How to start a business called razor finance?

Question

My husband has a small car lot, he looses a lot of business due to the fact that he can't finance the cars. So I want to start a finance company for slow credit customers.

Answer 1

The buy-here, pay-here car lot is often very successful if you adhere to one thing: when you sell the car, the down payment MUST cover what you have in it as well as tax and registration.

Payments beyond that sound like profit, but they're not. You'll need a reliable tow company. It's not unusual for a "tote a note" car lot to sell, repop, sell, repop, and sell a car several times.

Don't sell junk. When the car stops running, they stop paying.

Create a very secure area for cash handling. If the Friday afternoon crowd is dropping off fifties and hundreds, the Friday evening crowd will want it. Make sure you have a police escort to the bank.

Easiest way to start? Get a car. Down payment is $500, and a $70 payment a week for a year. You have the title, you see the customer every Friday.

You have to be hard nosed. The sob stories will break you heart, but don't let them break your bank.

Good luck! - Stuart

Answer 2

its a good idea!