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Interactive Financial Acceptance
In today’s climate, access to financing to complete deals is crucial to making your special finance system work. That’s why we provide financing to dealers through our lending arm, Interactive Financial Acceptance (IFA).
Through its network of dealers and lenders, IFA has the vast knowledge and understanding of the situational lending necessary to help you get more deals done for your special finance customers. IFA is integrated into RouteOne, making it easy for you to submit applications and get quick feedback.
IFA’s offerings include:
- Up to 2 points reserve participation (paid at time of funding with no charge-backs).
- A low $450 processing fee with NO discounting ever.
- Consideration of all credit scores.
- Advances up to 100% of NADA clean-trade (or invoice) plus Service Contract and GAP.
- Self-employed, 1099 and cash paid employees considered.
- Minimum income of $1,000
IFA can intelligently mitigate risks because of its extensive experience in special finance lending. Sometimes stability in employment and residence is more predictive of a successful loan payoff than some sort of recent credit trouble.
Now to be clear, these are not free-pass loans; IFA insists upon verifiable income, even for the self-employed; all bankruptcies must be discharged, and applicants cannot have had a vehicle repossession within the last 18 months.
IFA can assess the risks for these special finance deals and still present workable proposals to dealers, offering terms of 24 to 66 months with only a $499 processing fee. The applicant’s down payment can be in cash or trade, and IFA accepts collateral up to seven years old and 85,000 miles or less.
Contact us today to find out more about how we can help you with special finance lending for your customers.
You can also speed up the process by reviewing our checklist and guidelines: