Credit Processing and Credit Analysis

       Credit Processing and Credit Analysis: Once your customer decides that he or she would like to secure financing on their purchase, the customer fills out an easy-to-complete Advantage 1 Financial credit application. You fax the credit application along with a purchase agreement to Advantage 1 Financial. We handle all lender and customer communications from that point on, so after faxing us the credit application and purchase agreement, you can concentrate on selling, focus on running your business and leave the F&I to us. Rest assured that Advantage 1 Financial has one goal - to get your deal approved, closed, and funded. You will be regularly updated on the progress of every deal by fax or phone call, so you will always know the status of your deals. Once Advantage 1 Financial receives a credit application and purchase agreement, we process the necessary credit bureaus on the customer, review the credit application for any missing information, and then enter the information into one of the lender’s approval systems. After the credit processing is complete, Advantage 1 Financial analyzes the credit application and credit bureau information for strengths and weaknesses and sells the loan to a lender. Advantage 1 Financial will notify you of a Pending Approval or a Final Approval within a few hours of sending us the credit application. If you do not receive an approval within a few hours, Advantage 1 Financial will fax you a deal Status Update form. A Status Update form is included for your convenience.

     If the lender turns down the deal, Advantage 1 Financial continues to work for an approval. Upon receiving the turndown we contact the customer to get additional information that might help put the deal together. Advantage 1 Financial will use this information to strengthen the customer’s borrowing profile, so the deal can be resubmitted to the lenders who originally turned it down and shopped to other lenders. Advantage 1 Financial will update you once a day on the status of your deal as we continue to work for an approval. Deals that need to be reconsidered take more time because we need to speak to the customer or request written information from the customer in order for us to resubmit the deal to different lenders. Remember, while you’re out selling your products, Advantage 1 Financial is working to get the loan approved and closed. Advantage 1 Financial gives every deal it’s personal attention because we don’t make money until your deal is approved and closed! After we gain an approval, the deal is turned over to an account manager.