How to get faster funding for your car dealership
If you’re a dealer that offers auto financing through your car dealership, getting your deals funded quickly is high on your priority list, if not at the top. With most auto lenders and other finance companies, there are various factors that can delay the process of receiving funding in a timely manner.
This includes:
- Lack of required documentation
Most finance companies require documents such as the car buyer’s personal information and identification, proof of income, proof of assets and liabilities, and information about the vehicle and car insurance during the approval process. Failure to provide these documents will delay approval. - Poor credit history
Most traditional finance companies are less likely to approve customers with bad credit or no credit, which is why working with a non-prime or subprime finance company that can offer the opportunity for your car dealership to approve credit-challenged car buyers is important. - Not structuring the deal properly
While there are many factors that play into deal structuring, the main goal is to provide a viable deal that the finance company will approve based on the customer’s financial status. When the deal is not structured properly, it hinders the process.
By enrolling in the Credit Acceptance Portfolio Program, your car dealership will be able to approve customers with bad credit or no credit and receive same-day funding.
Our proprietary Credit Approval Processing System (CAPS®) allows dealers enrolled in our program to provide written approval on every used or new vehicle in their inventory in 30 seconds or less. Dealers enrolled in our program receive competitive advances, same-day funding, and the ability to say ‘YES’ to every customer, regardless of their credit history.
If your car dealership wants faster funding along with the ability to approve more customers, simply fill out the form on our website to learn the benefits of becoming an enrolled dealer!