Auto Dealer Funding
The auto industry recorded over $53 million in sales of used and new light vehicles across the country in 2020. Fuel your dealership’s growth with up to $500,000 in funding from Greenbox Capital® in just 24 hours.
Fast, Easy Auto Dealer Funding When You Need It
Traditional lenders like banks often consider automotive dealer loans to be “high risk” because vehicle sales are large, high-ticket transactions that are subject to higher than average sales volatility. Profit margins are also thinner, and vehicle inventory depreciates rapidly. This can make it difficult for your dealership to get the funding you need from a traditional lender like a bank or the SBA.
With a streamlined online application, faster turnaround, and flexible approval requirements, Greenbox Capital is able to approve more car dealer funding. We provide a variety of alternative auto dealer funding options to help drive your automotive dealership’s growth, with funding from as low as $3,000 up to $500,000. We fund all automotive businesses, including independent dealerships, used car dealers, repair shops, service centers, and more.
How To Use Car Dealer Funding
Consumers are choosing to keep their vehicles longer, opting to repair their cars instead of replacing them. To help meet the challenges posed by these changes in consumer behavior and other economic factors, many automotive dealers are focusing on building customer loyalty and retention by expanding their used vehicle departments or offering aftermarket services such as financing, insurance, and vehicle maintenance and repair.
There are no restrictions on how you can use auto dealer funding from Greenbox Capital. Car dealer funding is typically best used for supporting growth strategies that will increase your dealership’s revenue, such as:
- Purchasing more inventory—one of the largest expenses for car dealerships
- Upgrading or renovating your dealership’s showroom
- Increasing dealership marketing to bring in more customers
- Expanding your business to include a repair shop—in 2018, franchised dealerships alone wrote more than 310 million repair orders for service and parts totaling more than $116 billion
- Offering buyer incentives, such as discounted or free oil changes for a year, warranty programs, or free roadside assistance in partnership with a local towing company
How Funding for Auto Dealers Works
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1
Apply
Gather 3 months of bank statements and other records. For faster approval, grant us secure access to your bank account’s transactional data.
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2
Choose Funding
A Funding Advisor will reach out to you within 1 hour (during regular business hours) to complete your application & discuss your funding options.
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3
Get Funded
Once you and your Funding Advisor determine what funding option works for your business, your funds can be approved and deposited within 24 hours.
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4
Set Repayment
Payments will be automatically deducted from your business’s daily or weekly debit and credit card sales. Payment amounts will be based on your sales.
Will You Qualify for Auto Dealer Funding?
Exact qualification requirements depend on the type of auto dealer funding you are seeking. Approval for car dealer funding from Greenbox Capital isn’t based solely on your credit score or financial history. Instead, we focus on the overall health of your dealership, including:
- Business revenue
- Cash flow
- Vendor payment history
- Years in business
- Public records
Auto Dealer Funding Q&A
I’m going to a car auction and need to restock my used car lot. What type of auto dealer funding is available?
There are several options that may work for you, including a merchant cash advance. To identify the right solution, you should speak with one of our knowledgeable Funding Advisors.
Do you offer floor plan financing?
No. Unfortunately, we do not provide automotive dealer funding for floor plans.
How do I get funding for a car dealership?
You can get funding for a car dealership from traditional lenders like the SBA or a bank, as well as from alternative lenders like Greenbox Capital. Alternative lenders have more flexible approval requirements that consider the overall health and potential of your business—not just your credit score—and offer revenue-based financing options that are more ideal for businesses with lower credit scores. Contact one of our Funding Advisors to learn more.
What do I need to do to qualify for a small business loan?
We have a very simple application process, with same day funding available. To get started, fill out our one-page application form or speak with a Funding Advisor.
Why should I consider an alternative lender for my auto dealer funding?
Most traditional banks consider car dealerships high-risk and will not fund them. As an alternative lender, we have different approval requirements, and can approve funding for “high risk” industries. We can provide you with the funds you need to cover project expenses, labor, materials and more, often in less than 24 hours.
