Many lenders and finance companies still ask for “review fees” which basically means they are charging you to review your financials even if they don’t get you approved. Some of the fees can actually be substantial in the $500 + ballpark; lenders are making money off of you even when they can’t perform the service you requested. This doesn’t make sense, so let’s go over our policies.
To “Preview Credit” which means to perform a general review to catch any large roadblocks which may be present only requires that you provide us with a Finance Application, Vendor Quote and 3 months Bank Statements; that’s it. No fees are requested. At this stage we can uncover any issues with credit history.
To perform a “Full Credit Review” means we thoroughly evaluate your taxes, financials and related documentation to determine if the finance requested can be approved. Again, we spend considerable effort at this stage yet we do not request any fees so the process doesn’t cost you anything.
Upon approval, a firm proposal is provided to you and when you accept, you will be asked to pay a $250 documentation fee so that a detailed finance contract can be generated for you. You pay the cost ONLY when you decide to move forward which means you are paying for a service you’ve received. As we go through this process, we can quote you an estimated payment at any point but they are always “ballpark” estimates until we’ve done a full review. We truly believe in giving you value for your dollar.