What I do with individuals with poor credit is explain to them their situation & how they've arrived at this juncture in their life. I have contacts that are also in the same industry who can still get them an auto loan but it's going to take more money down than my the lenders because of their being a high risk candidate or turn them over to credit specialist who can assist them & 6 mos. later can turn their situation around.
Some consumer's get such a snobbish attitude & I just let them find their own way. I've found out can't help every one but the one's that yield to my help, normally find them selves in a good situation.
In the car business there are certain banks that support subprime lending. TD, Scotia Bank etc. The lending practices are designed around a potential customers "risk curve" and the loan approval will be conditioned with a palatable rate that aligns with the potential risk and a specific amount to lend. Because of this the lender doesn't approve the original vehicle purchased, but in fact the approval dictates what the customer can buy.
Have a service set up to still be able to assist the client. You never want to turn a potential client away. Provide a solution service like adding credit repair/enhancement to your services or partnering with a company who can assist in that area.
As I am in automotive sales, I build relationships with financial service providers. I keep a list of those resources to share with people who may need help getting on track with their credit.
As Realtors, we put them in touch with a mortgage broker who not only can help them get approved for a loan, but who can also help them improve their credit for the future. We have several great mortgage brokers who specialize in low credit.
We let them know that we have some lenders that will work with them and it requires a downpayment and or a little flexibility on their monthly payments but we can help them rebuild their credit.
I must understand how they got into this situation, listen to what they say , pull a credit report and go over it with them guidance along the way, and see what our attorney backed credit restoration program can work or not . I am here to help!
We sell only commercial trucks. Most customers have their own financing, have a third party fleet management company or have a line of credit with our OEM finance arm.
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Answers (1-10)
What I do with individuals with poor credit is explain to them their situation & how they've arrived at this juncture in their life. I have contacts that are also in the same industry who can still get them an auto loan but it's going to take more money down than my the lenders because of their being a high risk candidate or turn them over to credit specialist who can assist them & 6 mos. later can turn their situation around.
Some consumer's get such a snobbish attitude & I just let them find their own way. I've found out can't help every one but the one's that yield to my help, normally find them selves in a good situation.
-Krish A. Taylor
Find a bank that would make the loan, we have 100s, depending on how bad the credit is.
A person with poor credit needs your help. You must help them rebuild their credit with education and very good advise.
You need to let them know what has to take place, and how long it will take to fix their credit.
Hi Shanna,
In the car business there are certain banks that support subprime lending. TD, Scotia Bank etc. The lending practices are designed around a potential customers "risk curve" and the loan approval will be conditioned with a palatable rate that aligns with the potential risk and a specific amount to lend. Because of this the lender doesn't approve the original vehicle purchased, but in fact the approval dictates what the customer can buy.
I hope this helps.
Steve
Hey Shanna,
Have a service set up to still be able to assist the client. You never want to turn a potential client away. Provide a solution service like adding credit repair/enhancement to your services or partnering with a company who can assist in that area.
I can definitely help in this area.
[email address]
GlacierConsultingGroup.Com
When they make a connection, everyone wins.
As Realtors, we put them in touch with a mortgage broker who not only can help them get approved for a loan, but who can also help them improve their credit for the future. We have several great mortgage brokers who specialize in low credit.
We let them know that we have some lenders that will work with them and it requires a downpayment and or a little flexibility on their monthly payments but we can help them rebuild their credit.
I must understand how they got into this situation, listen to what they say , pull a credit report and go over it with them guidance along the way, and see what our attorney backed credit restoration program can work or not . I am here to help!
We sell only commercial trucks. Most customers have their own financing, have a third party fleet management company or have a line of credit with our OEM finance arm.