How can I start my own financing company?
May 20th, 2010 | 
Author: I need to find a resource for licensing, laws, and any other steps necessary to start a financing company. I want to be the company that loans money to companies and individuals for purchasing commercial vehicles.
I am using some of my money and some that is borrowed at a lower rate. I have a used Truck (Big Rig) dealership with plenty of inventory. Our customers currently use a finance company that charges over 32% in some cases.
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you want to become a commercial lessor, I am in the repo business and that is not a great idea,since these trucks are very hard to find since they have wheels and are hard to find. A better idea is to lease commercial equipment . Alot of the leasing companies that I work with are phasing out truck leases. Are you using your own funds? or borrowing them at a low rate and getting a higher rate back?