One of the questions we hear the most when helping new used car stores get started is, “Do you know how I can find some lenders?” As a new used car dealership, it is essential for you to establish relationships with lenders to ensure that your customers can receive the auto loan they need when they are ready to buy a car.

To help you get started, we have curated this list of lenders below:

Lenders for Used Car Dealers

The following list was curated over time by word of mouth, business relationships, and direct Internet searches.  We do not endorse any of these lenders.  This is just a resource guide to get you started.

  • Ottomoto – Modern lending app for car dealers.  Ottomoto provides a faster, easier and more secure way for your customers to finance their vehicle.  They provide you with an online credit application that feeds directly to their lending portal.
  • Sensible Auto – Sensible auto boasts same-day funding, instant approvals, and rates as low as 6.99%.  Using the backend of their platform they help structure the deal to get it approved so you can say yes to the buyer.  It has been compared to platforms like Credit Acceptance (CAC)
  • Credit Acceptance Corporation (CAC) – Home of the guaranteed credit approval!  Credit Acceptance is a leader in the subprime auto finance industry, helping dealers sell more cars and make more money.
  • US Bank – A trusted lender for all of your dealer finance needs.  US Bank ins a part of the Route One and Dealertrack network of lenders.
  • CUDL – Credit Union financing network
  • Select Acceptance Corporation
  • Westlake Financial
  • Ally
  • LightStream – No partnership, just an affiliate link on your website.

Other banks we did not mention can be found on this 2019 “Top 20 Used Car Lenders” list.


What about Dealertrack and RouteOne?

These are just lending portals.  They require you to already have direct relationships with the lenders.  If you sign up for Dealertrack or RouteOne you are only getting the service that connects you electronically to your lenders for the purpose of approving and structuring the deal.  When you sign up with a lender they give you their Dealertrack or RouteOne ID and then you are able to add it to your portal to open that connection.  RouteOne is typically a free portal and Dealertrack is around $80/mo to get connected to your lenders.

Dealer Finance Resources in North and South Carolina

For dealerships in North and South Carolina, we highly recommend you reach out to David Bafumo at FNI Incorporated. With years of experience in the F&I landscape of the car business, David can provide invaluable assistance in navigating the complexities of the auto finance and F&I product side of the business.