You close more sales when you offer financing, but many of those sales rely on your customer being approved. There are several ways you can ensure your customer has their best chance to qualify with their first application.
Learn how!
Joint Application
Joint applications can increase approval chances, even if one applicant's credit score or credit history is stronger than the other's. Using both people’s credit scores, incomes and assets on one application creates a stronger application, which can increase your customer’s approval odds, increase the amount your customer could be approved for and help them get the best financing rates.
Income
Debt-to-income ratio is an important factor when assessing whether or not to extend a financing offer, making accurately reporting income one of the most important influencing factors on an application. Income must also be verifiable to ensure the application goes through smoothly.
Employment
Most finance companies look at your customer’s employment history to verify that your customers have a stable source of income. Be sure your customers fill this section out accurately and provide contact information where they can verify their employment status, if requested.
Common Mistakes
The information on your customer’s application is used to find their credit history. Small errors, like spelling or incomplete information can cause delays as the credit team sorts through different profiles with similar names or addresses or they can’t find your customer with the information provided and have to send back the application for more information. Save time by making sure the entire application is completed and accurate the first time you submit it.
Remember! If you prequalify your customers with Foundation Finance, you can see if they qualify without affecting their credit score!
Interested in other ways Foundation Finance can help you close your next sale?
Contact us for more info: 1-855-241-0024, [email protected].
