Luther Grafe, Executive vice president and chief operating officer of BankDirect Capital Finance, located in Lake Forest Ill, says that one of the clearest effects of the current economic downturn has been a pronounced reduction in some of the formally favorable terms that were being offered to insureds during the previous year’s softening insurance market.
Last year some premium finance companies were offering up to 12 months of equal installments although a typical example would be terms of 20-to-25 percent down, and about nine months of equal payments.