Buying your first car can be a real hassle. But thanks to a new service from ApproveNow, that may all be about to change.
Consider this. You’ve just left school, and you’ve got yourself a job. You’ve been earning for a few months, but you haven’t had enough time to build your credit score. In these circumstances, getting an auto loan for a new car can be difficult. Lenders will want to see that you’ve made loan repayments in the past, and if you haven’t, they may decline your application.
ApproveNow believes it has an answer to this common predicament. The company helps you find a lender who is willing to provide an auto loan on cars to people who otherwise wouldn’t haven passed a credit check. Instead of relying on credit checks to get a loan, ApproveNow relies on customers’ incomes to assuage lenders’ concerns about their ability to repay. In essence, income replaces credit score as the tool that enables people to get a loan.
How The System Works
It’s a bold plan, but it’s also one that the company believes that it can achieve. Here’s how it works in detail. First, customers are asked to fill out a short form. This gives ApproveNow the information that it needs to pair the customer with a car dealer or lender in their local area. Next, their information is passed onto ApproveNow’s dealership and lender network. They receive information about the customer and review it. A selection of these dealers, usually around four, then contacts the customer with customized loan quotes. All the customer then needs to do is choose the lender they wish to work with. Once the finances are sorted out, the customer is free to drive their new car off the forecourt immediately.
Who Stands To Benefit The Most?
There are three main groups of people who stand to gain from this new financial system. The first are those who have no credit. These are people who don’t own any credit cards, haven’t bought anything on loan before or are just out of school. Usually, these people would have had to rely on the credit of others, like parents, causing all sorts of financial headaches. But with a no credit loan, they’re able to avoid all of these potential pitfalls.
The next group is those with bad credit. Generally, these are people who have built up a credit history in the past, but for some reason, now have a low score. Perhaps they missed a payment on their rent or forgot to pay their household bills on time.
The final group of beneficiaries are those who have gone bankrupt at some point in the past. Bankruptcy can often result after just a few months of financial struggles. So long as those with a bankruptcy filing have an income, they’re eligible to apply for an auto loan through ApproveNow.
What Do Customers Say?
Customers report that getting a car loan through ApproveNow is surprisingly easy. Customers note that the company is successful in finding lenders willing to work with those with bad credit. One customer reported being refused a loan by more than a dozen dealerships before being accepted by one of ApproveNow’s lenders.
You can find out more about the scheme on ApproveNow’s website.
Company Name: ApproveNow
Contact Person: Natalie Martin
Country: United States