With a 7-year foothold in auto title lending, Arizona state vehicle title and registration services, vehicle insurance and pre-owned vehicle financing, Sonoran Financial Services, LLC is poised for success in the flourishing pre-owned vehicle market (www.sonoranopportunity.com). Expansion into direct vehicle sales & financing will dramatically compliment the company's vehicle financial services and grow its existing customer base in the greater Phoenix valley.
Auto title loan facilities offer their customers the ability to meet their short-term financial needs by borrowing funds using their vehicle as collateral. "Title Loan" contracts are generally one to two months in duration but are typically renewed by the borrower several times. Per industry standards, these loans are secured by vehicle titles at an amount approximating 50% of the wholesale value of the vehicle. Generally, these loans carry monthly interest rates between 5% - 15% and require the customer to make monthly or bi-weekly payments. For most of these customers, this type of financing is the only option available to them.
In 2008 the company applied for and was selected as a satellite office for the Arizona Department of Transportation (ADOT) Motor Vehicle Division. As an authorized third party, Sonoran acts as an agent for the ADOT, allowing customers to license and register their vehicles at a convenient neighborhood location.
Sonoran also provides customers the ability to finance vehicles through its dealer finance program that has been set up with selected dealers. The company fully intends to expand this dealer network with the newly available funding.
Additionally, the company plans to establish a pre-owned vehicle lot that will be supported by a robust Internet sales platform. Profits from direct vehicle sales and a revenue stream from the interest in providing financing on these sales will provide funds to add to its existing title loan and dealer financing programs.