Overview

A loan broker brings together the people who need money with the institutions that are in the business of lending it. As an automotive loan broker you will be specializing in a type of loan that almost every household in the country needs. There are roughly 1.8 vehicles per household in the United States, and most of the new vehicles sold are purchased through loans. That’s a huge potential market. How can you become a part of this picture? You have a list of lenders, a long list. You have obtained their trust with a well-organized business plan. You advertise for borrowers in local automotive newspapers and Web sites like Cars.com. It is also possible that local auto dealerships might be good referral sources for you, so it would be worth some buddy-up time with them. The best part is, you don’t have to restrict yourself to your own geographical area; much of this business can be done via Internet (through your Web site) and by phone. It is important to have a written agreement before you begin the loan search process, as most of your clients will use your service instead of a bank because they’ve had trouble securing credit in a more traditional way.

What You Can Earn

$30,000–$60,000

What You Can Charge

$100–$500 per job

How Much Is It Going to Cost

$5,000 –$10,000

What Equipment You Need

 Cell phone (with or without hands-free accessories), office furniture, computer with Internet access and Web site hosting capabilities, suite software, printer, fax, business cards, letterhead, envelopes

Who Will You Need to Hire

How You Can Make It Sweeter

What You Will Be Doing

 

A loan broker brings together the people who need money with the institutions that are in the business of lending it. As an automotive loan broker you will be specializing in a type of loan that almost every household in the country needs. There are roughly 1.8 vehicles per household in the United States, and most of the new vehicles sold are purchased through loans. That’s a huge potential market. How can you become a part of this picture? You have a list of lenders, a long list. You have obtained their trust with a well-organized business plan. You advertise for borrowers in local automotive newspapers and Web sites like Cars.com. It is also possible that local auto dealerships might be good referral sources for you, so it would be worth some buddy-up time with them. The best part is, you don’t have to restrict yourself to your own geographical area; much of this business can be done via Internet (through your Web site) and by phone. It is important to have a written agreement before you begin the loan search process, as most of your clients will use your service instead of a bank because they’ve had trouble securing credit in a more traditional way.

What Qualifications You Need

Finance background would be helpful

Who You Should Market To

How You Can Market This

Newspapers, automotive publications, body shops, networking with dealers, regional coupon books (offer 10 percent off or one free service after five visits, and so on)

What Other Services to Offer

What You Need to Succeed

If you have dreamed of working at your own pace and during the hours you choose, automotive detailing can be a rewarding occupation. Individuals with artistic flair and an appreciation for well- kept automobiles are always in demand as many automobile dealers continue to farm out their detail work. Creativity is the key to keeping the competition at bay. Consider a mobile detail shop as your business van to allow on-site work, saving you and your customers valuable time. Your work is different everyday, so what’s not to like?

 Where to Begin

 
 

Resources

Books/Magazines/Periodicals

 
 

 Education/Courses/Training/Videos

 
 

Social Media

Blogs/Forums

Facebook

 Twitter

Websites

 

Words to Know