Looking for financing for a credit-challenged customer? A partner who offers second look financing, also known as discount financing, might be able to help. Second look financing makes it possible for companies like Foundation Finance to approve customers that most prime-only lenders (such as banks) would decline.
Why Customers Are Rejected
Each company has criteria it must consider when deciding whether or not to extend a financing offer for your customer. Some institutions have narrow approval criteria and look no further than a customer鈥檚 actual credit score while others will review the entire credit history to determine if the customer qualifies for financing.
Our second look approval process examines several factors which determine whether a customer will qualify for a financing offer, including the current income of those applying for financing.
Applying Is Easy
Submitting a second look financing application is easy. In most cases, you can simply submit your customer鈥檚 rejected application to Foundation Finance. If any important information is missing, we will reach out to you before making a decision.
Get Approvals Quickly
Don鈥檛 let financing hold back your project! These steps can ensure a smoother approval process.
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Joint applications.
Adding a co-applicant can often increase the chances of an app being approved.
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Only list verifiable income.
All income listed on the application must be verifiable by paycheck stub, tax returns or other means to be considered.
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Don鈥檛 leave anything out.
Encourage your customers to include all the requested details on their financing application.
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Spelling counts.
Be sure you or your customer checks all information for accuracy before the application is submitted.
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Include active email addresses.
After the application is approved, your customers can fill in and submit all required documents online, assuming we have their current email addresses.
More Sales
Companies that offer second look financing are able to offer more customer approvals. That means the cost barrier for both elective and necessary home improvement projects is lowered, giving you the ability to offer more customers the opportunity to get the work they desire done.
How It Works
Example: Your customer applies for $5,000 for a project but is turned down by a first look only lender. Rather than lose the sale, a second look lender like Foundation Finance can approve the contract at a 90% bid (10% risk discount). You are then paid $4,500, turning a loss into incremental revenue that would have been missed. (The actual risk discount will vary based on the customer鈥檚 credit and application information.)
Foundation Finance offers financing for customers with FICOs as low as 600 and reduced interest rate plans are available for ALL approved customers. We also offer a wide range of special promotions to help you meet the individual needs of your customers.
Interested in other ways Foundation Finance can help you close your next sale? Contact us for more info: 1-855-241-0024, [email protected].
You can build on us. Enroll in the Foundation Finance dealer network today.
