Conventional Banks have raised their standards and the average credit score is below their criteria. Customers are looking for finance with little options available, until now. Unbankable consumers have been looking for financing in private lenders and smaller banks. Some of these banks require a lot of paper work and verification that used and new car dealers are having to adapt to the pressure.
Finance Managers have to take on more responsibility in providing the subprime financial institution with the necessary paperwork needed to fund
deals. On top of that, deals are taking longer to get funded by these subprime banks due to lack of coordination within dealership’s internal finance structure.
This can be overcome by educating the customer at the point of sale. Making sure each stip and document required for funding is valid and up to date. Finance Managers should also take into account when structuring sub prime deals the customers budget. If a loan amount or payment seems outside the customers means to provide payment sooner or later the car will be repossessed and that is no good for the customer’s credit history or the relationship between the dealer and finance company.
“Approximately 24,000 BHPH dealers financed nearly 15% of all used vehicles nationally!” Experian Automotive.
There are millions of unbankable consumers looking for auto finance to provide transportation they need to work and live. http://www.BuyHerePayHereQueens.com is proud to help people of all credit obtain financing for cars. Buyherepayhere-
Video for Used & New Car Dealers in New York, New Jersey, and Pennsylvania!
Sell More CARS Today!
To subscribe, email: email@example.com