WASHINGTON-National Tire Dealers & Retreaders Association members have established credit lines with a total value of more than $16 million under the Bank One, Dayton N.A. Express Line loan program, according to the NTDRA. A total of 370 NTDRA members from 48 states have been approved for loans of between $5,000 and $100,000.
An additional 180 NTDRA members have received pre-approval for $7.5 million in loans, according to the association.
Express Line is a special revolving line of credit offered only to NTDRA members to finance inventory, equipment and other expenses. Credit line rates range from 1 to 2 percent over the Prime Interest Rate, with a 0.25-percent discount off the quoted rate for NTDRA Money Express credit card program dealers.
The NTDRA said response time on a loan request is less than seven business days from receipt of an application.
NTDRA members can apply and receive conditional approval for a loan within 24 hours by calling (800) 327-9936.