While the approval process is easier with Float, many dealers have been interested in what we look at and how to improve their odds of being approved. While this information doesn't guarantee an approval nor does it include everything we look at, though we primarily evaluate specific elements in your credit report and bank statements.
Below mentions the things that would decrease your likelihood of being approved.
Delinquencies within the last 60 days
More than 6 credit inquiries on your account over the past year
Oldest trade line opened in the last 2 years
Over 70% of your available credit used
Average daily balances under $1,000
Month end balances below $1,000
Your daily average balance should be at least 5% of the line of credit amount you’re asking for
Negative balances / NSF’s or overdrafts
The number of withdrawals and deposits not lining up with the number of cars you sell
Less than one year of experience in the auto industry
Not having a website for your dealership
Not advertising your vehicles online such as on cargurus or cars.com
Generally a denial comes from having a number of these causes for concern not just one. If you need some help improving your application feel free to email us at email@example.com.
*Subject to credit review and approval, program guidelines, eligibility requirements, and terms and conditions of BacklotCars Float Financing Agreement. Application is not a commitment to advance funds. Certain products and services may not be available in all locations.