Floor Plan Insurance Financed

In typical floor plan financing a distributor or dealer borrows funds to purchase inventory from a manufacturer.

Floor plan insurance financed. What you don t realize is that like most new car dealers a floor plan was used to finance the cars. However not all inventory finance companies offer retail and dealership wholesale financing options. The average dealer spends more than 40 percent of their total property and liability insurance costs insuring their auto inventory held for sale. While some lenders are unable to properly serve independent dealers nextgear capital has proudly served the independent dealer market for over ten years.

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. Floor plan financing or floor planning is a type of financing that is used to finance dealer inventory. Tcf inventory finance specializing in powersports lawn and garden recreational vehicle specialty vehicle marine electronics and appliance agriculture and construction industries. With more than 120 locations afc is one of the largest floorplan providers in north america and offers unmatched local access and customer service.

Tcf inventory finance u s provides extraordinarily fast inventory financing support for manufacturers dealers and distributors. Our dedicated credit facility can assist you to ensure you can maintain an adequate level of inventory to maximize sales opportunities while controlling your expenses. Floor plan insurance usually involves a supplier who furnishes both financing and insurance on the goods sold by the supplier. Our floor plan financing options allow dealers to finance nearly any type of remarketed unit.

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. Floor planning is a form of financing for large ticket items displayed on showroom floors. Afc helps independent automotive dealers expand their businesses by providing inventory finance solutions and key operations related services. We offer traditional floor plans trade in financing rental fleet solutions and floor plan insurance.

Agents who insure auto dealerships typically need to address the following coverage issues while insuring all around the coverage provided by the floor plan. For example automobile dealerships utilize floor plan financing to run their businesses. Floor plan finance companies are uniquely attuned to the needs of auto dealers. Whether to opt in or out of wholesale finance floorplan insurance programs can be a tricky decision for automotive dealerships.