Submit documents electronically to an sba loan center using sendthisfile or use the e tran tool for 7 a applications. There s never been an easier way.
Floor plan lenders include local and regional banks large national banks and financing companies owned by the manufacturing companies like toyota financial or ford credit.
Dealer floor plan loans. The loans are often made with a one year term and based on an aggregate budget. However not all inventory finance companies offer retail and dealership wholesale financing options. What you don t realize is that like most new car dealers a floor plan was used to finance the cars.
While some lenders are unable to properly serve independent dealers nextgear capital has proudly served the independent dealer market for over ten years our floor plan financing options allow dealers to finance nearly any. Dealer floor plan financing pilot program dfp find a sba resource. Sba uses form 912 as one part of its assessment of program eligibility.
Floor plan online floor plan online is a convenient way to access and manage your floor plan account through the internet. Market research and competitive analysis. Using cash or a bank line of credit to purchase inventory can work for some car dealers but many floor plan financing companies offer a variety of dealer specific benefits.
Keep it with car bucks. Dealer floor plan dfp fee disclosure form and compensation agreement for agent services in connection with an sba 7 a loan. Retailers use a short term loan to purchase inventory items and the loan is repaid as inventory is sold.
In addition to freeing up the cash a dealer has on hand other floor plan financing benefits can include extra flexibility in terms of paying off a particular piece of inventory payment extensions and credit increases if necessary. You may wonder how much the dealer had to spend to provide you with almost limitless choices. Write your business plan.
Interest rate protection products to help minimize the impact of rising interest rates on your floor plan and term loans. Simply it is a way for an auto dealer to use a lender s funds to finance the cars and until each of them is sold the lender holds title to the cars. Our floor plans offer quick cash flow great terms and no curtailments.
With floor plan online you can review balances transfer funds see transaction details make payments and more. For example a dealer might be able to borrow 10 million over the year to purchase 300 new cars. Monday friday 8 30 5 30 est.
Other value added floor plan management solutions. Floor plan finance options are popular within the automotive industry. Floor plan lending is a form of inventory financing for a dealer of consumer or commercial goods in which each loan advance is made against a specific piece of collateral.
Floor planning is a type of inventory financing for large ticket retail items. Call or apply now 864 234 9696.