What are the requirements for a credit limit increase?
The COVID-19 pandemic has had a significant effect on our economy and the automotive sector. With this in mind we are revising our credit approval processes to ensure we are positioned to best serve our customers under these new market conditions.
During lock-down all stocking limits were reduced to their utilised amount, with an appropriate buffer to enable our customers to keep funding vehicles. As restrictions are lifted and trading resumes, limits will be reviewed on request with a thorough review of your facility usage.
Requirements for a credit line increased to be considered:
- Your dealership must be back trading
- All existing funded vehicles have been audited
- Your account must not be in arrears
- No requirement for extensions or capital repayments
- 3 months bank statements are available
- What support can NextGear Capital offer?
- Will I have to re-pay settlement fees or vehicle extension fees waivered during lock-down?
- Are NextGear Capital funding new vehicles?
- What can be funded?
- Why has my stocking limit reduced?
- I am self-isolating, do NextGear Capital need to know?
- Phone lines are busy, what it the best way to get in touch?
- Why are all trade source vehicles dropping into suspense?
- My account is due for renewal, will this go ahead?
- Will auction vehicles funded, but not yet delivered accrue fees and charges?
- Will NextGear Capital’s daily holding charge be increased?
- When will settlement fees be reinstated?
- When will 100% funding on trade source vehicles resume?
- Are re-payment plans possible for vehicles sold but not settled during lock-down?
- My dealership isn’t expected to return to pre Covid-19 trading levels for some time, what support is available?
- CBILS loan monthly payments are impacting my cashflow, can NextGear Capital’s payments be rescheduled?
- When will I be audited next?
- Vehicles have been stolen and my insurance isn’t paying out due to premises being unoccupied for over 30 days – how can you help?