We all know that consumers’ needs are constantly changing. After a few months of independent dealers barely being able to keep sedans in stock, suddenly there’s a strong demand for pickup trucks and SUV’s. This is why having access to a reliable line of credit is so important, you can get the types of vehicles you need quickly and in turn, reduce the time inventory sits on your lot.
But getting approved for credit can be a tricky process, from strict lending practices to high interest rates, dealers may feel that they run into too many challenges during the credit approval process. That’s where floor plan financing can help. By providing quick access to additional funding, dealers get the necessary resources to do everything from hiring additional staff to acquiring inventory that meets existing demand.
NextGear Capital’s made managing your floor plan even more convenient by creating Account Portal which makes it easy for dealers to view all their account information. This tool gives them a comprehensive and real time picture of their total, utilized and available credit information. They will also receive notifications immediately on any current or temporary credit increases they have applied for.
That means if a dealer is using Account Portal to purchase several vehicles to rotate inventory, then decides the parking lot also needs resurfacing, they can apply for additional credit and know as soon as it becomes available, without causing a disruption to their day-to-day business.
You can easily request credit increases in Account Portal by simply answering the following three questions:
- Which line of credit do you wish to extend?
- Do you want the increase to be temporary or permanent?
- How much do you want to increase it by?
Please note that permanent increases are subject to approval by NextGear Capital and will be submitted for review or may require additional information. Credit requests typically take 3 to 5 business days to process.
NextGear Capital created Account Portal with its dealers in mind. It provides them immediate customer support, while at the same time empowering them with the information and features needed to make their floor plan a success.
Check out our video tutorial on the credit approval process inside of Account Portal and start getting MORE out of your floor plan today!
Not a NextGear Capital dealer? Contact us today at 888.969.3721 to get started.
*Certain conditions apply. All rights reserved. Subject to the terms of dealer’s Demand Promissory Note and Loan and Security Agreement with NextGear Capital. Certain valuation information is licensed from and provided by third parties as denoted. Advances made in California are subject to NextGear Capital’s California Finance Lender License, #603G505.