Equipment financing
AFCO Credit Corporation
AFCO Credit Corporation, which trades online as AFCO Direct, finances commercial insurance premiums so that a policyholder can spread the cost of coverage instead of paying the full premium up front. The relationship runs through the insurance agent or broker rather than direct to the insured, and the site is built around agency tools.
Agencies quote and manage financed accounts through AFCO portals: ADEPT, Quotes in View, Accounts in View, BDSecure, and myAFCO, with the system an agency uses determined by its agency identification number. The company has said it is consolidating all accounts onto ADEPT in 2027. Electronic premium financing, paperless quoting, and the PayMyPremiums billing tool round out the toolset.
Beyond straight premium finance, AFCO publishes programs for harder situations: a continuous pay collateral program for insureds with constrained liquidity, debtor-in-possession financing for businesses in bankruptcy that must keep property and casualty coverage in force, intelligent mail tracking to cut cancellations and reinstatements, and a policy preservation process. It also offers a premium finance continuing education class for agents and brokers.
Offices are listed in Lake Forest, Illinois; Florence, South Carolina; Garden City, New York; Leawood, Kansas; and Newport Beach, California. Loans are subject to credit approval, and terms come through the agent, so rate, down payment, and cancellation mechanics should be confirmed on the individual quote.
Best for
Owners with large commercial property or liability premiums who would rather finance the premium than tie up working capital, including borrowers in bankruptcy who must keep coverage current. Arranged through your agent, not directly.
What they do
- Commercial insurance premium finance
- Electronic premium financing and paperless quoting
- Agency quote management tools (ADEPT, Quotes in View, BDSecure)
- myAFCO account management portal
- PayMyPremiums premium billing and collection
- Continuous pay collateral program for constrained cash flow
- Debtor-in-possession premium financing
- Intelligent mail tracking for cancellations and reinstatements
- Premium finance continuing education for agents
Details
| Attribute | Value |
|---|---|
| Other offices | Lake Forest, IL, Florence, SC, Garden City, NY, Leawood, KS, Newport Beach, CA |
What stands out
- Works through insurance agents and brokers, who quote and service financed accounts in AFCO portals.
- Expanded through the acquisition of BankDirect Capital Finance, a nationwide premium finance company.
- PayMyPremiums integrates directly with Vertafore's AMS360 agency management system, and AFCO has partnered with ePayPolicy.
- Says it is consolidating all accounts onto a single system, ADEPT, in 2027.
- Service offices in Lake Forest, IL; Florence, SC; Garden City, NY; Leawood, KS; and Newport Beach, CA.