No one likes getting bad news, especially when it comes to financing. As we continue developing our platform, creating more opportunities for our clients to build their businesses is at the height of our attention. In order to create a more seamless application experience, we introduced a new pre-qualification feature that allows you to ask just a few basic questions to determine whether financing is a viable option for your customer.
So what is pre-qualification and how can it help you close more sales?
Pre-qualification is a new tool that will help you position financing as a viable option and increase your overall approvals by enabling you to submit high quality applicants while limiting the sharing of sensitive information between the borrower and credit bureau.
What does this mean for Financeit Dealers?
By using pre-qualification, you can quickly determine whether a customer is likely to be eligible for financing. This opens up the conversation around using financing as a payment option knowing your customer is a qualified borrower. The customer can find out instantly if financing is a feasible option for them without the need for a hard credit pull meaning their credit score won’t be affected at the pre-qualification stage. Even better, not sharing sensitive information at the pre-qualification stage could remove some of the barriers that make them reluctant to apply for financing.
Pre-qualified customers can continue with the rest of the application process privately, on their own device, or you can complete the application with them on your device. Customers who do not receive a pre-qualification have other options to qualify for financing such as adding a co-borrower to their loan application.
Check out the video below to learn more about pre-qualification or visit www.financeit.io/prequalification/