Low Doc Line of Credit
Five years in business with a turnover of $2.5 Million p.a.
The supply chain shortages in the new car market with new car buyers waiting 6-12 months have led to a shortage in trade-ins, meaning buyers are more often searching in the second-hand market for their preferred vehicle. The business was clearing floor stock and taking orders and required additional working capital to purchase stock from auctions where they were required to pay upfront for stock purchases.
Moneytech provided a Low Doc Line of Credit allowing the business to purchase vehicles at auction to replenish floor stock and fulfil growing customer orders. On each drawdown and payment to their supplier, the business is given up to 120-day repayment terms to boost their working capital cycle.