Offering homeowners an affordable monthly payment option, instead of having them come up with thousands of dollars for their entire project, makes home improvement more attainable for the average person. This makes home improvement financing one of your most powerful sales tools.
Factors that Influence Financing Approval:
Credit Score:
A person’s credit score is the primary factors most financing companies consider when determining whether or not to approve your customer for financing, with the FICO being one of the most commonly used scores. The FICO score is determined based on five main factors:
- Payment history: 35%
- Amounts owed: 30%
- Length of credit history: 15%
- New credit: 10%
- Credit mix: 10%
Application:
Some companies don’t look much farther than your customer’s credit score, but others, like Foundation Finance, consider a variety of factors. Financing applications have questions that demonstrate your customer’s full financial situation, such as what their debt-to-income ratio is, how long they have been at their current job, how long they have lived in their current residence, and other factors that may show credit worthiness.
How to Submit an Application
Helping your customers finance their home improvement project is simple when you partner with Foundation Finance. Becoming a dealer is free and easy. Once approved, you can submit customer financing applications by email, fax, a phone call to the credit team, your personal LaunchPAD Credit App link, or online via the LaunchPAD dealer portal.
Maximizing Approvals
Foundation Finance is a full-service lender and can help homeowners with a wide range of credit profiles. Encourage your customers to file joint credit applications whenever possible and emphasize the importance of accurately listing all income. This will ensure your customers receive the best chance for approval.
- Submit a joint application.
- List all verifiable income.
- Include complete employment information.
- Fill out application completely.
- Double check the spelling.
Even if your customer is turned down for financing by one company, it does not mean they cannot be approved by another. Different companies have different approval criteria. Foundation Finance offers first and second look financing that considers more than just your customer’s credit score to offer more financing approvals.
Interested in other ways Foundation Finance can help you close your next sale?
Contact us for more info: 1-855-241-0024, sales@foundationfinance.com.
