ONE APPLICATION, ONE PLATFORM, ONE STREAMLINED PROCESS
With Auto Repair Finance, merchants only submit one application. Our platform integrates multiple lending products which gives merchants access to prime, near-prime, sub-prime and even no credit check lenders (depending upon the industry) with just one application and one streamlined process. Merchants no longer have to work with multiple lenders and multiple platforms, where each process varies and data is spread across different systems. With Auto Repair Finance, the merchant has just 1 platform, 1 process, 1 place for reporting, and 1 customer service rep.
LOW DISCOUNT RATES STARTING AT 1%
Auto Repair Finance offers EXTREMELY competitive discount rates to merchants, starting at 1.0%. Many lenders in the market start discount rates at 3-5% (or more), so Auto Repair Finance’s starting discount rates of 1.0% are very competitive. For certain opportunities, we can customize pricing and offer even lower discount pricing (dependent on opportunity size).
COMPETITIVE FIXED INTEREST RATES
Auto Repair Finance has a unique structure that allows it to partner with many different types of lending institutions. Whether the loan is funded through Auto Repair Finance’s Balance Sheet (we are a balance sheet lender in the platform), or purchased by a Credit Union or Alternative Lender, our merchants can rest assured knowing they’re providing their customers with a friendly financing product. Interest rates currently start at 13.99% fixed, with no prepayment penalties or origination fees. Big banks like Synchrony Financial and Wells Fargo provide customers with a credit card that has a 29.99% interest rate, with some kind of 0% interest offer. Auto Repair Finance provides the same 0% interest offers, but provides lower interest rates as well, so merchants are less reliant on extending 0% interest promotions (which costs them more money in discount).
MULTIPLE NO INTEREST PROMOTIONS AVAILABLE
Auto Repair Finance provides merchants with multiple no interest promotional offers, all at extremely competitive discount rates. We can provide merchants with the no interest promotion for 6, 12, 18, and even 24 months. Merchants are able to add no interest promotions on a loan by loan basis, giving them more flexibility in closing the sale.
CONSUMERS CAN "CHECK THEIR RATE" WITHOUT HAVING THEIR CREDIT PULLED
Auto Repair Finance has a very unique process that allows consumers to check what interest rate and loan amount they qualify for without having their credit checked. This gives merchants a very easy way to approach consumers who are thinking about applying for credit. Some platforms who work with multiple lenders have each lender run credit on the consumer, resulting in multiple hard credit inquires on the consumers credit report. Auto Repair Finance’s prequalification process is extremely friendly to the consumer, and simple for the merchant.
NO HARDWARE, NO DOWNLOADS...ALL YOU NEED IS INTERNET
There is no hardware to purchase, or downloads required to use our platform. All the merchant needs is access to internet…our platform is 100% web-based and can be accessed from any device.
ADVANCED TECHNOLOGY: INSTANT CREDIT DECISIONS, 100% PAPERLESS PROCESS, ANY DEVICE
Auto Repair Finance offers merchants the latest and greatest when it comes to technology. Our platform offers a simple, intuitive, streamlined application process that any merchant can learn in minutes. We have online identity verification (which eliminates the need to collect a photocopy of the consumers drivers license), instant credit decisions, and electronic signatures, giving merchants a fast and paperless process. Merchants are given a unique dashboard where they can easily manage their customer finance program and track detailed analytics. Merchants can additionally use any device to access the Auto Repair Finance platform (tablet, computer, phone)…all the merchant needs is a device and access to the internet.
ZERO RISK TO MERCHANTS
Auto Repair Finance is completely risk free for merchants to use. Our program is 100% non-recourse and merchants have zero risk on their customers ability to repay the loan. If the customer ends up defaulting, nothing happens to the merchant.
MERCHANTS CAN ADVERTISE FINANCING ONLINE AND COLLECT NEW LEADS
Auto Repair Finance provides merchants with a unique subdomain (for example, merchantname.Auto Repair Finance.com) that features a consumer facing application that’s directly linked to the merchants portal. This consumer facing application gives consumers the ability to apply for loans at home directly from the merchants website. By advertising low, affordable monthly payments, along with no interest promotions, merchants can expect some customers to apply for financing on the merchants website. When this happens, the new customer lead goes into the merchants portal and the merchant is immediately notified so they can contact the customer. Auto Repair Finance allows merchants to convert more browsers into buyers.
LESS AWKWARD CONVERSATIONS
Auto Repair Finance helps merchants avoid awkward conversations with customers. Nobody wants to be declined for financing. Unfortunately, about 50% of consumers who apply for big bank financing are declined. When this happens, the merchant will typically submit the application through another lender in hopes of getting an approval. If the customer’s declined for financing again, the merchant is at risk of losing the sale. Auto Repair Finance eliminates this problem and gives merchants one platform that can approve all credit types instantly. While Auto Repair Finance’s approval rates vary industry to industry, one thing is certain…we can approve more customers for financing than the big bank alternatives.