financing to automotive sales businesses in the US, Puerto Rico and Canada. Small businesses are the lifeline of the US economy and Greenbox Capital wants to keep them going strong. The key to the health of your business is having the agility to keep up with consumer demands and economic trends. The only way to do this is to have access to working capital. As quickly as gas prices change, so do consumer vehicle choices. Worldwide economic factors also impact the cost of automotive inventory. Having cash available when you need it enables you to focus on your business growth strategy.
Greenbox Capital helps by providing access to cash for your business in as few as 24 hours. Bad credit will not automatically disqualify you for an unsecured merchant cash advance¹ or short-term small business loan². Funding from $5,000 to $250,000 is available to auto dealerships in the form of unsecured loans and business cash advances. Our application process is easy also. As a non-bank alternative lender, Greenbox Capital has the flexibility to create funding programs that are designed to help you qualify. Requirements are not overly-strict. Generally, auto dealers may be eligible if they have been operating for at least 6 months and show revenue averaging at least $7,500 in each of the past 3 months. Bad credit and even past personal bankruptcy are not automatic disqualifiers. Our team of small business financing experts consider the big picture of your business including your potential to succeed, revenue and cash flow when determining the details of your business cash advance.
Access to Capital Helps Businesses Compete
Yes, cash flow is tight for small business owners in all industries, but local car sales businesses face special circumstances. In order to stay competitive, car sales business owners need to be able to provide customers with services that set their dealership apart. Even though digital marketing and online car buying is growing, there’s still a need for the personal service that a local, small automotive dealership offers. Plus, you should also profit from the digital car buying revolution!
Make Your Automotive Dealership Stand Out
- Offer free home car delivery
- Develop your own branded pre-owned car warranties
- Offer Buy Here Pay Here financing
- Add car repair services and offer buyer incentives such as discounted or free oil changes for a year
- Negotiate a deal with local towing companies and offer free emergency road service
- Launch a digital marketing campaign
No matter what strategies for growth and success you have for your business, Greenbox Capital aims to offer the right financing solution to boost your business. To make the entire process even easier, we don’t restrict how you use the funds. That’s entirely up to you. Cover payroll with a merchant cash advance; jump on a marketing opportunity or drop prices for an inventory clearance sale.
Collateral-Backed Financing for lower rates or businesses with less revenue and cash flow. Ask us about collateral-backed financing if your sales volume or credit card receipts are not strong enough for an unsecured merchant cash advance or small business loan. Collateral-backed or asset-backed financing also reduces rates.
Special Greenbox Capital Programs
3 Stip Business Cash Advance
- Requires voided check, driver’s license and bank account verification via decision logic or screen share
- Up to $30,000 advanced
- In business 2+ years
- No NSFs, overdrafts, or negative days
- No businesses with large lease payments
- No retail businesses
- Established business background
- No negative information found regarding the business or its principals
Escrow Program Merchants can get funded prior to paying off an existing cash advance with another lender
Early Pay-off Program Options to pay off at 30, 60, or 90 days from the date of funding to receive a discount. For every 30 days that the advance is paid early, the merchant can receive a factor rate reduction.
Business Line of Credit Get approved for up to $250,000 but only withdraw funds as needed. Businesses can withdraw less than the full approval amount and continue to access more cash fast without first having to repay 50% of the original approval amount, as needed so long as the business health remains unchanged or improves.
¹ Greenbox Capital Merchant Cash Advances may not be available in all regions of the United States or Canada.
² Greenbox Capital Small Business Loans may not be available in all regions of the United States or Canada.
For a free consultation, please complete our application or contact our Merchant Account Service Team.