Q: What is premium financing?
A: Using credit to break up one large insurance premium into smaller installments
Q: What is the payment structure?
A: Typically monthly payments in installments of 8 or 9 months. But let us know about your needs and concerns and we are happy to work with you!
Q: How does this affect my insurance provider?
A: Insurance premium financing is a contract between the borrower (you) and the lender (us), as is the case with any third-party payment plan. And your prompt payment is required for your policy to remain in place.
Q: How am I protected?
A: We are fully committed to helping you understand the premium financing process at every step along the way. That said, you are also protected by the Federal Truth in Lending Act (https://www.occ.treas.gov/topics/consumer-protection/truth-in-lending/index-truth-in-lending.html), which requires lenders to be clear and truthful about the terms of the service they are providing.
Q: What will my down payment and monthly payment be?
A: Typically the down payment would be 25% of the premium. And if you give us a call at (703) 351-7878 and we should be able to estimate your monthly payment on the spot. Or email us at loan@independentfinancingllc.com.