Second Look Financing Captures More Sales - Foundation Finance

Second Look Financing Captures More Sales

Home improvement activity is still on the rise right along with building material prices. Rather than taking a cut in profit, home improvement contractors are forced to increase their project quotes, daunting some homeowners’ dreams.

Know what else is on the rise? Financing! Financing is playing a stronger part in getting homeowners what they want…but not all homeowners are preferred creditors.

Nearly 1 in 3 U.S. consumers have a credit score in the subprime range, according to Experian data from Q1 2021. In a snapshot of consumer debt, the average FICO score was 586.

Thankfully, Foundation Finance provides Second Look financing that helps contractors capture more sales by approving up to 77% of deals other lenders decline. The second look program approves scores down to 600, capturing those 1 in 3 consumers in the subprime FICO range that may otherwise have no way to pay for their home improvement projects.

Several factors will determine whether financing can be approved for customers in the subprime rage–which is why the underwriting team looks at more than just the credit score, striving to make the right decision for everyone. A variety of aspects are evaluated for first and second look approvals, including the livelihood of those requesting the financing.

David S., a Senior Underwriter at FFC, explains: “Foundation Finance provides a valuable service to dealers who turn to us for financing. Having come from a sales background myself, we need to remember the importance of what a loan approval means to our Dealers and their salespeople. We sincerely strive to approve every loan where appropriate.”

The credit application process is getting easier.

It’s simple to submit a second look financing request. In fact, you can use the same signed credit application the customer submitted to the prior creditor. Digital applications, electronic signatures, Driver’s License scanning…these are all benefits you’ll experience as the process of submitting apps continues to improve.

So, why not try? If the customer is afraid they can’t afford the project because they were turned down for financing somewhere else, give them a second chance to qualify with you.

Foundation Finance provides a strong second look program with:

  • Approvals for customers with A-D credit
  • Loan amounts up to $75,000 and terms up to 180 months
  • Simple process from application to funding – electronic docs and signatures
  • 6, 12, 18, and 24 months same-as-cash options
  • Split loan approvals with other finance companies accepted
  • Customers with past bankruptcies considered after 1 year of re-established credit

Second look financing is more in demand as the economy continues to shift and change with the continuing pandemic. Who knows what the future will bring. Be prepared to capture every sale you can! If your home improvement business doesn’t have a second look program, partner with Foundation Finance to bring one on board.


You can build on us. Enroll today in the Foundation Finance dealer network. Contact us for more info: 1-855-241-0024, [email protected].

P.O. Box 437
Schofield, WI 54476

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