Floor Plan Financing
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  1. #1

    Floor Plan Financing

    Hi,

    Do any lenders offer floor plan financing for new/used car dealerships? Thank you.

  2. #2
    Yes, with cash flow supporting payback and collateral to secure advance, up to 12 month term.

    JGlick@1stGlobalCapital.com

  3. #3
    Senior Member Reputation points: 68233
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    Specialty Market.. Look at Next Gear

  4. #4
    Karen37a
    Guest
    Next Gear is one...most car lot owners or dealerships can get a floor plan thru the auction they buy cars from...100,s of ways to get one.

    That's why the first question I ask a Car lot owner or dealer is

    "what happened to your floor plan that is making you seek outside financing or capital"

    again not ...i can drop the rate and shine your shoes


    ** danger. What some people do not know is that the lots or dealerships have "audits" to prove the collateral on the secured financing...and it's not thru a title. Its thru visual inspection.

    So these lots are used to moving cars to fill up a friends lot for inspection/ audit

    And triple leveraging the same cars..1).inventory loc visual...2)title...3)cash advance = c/d paper or F
    Last edited by Karen37a; 01-20-2018 at 10:27 AM.

  5. #5
    Nextgear and AFC are 2 big floor financing affiliates of the 2 major auctions. Also try, Carbucks in the SouthEast. Westlake is also now flooring dealers.

    Then there's all the second tier regional floor finance companies, holding onto titles, etc.

  6. #6
    Thank you for the information. Do any of these lenders offer a partner program where I can earn a commission? Thank you.

  7. #7
    Senior Member Reputation points: 6639 gaxisa's Avatar
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    Quote Originally Posted by John Smith View Post
    Thank you for the information. Do any of these lenders offer a partner program where I can earn a commission? Thank you.
    All of them, otherwise nobody would send them deals.

  8. #8
    May I have the contact information for someone in either Next Gear or AFC please.

  9. #9
    Quote Originally Posted by gaxisa View Post
    All of them, otherwise nobody would send them deals.
    I just got off the phone with both companies. Neither one offers a referral/partner program.

  10. #10
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    I was told that the margins are too slim and the competition is too great to offer any ISO agreements in that market.

  11. #11
    Karen37a
    Guest
    Quote Originally Posted by John Smith View Post
    I just got off the phone with both companies. Neither one offers a referral/partner program.
    Finance managers do that inside the dealership...only dealers can refer and its a small $$ amount ( closed industry). If you went to small dealer /lot maybe they would do it ..( doubt it ) because they are only offering the financing for the cars in their inventory.

    Other than that ...boa and wells etc have floor plans for dealerships...and banks give loans for cars directly

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