One of the trickiest parts of selling vehicles is ensuring that consumers are approved for a loan, and customers that have less than satisfactory credit often struggle to obtain financing on new or used cars. Fortunately, a subprime lending company is ready to say yes, and improve the acceptance rate for a vast array of consumers. Before a dealership throws in the towel and wonders if they will ever be able to accept less than stellar credit for financing, consider reaching out to a subprime loan provider.
Consumers that have less than perfect credit are usually aware that their problems exist and will often not even attempt to apply for a loan out of a fear of being declined. A subprime lending company will run marketing programs that are targeted to those individuals. Not only do they approve their finance amount, but they take steps to bring them in the door which allows a dealership to reap the benefits of increased revenue.
Multiple Factor Approval
Maybe a person’s problems go beyond a low score and include a bankruptcy, repossession, and mortgage payments that are currently delinquent. Though it may be an automatic no for big banks, it is a yes 90 percent of the time with a subprime lender. No matter what a person may be facing, there is a way for them to get a quality vehicle from a reputable dealership.
The majority of traditional lenders require an applicant to have a minimum of $2,000 in income every month, and those who fall below this threshold are automatically denied a loan. Rather than basing a decision on how much a person makes alone, a subprime lender will look at a variety of factors. In fact, most only require a minimum income amount of $1,400 to grant a loan approval.
The best way to increase the odds of closing a sale is to partner with a subprime lending company. Consumer Portfolio Services is one of the largest publicly traded lenders in this category, and they work with dealerships all over the United States. Check out their site to learn more and start saying yes.