Independent dealers have a lot of options when it comes to obtaining additional financing for their dealership. Whether it’s a traditional bank or local lender, they may feel inclined to stick with a more traditional financial institution instead of looking into alternatives. Dealer floor plan providers offer more than financing and can help dealers expand and streamline their business.
Here are some ways floorplans differ from other financial institutions.
Some dealers may feel more comfortable working with a local lender because they already have an established relationship with them through previous interactions. The problem is that you may have limits on the size of the credit line you qualify for and you could get hit with additional fees or sudden rate changes.
Floorplan providers like Kinetic Advantage are experts in the used car industry and will help you find the best floorplan for your business. You’ll also have a dedicated client service representative who will treat you and your business as a true partnership.
Traditional financial institutions will take a harder look at things like your credit score and may require you to get a cosigner or submit additional paperwork before approving you for a loan. Even if you do get approved for a traditional bank loan, you may have to pay a higher interest rate than they advertise or they could tack on more loan fees.
Kinetic Advantage believes in up-front pricing and transparency and that’s why our floorplans have easy-to-understand terms and no hidden fees. We also don’t put restrictions on inventory sourcing so you can get the vehicles you need at a competitive price.
Credit unions can be an attractive lending option because they frequently offer lower credit rates than traditional banks and are more flexible with their lending criteria. However, you will need to meet certain criteria to become a member and you might not have the right qualifications. Kinetic Advantage doesn’t try to pigeonhole its clients based on narrow requirements. We know that independent dealers have unique needs and we treat each of our clients with a personalized approach to ensure your needs are being met.
Searching for an online lender is convenient and you’ll be able to compare multiple lenders on your time. The downside is that if you have any questions, it may be difficult to get ahold of someone to help you. And after you sign on the dotted line, you’ll be on your own if you fall on hard times which could lead to you defaulting on your loan and damaging your credit.
The team at Kinetic Advantage are market experts in the used car industry. We stay on top of industry insights and economic trends so we can help you navigate through difficult times by providing you with solutions to the challenges you are facing.
The Floorplan Difference
Dealership floorplanning has been created with the needs of the independent dealer in mind and provides more than additional financing. Kinetic Advantage has designed easy-to-understand inventory financing and a straightforward account management tool for its dealers. Our recently enhanced K360 portal will help you streamline your dealership’s daily operations by providing access to title management and our Fast-Fund Program. It’s time to see what a Kinetic Advantage floorplan can do for your business!
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