Capital Solutions
Deal Of The Week
Customer's first truck plus start up cash
The Problem: Customer Wants To Purchase His First Truck And Needs Start Up Cash
Our dealers run into this scenario a lot but the financing companies have become too strict in there guidelines. Plus we don't know of any that will give the customer cash for things like insurance, tags, etc. Here are the issues:
- As the economy improves more and more first time buyers are coming out wanting to buy their first truck
- Dealers have limited resources in placing these deals Of the deals that can get approved none of them will provide the extra cash these guys need. Without the cash the customer can't start his business
There is a great source of business with these first time buyers. You just need more sources to get them the financing they need.
The Solution: Customer Had Equity In His Home We Could Use As Additional Collateral
We used the customers equity in his home for the additional collateral. This allowed us to give him $3,000 in cash for the soft cost to start up his business. Here's how we did it:
- We had the customer get a market analysis to confirm the value of his home (we didn't need a full blown appraisal)
- We put a mortgage on the home to act as the additional collateral until be pays the truck off
- We were able to fund the deal inside of two weeks. We financed the truck 100% and got him the start up cash
The vendor was paid before the truck left his lot. By getting the additional cash we were able to help the vendor close the deal.
We take pride helping first time owner operators. Give us a call if your thinking about starting your own business.