Maintain your customer relationships while improving cash flow and your financial condition.
Spartan Financial Partners specializes in providing Line of Credit and Bulk Purchase programs for buy here dealers and independent auto finance companies across the country. Each dealership’s capital needs are unique, which is why our team will work one-on-one with you to custom-tailor a solution to fit your business.
Step 1
Simply submit your data tape via our secure online portal. Our experts will review and draft a custom Term Sheet based on your portfolio. We will also help you complete the Due Diligence Request List.
Step 2
During this visit, we’ll complete a Contract File Review, Management Interviews, and an Audit to verify all information before closing the deal.
Step 3
Following the Diligence Visit, Spartan will complete our underwriting and work with our Credit and Compliance teams to address any outstanding items.
Step 4
Spartan will review Weekly Servicer and Draft Agreement documents with the client, hold an onboarding call between the client and Spartan Operations, review files for funding, and close/fund the deal.
Spartan Financial Partners requires you to complete a Line of Credit application as well as have valid in-house contracts, written policies and procedures, a compliance management system, a web-hosted DMS, and tax returns.
Below is a complete list of required data tape fields from your inventory. Please provide the following:
Contact us to learn more about our requirements for the diligence and closing processes.
A line of credit is a revolving cash resource for your finance contracts.
As you create in-house contracts, you pledge those contracts as collateral for funding a certain advance rate.
The advance rate is the amount that you can borrow against a finance contract – typically 40%-60% of the principal amount financed. The advance rate is determined by your actual cost-of-car and Spartan Financial Partners' estimated loss rate for your finance contract portfolio.
Yes, you will continue to own and service your customers’ accounts.
Yes, a line of credit is a completely separate and complimentary product to a floor plan.
Interest rates and fees vary, but you should expect to pay between 11.0% and 15.0%.
Spartan Financial Partners requires you to complete a Line of Credit application as well as have valid in-house contracts, written policies and procedures, a compliance management system, a web-hosted DMS, and tax returns.
Spartan Financial Partners can guide you through our requirements for policy and procedure documentation and compliance management system development, but cannot provide you legal advice with respect to these items.
Typically, Spartan Financial Partners can close and fund on your contracts within 30 to 60 days from receipt of the completed application.
Spartan Financial Partners works with several providers – all offer web-hosted systems.
