Car Dealer Finance Software, Credit Application, How can I get financing for my customers?

If you cannot provide easy financing for your customers, you will lose some of them. Most car buyers need a loan to be able to purchase a vehicle. More and more people turn up with pre approved financing before they get to a dealer to be able to cut costs. Still, most handle financing at the dealer. This is convenient not only for the buyer but for the dealer as well. It opens up a profit avenue for dealers where they can sell a loan at a higher rate than they buy. This is called participation and it is a major part of dealer profits.

There are two ways you can apply for credit in our dealer finance software: generic credit application and EZ Dealer Finance. If you have an account with EZ Dealer Finance, you can send apps to lenders from our DMS using your EZ account. EZ Dealer Finance makes it possible for you to submit your loan apps to multiple lenders quickly. If you do not have an account with them, you can always use our generic credit app form to submit apps to multiple lenders manually.

There are two main phases in granting a loan: under writing and funding. At the under writing phase, lenders accept an application and review the deal. They decide whether they are going to be approving the app and under what conditions. Most of the time even when they say they approve it, they require certain stipulations (or stips for short). At the funding phase, most lenders expect a more detailed credit app using one of their own forms as well as the required stips like last paycheck, phone bill, copy of title, etc. You can use our generic credit app for the under writing phase of most lenders. You may need to fill out another app later on at the funding phase - which we can add in our system.

EZ Dealer Finance makes this process much easier. A lot of start-up dealers ask: How can I get financing for my customers? This is how. You do not need to fax or email the credit app to multiple lenders, they do it automatically. When you send your app, EZ will reply back with a list of eligible lenders you can use for the app. You can choose the lenders you would like to use and submit the application. Lenders in turn review the app and submit their responses in EZ and at our DMS you can always check the status. You may be getting declined by certain lenders and approved by others with certain stips. You can then choose one of the lenders and close the deal with them.

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