Feeling stuck with a big, nasty, abusive Floor Plan provider? Think there’s no better option? Think again!
Your best option for financing may be your local bank. In this video, we explain why.
Below is a transcript of the video:
In an earlier video, I was talking about the sources of floor plan financing or floor plan funding. I was saying that a dealer can get floor plan financing from sources other than the big players (other than Floorplan Xpress, NextGear, or one of these big monster players) and even go to the regional bank or the local bank to try and get that financing. I have worked in the past with clients on deals where they have gone to their regional banks and they have gotten very favorable terms because they also have other accounts with the bank. Whether it’s business accounts, personal accounts, loan accounts, home mortgage, or home equity line with that bank, that bank becomes more willing to work with the dealer because they know the finances.
Another benefit to using a regional bank is it’s certainly possible that a dealer can get more favorable terms based on the amount of work that they already have with that bank, not to mention there’s already that existing relationship. The banks are willing to come to the table and they are willing to work. There is a benefit to starting with the bank that the dealer already banks with since there is already that relationship.
In the next video, I’m going to talk about something to be very careful of if the dealer goes that route. Just know that it is possible and it is doable.
For more videos on the Georgia Car Law Authority series, please visit www.georgiacarlaw.com.
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