FAQ’s What is the range of credit lines you offer? We have programs available from a quick application minimum of $50,000 to lines secured in excess of $3,000,000.00 (lenders typically start off lower and raise to the higher amount over time). What is needed to qualify for a credit line? On all credit lines most lenders require good personal credit on all principals, and usually at least 1 year in business (some of our lenders will look at Automobile Industry experience in lieu of one year in business). For the quick processing 50k line that is usually all that is required. For the higher lines of credit the lender is going to look at the dealership sales and income figures and ascertain a suitable credit line consistent with the dealerships ability to service the debt.. How much does the Floor plan cost? The interest ranges from a low of .75% per month to a high of 1.25% per month. The charge to finance each vehicle (typically called the “on fee”) ranges from a low of $20.00 per vehicle to a high of $50.00 per vehicle. The same type of fee range can be expected for the payoff of the vehicle (typically called the “off fee”). All lenders have varied other smaller fees in addition to this (please note the terms when closing with the chosen lender). It has been our experience that the smaller lines trend toward the higher fees, while as lines get higher they trend toward the lower fees. How do I get started? Easy. If you apply anywhere on this site it will walk you through the process. If you choose to move very quickly you may choose the Quick application process for a 50k line and we will have a decision for you typically within three days. The line can actually be activated within ten days (this is also a nice way to start to see if it is a fit for your company). If you choose the larger line this site will walk you through the whole process. It usually takes up to 7 days from receipt of complete package to receive decision. Typically line can be activated within 14 days. If you Still have questions just contact us.
Floor Plan Financing | Portfolio Acquisition
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Broker/Agent
Diversified Dealer Services, LLC d/b/a Diversified Auto
Funding Copyright © 2001-2002 Diversified Dealer Services,
LLC d/b/a Diversified Auto Funding. |
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