Dealers License
Getting a SBA Loan:
Dealers
License SBA FACT 1:
Need financial help getting a dealers license?
We’ve all heard the term “SBA Loan”, but many people do not fully
understand what the loan is or where to apply for one.
The SBA stands for the Small Business Administration.
Whether you want a dealers license, or
another business, they can help! This is a program by the Federal
Government that doesn’t give the actual loan, but provides a guarantee to the
lender. The result is that it’s
easier for you to get a small business loan through the SBA than not go through
the SBA. We can all use a little help getting a dealers license!
Dealers
License SBA FACT 2:
If you’re wondering where to get start-up money to get a dealers license to buy cars, the SBA has got some good news for you! The SBA-guaranteed loan is a loan where they will guarantee up to 80% percent of the principle amount of your dealers license expenses. Now that’s great news. The term of these loans are up to ten years, so you’ll have plenty of time to make the money back selling cars. It’s a win-win situation when it comes to the dealers license.
Dealers
License SBA FACT 3:
You will find that the SBA loan is most appropriate
for small dealer license businesses capable of repaying a loan from the
earned cash flow but whose principals may be looking for a somewhat longer term
in order to reduce payments after getting the dealers license.
Moreover, this is ideal because they recognize that you may have
inadequate corporate or personal assets to get a normal loan for getting a
dealers license.
Dealers
License SBA FACT 4:
You can use SBA funds for the purchasing of equipment
necessary to open a dealers license car business, such as computers, software,
even rent of a location. You can
also use the funds for financing the purchase of an entire dealers license
business and in certain instances you can use the funds for working capital to
purchase cars. The SBA guarantee can benefit you in that it can help you
overcome the hurdle of various problems that most people encounter when applying
for a loan to get a dealers license, such as a weak loan application associated
with lack of collateral or limited operating history of you dealers license
business.
Dealers
License SBA FACT 5:
The rates you will get for the loans for your
dealers license business do vary from person to person, but generally, the costs
are very reasonable. For example,
you can get a low interest rate of prime plus 4 percentage points to prime plus
2 percentage points. Keep in mind
that every lender is different and many do charge less then our typical examples
when it comes to getting a dealers license.
Dealers
License SBA FACT 6:
Remember that these loans are “guaranteed” loans.
The effect is that these rates may be higher or lower than rates on loans
that are not guaranteed by the SBA when it comes to getting a dealers
license. In addition, banks making
these SBA loans are not allowed to charge fees for agreeing to make a loan for
you or for repayment of fees after you get your dealers license.
The result is that rates for SBA loans can be much better than normal
non-SBA guaranteed loans. Currently,
the SBA guarantees $50,000 - $750,000 of the loan principal!
Wow. Now if that isn’t
great news about your dealers license, then I don’t know what is!
Dealers
License SBA FACT 7:
The SBA has made it easier to get dealers license
loans through banks but you still need to provide requested documents in order
to get funding. You need to be aware
that these SBA-guaranteed loans fall into two areas:
There are the certified lenders and then there are the preferred lenders.
What these banks did was enter into contracts with the SBA, and the
result is a dealers license. They choose
to participate in these programs. The
effect is that these loans make the lenders more responsible for giving loans
within the SBA rules and guidelines. Before you know it - you have a
dealers license!
Dealers
License SBA FACT 8:
All in all, there are almost 1,000 lenders who offer
SBA-guaranteed loans and these lenders are very well qualified to handle
processing of these loans. That means it's
easier than ever to get your dealers license for cheap. The processing of
SBA-guaranteed applications is very quick. Many
people think that SBA-guaranteed loans for getting a dealers license take a long
time but you will find that the time it takes to process an application can be
as short as one day! Please also be
aware that not all lenders are familiar with SBA-guaranteed loans.
Therefore, it is a good idea to ask them if they have handled
SBA-guaranteed loans before, specifically dealers licenses. In
addition, make sure to go through a “certified” or “preferred” lender.
Before you know it - you have your dealers license!
Dealers
License SBA FACT 9:
It is really easy to find out where these lenders are
if you're serious about getting your dealers license.
In fact, the SBA does have a website.
Just simply go to www.sba.gov
Dealers
License SBA FACT 10:
So what can you lose by trying for an SBA-guaranteed
loan? They worst they can say is NO!
Getting a dealers license shouldn't be a dealers license nightmare!