Business Loans And Finance

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I was thinking about starting an auto finance (loans) business. Can anyone tell me how I would go about doing this?

Best Answer

If you've never been in business before, I would strongly recommend that you talk to a business counselor before you do anything especially spend money. I'd call the local office of SCORE (go to http://www.score.org and input your zip code to find the chapter nearest you), the advice is FREE. The counselor at SCORE will most likely advise you to write a business plan which is very good advice because it will force you to dig out all of the start up details and the costs of starting an auto financing business and force you to also understand all of the aspects of this business including the customers you'll concentrate on (your market ) and how you'll go after them. Try this link : http://www.ychange.com/small-business- consulting-articles.html and read some of the articles especially the ones about a business plan and starting a business. Good Luck

This business which is surely going to be a success is to be esterblished and operated in another country, how can i get loan from the United states to finance this business. Right now, i don't have any money of mine that i can commit to this business. i would need about $5 million to start. I live in New Jersey,U.S

Best Answer

This is a very curious question, I'm not sure if I understand it, but I can tell you a few hints to consider: First of all 5 million dollars is a considerable sum of money, and most lenders that I know of would want heavy collateral and assurances of making sure their money would be paid back with interest. You would have to show that you are permanently employed, you have at least 30% disposable income to be available, you would have to show the strengths or possibilites of your business venture, from top to bottom, they would have to know the politics of the country you intend to work out of, the exchange rate of the US dollar which changes daily. potential trouble spots that may come about as a country might nationalize all its assets, and that includes private business and property, and other confiscations. The stability of the government in which you intend to do business in and with (you will have to pay their business taxes) Your lender would ask you such questions as: If I grant you the money how can you assure me you will repay it within an agreed upon contractual time limit? Exactly what is the product or service you will be selling? Have you done a marketing analysis to assure us there is a market for your product or service? Do you intend to make or buy at wholesale levels? Will there be inventories to maintain? What about transportation if needed? USPS/UPS/FEDEX/DHL? What modes of advertisement do you wish to use? What do you intend to do to stay away from undercapitalization? Once in business, what are the possibilities of going broke, or declaring bankruptcy? Do you intend to use full information technology(IT) management aids? Cell phones, printers, MP3s, Ipods, PDAs, main frame computers, lap tops and desk top computers? FAX? Software costs associated with all IT users, what would be your plan in that department? See, the lender will require a master plan laid out clear and proper to be able to see what you got, and then decide accordingly. If you fall short on any of this criteria, the lender migh become skiddish, and turn down your request for financing. But these items I have laid out cover the lion's share of questions you can expect to answer, when the lender comes to call. Thats my message, good luck. Donald H. Sites sueanddon350@sbcglobal.net

how do i access business funds or loan to finance a business idea of mine either from a bank in the usa,canada,china,england or from the united nations financial agencies or any other financial group.

Best Answer

Not quite that easy. You need to develop your idea or business wish into a business plan. Use any search engine to find what a business plan is and how to make one. Secondly, you should have a background in business. This can be as small as opening a credit card and building good credit (the key is GOOD credit), having a business degree, or having previous experience in business management. You need to register your business with the county clerk in your local area (doing business as [dba]). Once your business name and status are accounted for, you can then approach a financier with your business plan. Most businesses fail in the first 3 years, especially first time businesses, and banks know this. Your plan better be polished, realistic, and practical. Also be prepared to fork up your own investment (as down payment), because if you yourself aren't invested in your own business, don't expect the banks to.

Best Answer

yes they do.........

I'm starting from scratch...learning about mortgages, loans, investing, retirement, economics. Is there a good book out there that starts off with the basics to form a good foundation? Thanks!

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You can learn just as much, if not more for free from reading the articles and tutorials @ The Motley Fool - http://www.fool.com Who also have some books to give you additional lessons in finances.