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Type of Loans and accesibility

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Anonymous
Not applicable

Type of Loans and accesibility

Hello Everyone,

New to the forum, I've been shadowing the forum for a while now. I would like your help on determining which types of loans are the easier to get granted on to large amounts with no collateral.

I'm looking to get the money to put into my already proven business. I currently have a used car dealership which has been in business for 5 yrs I currently have a 280k floorplan in which I use only +-150k they way it works i pay 10% in the 45th day of using it then 20% on the 30th day. I'm looking to get 100k to 200k in multiple loans the least of them needed the better. Which will be used to replace my floorplan. I've managed to make a living with this method but am looking to cut cost by eliminating it. This floorplan has had annual cost in interest,fees and insurances of 42k. thats 42k in a annual usage average of 150k for the full year.

My credit is at 711 EX, 709 TU, 709 EQ. Last year i reported 40k profit after taxes and had a revenue of 800k the previous year i had a 550k revenue and 35k profit.

The main reasons I'm looking into this is because the floorplan not only charges me around 42k annually which can be additional income, but also limits my cash flow making me give the payment intervals.

Thanks for your time.
Looking forward for your replies.
Message 1 of 11
10 REPLIES 10
Creditaddict
Legendary Contributor

Re: Type of Loans and accesibility

Who do you bank with?

with 5+ years in business and sales over $500k I would think you could get a workling line of credit but that might be real hard past the $50-$100k

Message 2 of 11
Anonymous
Not applicable

Re: Type of Loans and accesibility

I bank with local credit union called firstlight
Message 3 of 11
NY2014
Established Contributor

Re: Type of Loans and accesibility

I would try Capital One BLOC, No Docs but Max With No Financials ., very easy to Qualify , your credit and Imcome surpasses, there criteria,they will pull EQ, and will report both on Personal/Bussiness but you have to have a sparks Business account . If you can handle the 3 pull sense cap one are looking a little lose these days on approvals.. If you want more details or an evaluation I have a great Business Banker I can give you her # she would be a source to get where you stand before you pull the trigger just let me know I will PM info .
Can I ask what state your in . ?
Fico Score 10/6 EQ 702,16 INQ,TU 740, 9,iNQ EX 705,21 INQ,13%UTIL-
,10 yrs history,1.6 yr AA Cap1 Plat,VentureOne,QS ,Barckey RCI, BBVA,Amex BCE,CSP,NFCU Flag, NFCU Go,NFCU,Cloc NFCU busin,NFCU busin Cloc,Amex Delta busn,Bj's busn Perks,Hawaiian air busin, Citi dc, Discover IT,Chase Hyatt,U.S bank flex perks.,Am,ex Business Plat JCP. Commercial, citi Hilton
Message 4 of 11
NY2014
Established Contributor

Re: Type of Loans and accesibility

Sorry I forgot to mention max $50k anything over would require Financials . And I was approved 2 weeks ago $20k 11%
My fico at the time was 723 across the board I could have asked for More but I wasn't in the Cap one daisy train at the time. I just applied thought it would be good to have as a back up ..
Fico Score 10/6 EQ 702,16 INQ,TU 740, 9,iNQ EX 705,21 INQ,13%UTIL-
,10 yrs history,1.6 yr AA Cap1 Plat,VentureOne,QS ,Barckey RCI, BBVA,Amex BCE,CSP,NFCU Flag, NFCU Go,NFCU,Cloc NFCU busin,NFCU busin Cloc,Amex Delta busn,Bj's busn Perks,Hawaiian air busin, Citi dc, Discover IT,Chase Hyatt,U.S bank flex perks.,Am,ex Business Plat JCP. Commercial, citi Hilton
Message 5 of 11
Anonymous
Not applicable

Re: Type of Loans and accesibility

Most banks will do up to $50k without having to show all financial documents. I am actually working on getting a BLOC myself, well finalizing it in the morning.

Message 6 of 11
Creditaddict
Legendary Contributor

Re: Type of Loans and accesibility

With who?
Message 7 of 11
Bfent1
Valued Member

Re: Type of Loans and accesibility


@NY2014 wrote:
I would try Capital One BLOC, No Docs but Max With No Financials ., very easy to Qualify , your credit and Imcome surpasses, there criteria,they will pull EQ, and will report both on Personal/Bussiness but you have to have a sparks Business account . If you can handle the 3 pull sense cap one are looking a little lose these days on approvals.. If you want more details or an evaluation I have a great Business Banker I can give you her # she would be a source to get where you stand before you pull the trigger just let me know I will PM info .
Can I ask what state your in . ?

What are the requirements for a capital one BLOC? Scores, IRS Transcript, Documents, etc.? I have an LLC in business for five years and was considering applying.

Message 8 of 11
Anonymous
Not applicable

Re: Type of Loans and accesibility


@Creditaddict wrote:
With who?

Sorry for the late reply, haven't been on here as much the past week. It's through a local bank. I have had a relationship with this bank personally for years and know the President of the bank. Smaller local banks are IMO better.

Message 9 of 11
Anonymous
Not applicable

Re: Type of Loans and accesibility


@Bfent1 wrote:

@NY2014 wrote:
I would try Capital One BLOC, No Docs but Max With No Financials ., very easy to Qualify , your credit and Imcome surpasses, there criteria,they will pull EQ, and will report both on Personal/Bussiness but you have to have a sparks Business account . If you can handle the 3 pull sense cap one are looking a little lose these days on approvals.. If you want more details or an evaluation I have a great Business Banker I can give you her # she would be a source to get where you stand before you pull the trigger just let me know I will PM info .
Can I ask what state your in . ?

What are the requirements for a capital one BLOC? Scores, IRS Transcript, Documents, etc.? I have an LLC in business for five years and was considering applying.


If you are looking for $50k or less, not much documentation is required except a personal guarantee, and of course good enough personal CR. From what I remember, at least a 680 or above, no real negatives (major).

Message 10 of 11
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