Spartan Financial Partners’ access to capital, industry expertise, and flexible financial solutions enable us to meet the financing needs of Buy Here Pay Here Dealers and Independent Automobile Finance Companies throughout the United States.

Line of Credit

Offering a customized line of credit based on your financial and operating needs.

Line of Credit Benefits

  • Capital to grow your business
  • Maximize your profits by retaining your customers
  • Improve your operating and financial controls
  • Strengthen your financial foundation

Program Highlights

  • Your receivables are our collateral
  • Advance rates determined by your vehicle cost
  • Flexible range of APRs accepted
  • No restrictions on year and mileage
  • Compliance training provided
  • Bulk purchase program available

Line of Credit Application

To begin the Line of Credit process, you must submit a Data Tape and an Application.

A Data Tape is an Excel file, exported from your DMS, containing the information needed for us to provide a free, no obligation quote on your portfolio.

Line of Credit FAQs

1. What is a line of credit?

A line of credit is a revolving cash resource for your finance contracts.

2. How does a line of credit work?

As you create in-house contracts, you pledge those contracts as collateral for funding a certain advance rate.

3. What is an advance rate and how is it determined?

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’s estimated loss rate for your finance contract portfolio.

4. Do I get to keep my finance contracts?

Yes, you will continue to service your customers’ accounts.

5. Do I get to keep my floor plan?

Yes, a line of credit is a completely separate and complimentary product to a floor plan.

6. What does a line of credit cost?

Interest rates and fees vary, but you should expect to pay between 10.0% and 14.0%.

7. How do I qualify for a line of credit?

Spartan Financial requires you to complete a Line of Credit application, have valid in-house contracts, written policies and procedures, a compliance management system, a web-hosted DMS and tax returns.

8. Can Spartan Financial Partners help me with these requirements?

Spartan Financial 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.

9. How long does it take to close a line of credit?

Typically, Spartan Financial can fund on your contracts within 30-60 days from receipt of completed application. Your responsiveness determines how long closing may take.

10. What Dealer Management Software (DMS) systems do you require?

Spartan Financial works with several providers – all offer web-hosted systems.


Call our Sales Team for step-by-step assistance: 855-233-3605

Sales Team Hours
Monday – Friday
9 am – 6 pm ET