Why should I bother with financing? Can’t my customers just arrange their own?

Of course they can, but at a pretty great expense to you.  Typically your sales will increase by 15% or more when you offer financing to your customers.  Making it easier for people to buy from you will definitely help you sell more.

What is First Approval Source?

First Approval Source is not only your outsourced F&I team, we are your partners in profit, provding a number of services designed to enhance your profits.   We offer several products including:

  • High quality finance leads
  • Loan sourcing and processing
  • Credit Improvement Programs
  • Coast Guard Documentation
  • Extended Service Agreements
  • GAP Insurance

How do you deliver finance leads?

Through our exclusive partnership with DealerLegion, we make the CreditMiner Virtual Credit Consultant available on your site.  Through this product, visitors to your site are able to obtain their credit score without giving up their social security number or date of birth.  You can effectively pre-approve these customers and you obtain all of their contact information.

Why don’t I just do my own financing? Why should I use First Approval Source?

Financing is complicated.  Keeping on top of all the regulations, maintaining relationships with lenders, understanding the process – it all takes time and energy.  Your time and energy can be better spent focused on selling.  That is why your business exists.  First Approval has all the financing expertise, and offers that expertise to you and in so doing increases not only your unit sales, but also your profit per unit.  You can invest in sales while FAST drives financing revenue for you.

I already have a Finance person. What can First Approval Source do for me?

We can multiply the effectiveness of your existing Finance team.  Using our knowledge, energy and broad network of lenders, you are able to process far more loans with the existing personnel.  With First Approval Source’s unique Flex Fees, you have the ability to retain as much as 80% of the finance reserve…so your profits and efficiency increase at the same time.

What is the cost to become a First Approval Source authorized dealer?

There is absolutely no cost to establish with First Approval Source! With our “15 Minutes To Financing” program getting authorized with our network of lending partners is easy and completely free.  Once established, your First Approval Source business managers will handle everything needed to get your customers approved.

Can you guarantee a loan approval?

If anyone tells you that they can guarantee approval, you should check it out very closely.  This is not a guarantee any reputable organization can give – and you won’t hear it from us. Loans are approved by the lending institutions based on credit scores and other factors that effect creditworthiness.  However, the good news is that because of the number of lending sources that we have, we are often able to find a loan source even if your customer has a difficult credit background.

Can you guarantee that my customer will get the best finance rate?

We have heard this promise from time to time as well.  Just as with guaranteeing approval, this claim should cause you to question the credibility of the source. Rates are set and offered by the lending institutions based strictly on the customer’s creditworthiness.  By approaching our many lenders, we often receive several loan offers at different rates and they will all be competitive based on your customer’s credit circumstances and the lender’s requirements at that time.  We can and will get the best rate that each particular customer is able to qualify for.

What is your credit improvement program?

Through an analysis of the consumer credit report, we are able to offer suggestions in terms of closing or paying off accounts or making other credit adjustments which will result in rapid improvements in the customer credit score.

I hate paperwork. Can’t I just try out First Approval Source without doing all the paperwork first?

We exist for this very reason – paperwork is painful.  That is why we take all the financing paperwork off your plate once you are signed up.  In order to get started though, we have to have everything in order.  As hard as we are going to work for you, we make your part as easy as possible and minimize your start-up efforts with us…starting with “15 Minutes To Financing“.

How many lenders do you work with?

We are continually expending our portfolio of lenders.  We can present your customers to as many as 20 sources.  It never comes to that.  We get approvals with the first three to five lenders.

How long does it take to receive a loan approval?

Although the time varies based on the creditworthiness of the individual, decisions on loans happen as quickly as minutes. In virtually all cases, decisions happen within just a few hours.

How long does it take to close a loan?

Using our documentation, the closing process is very efficient and usually takes no more than 30 minutes.

How long does it take to fund the sale?

Once the loan funds, you will receive those funds via ACH to your bank account within 24 – 48 hours.

What is the maximum age for recreational vehicle financing?

Generally, financing is available for boats and RV’s up to 10 years old. Boats older than 10 years may be considered on a case-by-case basis.

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