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Floor Plan | Who Do You Use? | Independent Dealer

Apr 29, 2014
2
1
First Name
Ed
Hello,

What are the Top Independent Dealer Friendly Floor Plan Companies when it comes to APR, Terms, Limits, Ease of Use and having Dealer's best benefit in mind? This would be for a Northern Virginia Independent Dealer with 30-50 high-line cars under $40K/each. I'm familiar with NextGear, AFC, WestLake, TD Bank, DSG. I can't seem to find much review online on any. Any review or recommendation would be fantastic regarding the above companies or new proposal.

Thanks,
 
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Tallcool1

Boss
Mar 17, 2014
446
284
Awards
1
First Name
Clint
I set up a line at a local bank.

I have my checking account with the same bank.

APR is good, service is fantastic, and there is absolutely zero brain damage with Floor Plan audits and such.

I pay a 15% reduction if a vehicle hits 90 days.
 
  • 1Like
Reactions: TrojanMotors
Apr 29, 2014
2
1
First Name
Ed
I set up a line at a local bank.

I have my checking account with the same bank.

APR is good, service is fantastic, and there is absolutely zero brain damage with Floor Plan audits and such.

I pay a 15% reduction if a vehicle hits 90 days.

That's fantastic and ultimately my ideal route. Any recommendation for Northern Virginia local banks? May I ask which bank you deal with and how long were you in operation before you set your self up with them? Thank you for your assistant.
 

Tallcool1

Boss
Mar 17, 2014
446
284
Awards
1
First Name
Clint
I don't know anything about banks in Virginia. I deal with a small town bank that has 4 or 5 branches. They are primarily Agricultural Lending but do handle some other business loans.

I set myself up with them before I ever opened my doors.

Try your personal bank...where you have your personal bank account.
 

bringles

Lot Lizard
Apr 17, 2013
31
8
First Name
Erik
Hi,

I agree that a line of credit at your bank is the best option, but that is not always an option for some of us.

I have used AFC and Nextgear. Between those two Nextgear blows away AFC. I have used AFC for almost 5 years and they have routinely pissed me off with poor service, bad decision making, poor communication, & aggressive tactics if you get a little behind. I highly recommend Nextgear between the two, although I have seen some advantages between having 2 floorplans. (back up option if one account get temporarily frozen, move an old unit to the 2nd floorplan if needed after the 1st makes you pay it off, etc).