Through our second look financing program, Foundation Finance is able to offer more customers financing, even if they have a challenged credit history. Our credit experts work with a wide range of credit profiles and FICOs as low as 600, making it easier to find affordable payment options for your customers.
What is second look financing?
Second Look or “Discount Financing” is a way to get financing approvals for customers with a wide range of credit profiles, including those who other prime lenders might decline. If your customer does not initially qualify for financing, our team of credit specialists will review and reassess their application to look for mitigating opportunities to offer them financing by sharing a portion of the risk with their dealer.
How can second look financing add to your bottom line?
When choosing whether to offer financing to a customer with a risk discount, consider your profit margins on a case-by-case basis to determine your best course of action.
Example: $5,000 sale turned down by a “prime only” lender = no money in your pocket. If FFC can approve the contract at a 90% bid (10% risk discount), the dealer is paid $4,500, turning a loss into incremental revenue that would have been missed. (The actual risk discount will vary based on the customer’s credit and application information.)
Why accept a discounted deal?
Build your bottom line with sales other lenders have declined. Some profit is better than no profit and having a second look finance partner allows you to accept higher-credit-risk customers to keep your staff鈥檚 project list full.
Additional Benefits
Foundation Finance offers a wide range of benefits for both our first and second look customers.
- Approvals for customers with A-D credit.
- Contract amounts up to $100,000 and terms up to 240 months.
- Customer prequalification that does not affect a customer’s credit score.*
- Time-saving tech: Driver鈥檚 License scanning, color-coded app tracking, payment estimator.
- Promos for ALL approved customers.
- Split financing on projects with other lenders.
- Customers with past bankruptcies considered after 1 year of re-established credit.
Close more sales and add more revenue to your bottom line with our second look financing program Have a question? Contact us for more info:聽1-855-241-0024, [email protected].
*Upon our receipt of the customer鈥檚 completed credit application and signed financing documents a hard inquiry on the customer鈥檚 credit (that may affect the customer鈥檚 credit score) will occur.
