How To Get A Floor Plan Loan

Dealership floor plan financing when your dealership needs a line of credit for inventory we can help.

How to get a floor plan loan.

First and foremost to qualify for a floor plan you need to have credit. Special financing and discount offers can t be combined. The arrangement is most commonly used when large assets such as automobiles or household appliances are involved. When a dealer sells a car the dealer repays the floor plan lender within one to five days of the sale.

Floor planning is a method of financing inventory purchases where a lender pays for assets that have been ordered by a distributor or retailer and is paid back from the proceeds from the sale of these items. How do i get started using e tran. Our dedicated team understands the automotive industry and specializes in inventory financing to allow you to focus on dealership operations. In this situation you would need to stock 80 units based on 60 desired sales per month and a 40 day average turn time.

Bad credit and hiccups on credit history aren t always deal breakers but they will likely reduce the amount for which you qualify. System is under maintenance please try after 6 00am. Offers subject to credit approval. Used car floor plans are often only made by a lender if the lender also has a new car floor plan loan for the same car dealer.

How does e tran work. To put it in the simplest terms floor planning and floor plan financing work almost like a credit card made solely for purchasing vehicle inventory. Reach out to local and regional. Special financing credit financing promotion details.

Our gold plan is the industry s only no fee floor plan and offers rates as low as 80 day per 1 000 financed. 12 months special financing offer isn t automatic and must be requested at time of purchase. Monthly desired sales divided by how many times your lot is turned per year multiplied by 12. Specifically you should have a history of utilizing and repaying debt.

This floor plan finance formula is essentially the following. We provide flexible credit lines from 50 000 to 1 000 000 and offer a variety of floorplan financing programs specifically geared to the needs of the independent used car dealer. Dealer floor plan financing pilot program dfp find a sba resource. What types of payment modifications are available in connection with an sba guaranteed loan.