Car Dealership Floor Plan?

**htown** · 10-18-2007 01:37 PM

Does anyone here own a used car dealership? Where are you guys financing your floor plan from and what kind of rates/fees are you getting? I have been searching around for a good bank, but they do not post their rates on their website. Any info would be greatly appreciated. Thanks.

**htown** · 10-18-2007 08:53 PM

What bank is he going thru?

**ATXMonster** · 09-02-2008 11:14 PM

Auto Dealer Floorplans are typically 4.5% over prime sometimes a little more, I recommend AFC or DSC, they work with all Manheim or Adesa Auctions as well as many others across the country. Banks are not the first route for a floorplan. After you are licensed in your state, it should be simple to get at least a $25,000 to $50,000 florrplan right off the bat with a company that specializes in automobile dealer financing.

**DavidJenkins** · 06-30-2010 12:57 PM

Floor plan lending has a lot to do with relationships and someone becoming "involved" with your business. My suggestion is to not always go by the rates that are on a website...find someone you talk to and explain your business need to. This industry has changed quite a bit over the past few years, the rules of engagement may not be what you perceive them to be.

David Jenkins
Dealers First Financial
Auto Dealer Financing Software

**maxalexander6** · 08-09-2010 12:23 PM

Does anyone know the specific Credit requirements for AFC, DSC? For example FICO Score, # of Good accts? And if so how it breaks down on a approval amount. Any info on these two companys would be helpful. Thanks!

**rogercbryan** · 08-09-2010 02:20 PM

Originally Posted by maxalexander6

Does anyone know the specific Credit requirements for AFC, DSC? For example FICO Score, # of Good accts? And if so how it breaks down on a approval amount. Any info on these two companys would be helpful. Thanks!

Don't ask this question on a forum... you can't trust the response. Call them... get the answer directly from them. Are you already registered at Manhiem? Getting set-up on DSC can be done directly through them. I'm not a big fan of AFC as all their talent left in 2004 to start DSC.

I've spent 10 years in this industry and have helped start auto auctions, online auto auctions, car dealerships, and boat dealerships.

Banks do not work with floor planning the way that AFC and DSC do so don't even bother with a bank.

**DavidJenkins** · 08-20-2010 01:03 PM

Be sure to do your due diligence before you get involved with any particular company. A little time on the front end can go a long way on the back end.

David Jenkins
Dealers First Financial
Auto Dealer Financing Software