Getting financing with bad credit..no this is not SPAM! - PeachParts Mercedes-Benz Forum

CJ · #1 05-07-2006, 08:37 AM

I own a business and have a company that does financing for my customers only if they have good credit. Does anyone know of any companies that I may contact that can provide my customers with financing, if they have less than perfect credit?

TX76513 · #2 05-07-2006, 09:24 AM

A little tough to answer without knowing exactly what you sell as some FC will finance some things but not others based on their own personal default statistics. MNBA is probably of the bigger FC to look at taking a good mix of A, B and C paper. Google "bad credit financing" and you will get probably the bulk of the players out there.

Hatterasguy · #3 05-07-2006, 11:44 AM

What type of financing? Usualy you can get financing for anything, the kicker is the interest rate. 30% anyone?

pxland · #4 05-07-2006, 11:49 AM

It's easy to get financing with bad credit (although I agree that it helps to know what type) you just have to pay out the nose. There are any # of sharks just waiting to take your clients money.

Hatterasguy · #5 05-07-2006, 11:50 AM

If you are really stuck you could always use credit cards!

CJ · #6 05-07-2006, 03:57 PM

I am a Mobile Tool Distributor, you know one of the guys in the big pretty white trucks. Good credit is done with my franchised company, but there are others that have bad credit and need tools too.

Angel · #7 05-09-2006, 12:31 PM

You'd think that a local bank would love to get more loans out (with whatever %i they slap on) with you helping sell them.

-John

koop · #8 05-09-2006, 12:40 PM

kinda tough to repo hand tools.

crash9 · #9 05-09-2006, 02:15 PM

Quote:

Originally Posted by CJ

I am a Mobile Tool Distributor, you know one of the guys in the big pretty white trucks. Good credit is done with my franchised company, but there are others that have bad credit and need tools too.

Carry them on your own nickel. Start very small with those you know. Kick the rate up and don't give any brake on price. Explain that it's a personal loan and can't be used as a reference. Get them to sign something enforceable.

TX76513 · #10 05-09-2006, 02:23 PM

Quote:

Originally Posted by crash9

Carry them on your own nickel. Start very small with those you know. Kick the rate up and don't give any brake on price. Explain that it's a personal loan and can't be used as a reference. Get them to sign something enforceable.

Be careful with that advice - check out your state laws. Some states require you be a licensed financial institution to charge interest otherwise the lendee can tell you to pound sand.

crash9 · #11 05-09-2006, 03:05 PM

Quote:

Originally Posted by TX76513

Be careful with that advice - check out your state laws. Some states require you be a licensed financial institution to charge interest otherwise the lendee can tell you to pound sand.

You've got a very good point there. I was just shooting from the hip, but if you keep it small and make it a personal loan I'd doubt you'd be in to deep. Maybe not, always good to check with a lawyer.

TX76513 · #12 05-09-2006, 03:18 PM

Quote:

Originally Posted by crash9

You've got a very good point there. I was just shooting from the hip, but if you keep it small and make it a personal loan I'd doubt you'd be in to deep. Maybe not, always good to check with a lawyer.

Maybe want to consider a "rent to own" before using the word loan anywhere on paper - a single word can kill you in a court room. R T O is pretty clear pay 40 x @ $xx and then you can keep it

But even now you have to declare the actual charges in a RTO agreement.

Rick Miley · #13 05-09-2006, 04:22 PM

Here ya go: www.hfc.com