What is pre-qualification?
Pre-qualification is a new step in the financing application process to help you determine if your customer is pre-qualified for financing based on a few basic pieces of information.
Using just the customer’s name, home address and date of birth, you can now learn whether the customer pre-qualifies in a matter of seconds, without affecting their credit score. This helps you position financing as an advantageous payment option.
Customer benefits
- Fast and convenient application process
- The customer’s credit score remains unaffected at this stage
- Only basic information is collected for pre-qualification
What this means for you
- Increase your approval rate with high quality applications
- Effortlessly introduce financing without a “hard” credit pull
- Obtain an instant decision on financing before submitting a full application
- This feature will become available as part of the standard application process. Access your dealer account and start pre-qualifying your customers today!
Pre-qualification is a new step in the financing application process that determines if your customer is eligible for financing in seconds, with no impact to the borrower’s credit score, with only a few basic pieces of information.
If the borrower decides to proceed, they will then fill out the second part of the application, providing information around affordability, housing, income and employment information. Upon completion, the borrower will be notified with how much they’re eligible for. Following that, consent can be provided to do a credit bureau pull that could impact their score.
Contact your account manager today or log in to your partner portal.
For Dealer use only. On approved credit by FinanceIt Canada, Inc. (“Financeit”).