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CONSUMER FINANCE
CONSUMER FINANCE
Consumer retail installment contract financing is a great way for businesses to finance more people, which generates more revenue. More of their customers are able to purchase the goods and services the business offers. At the same time, they are providing an added benefit to their sub prime borrowers by giving them an opportunity to rebuild and improve their credit ratings.
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There are many options when it comes to consumer financing. Some include: direct, indirect, super prime, near prime, sub prime, first look, credit challenged. Capital Sources takes the concept of installment contract funding and uses it to create effective consumer financing programs for its' clients, allowing businesses to offer a flexible, full range finance options to their customers.
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Example Transaction:
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In the scenario of indirect consumer financing, a customer comes in your store to purchase a product with the price of $5,000. You have the customer fill out an application, and submit it to the lender. The lender will approve or decline the applicant based on their credit profile. If approved, the lender will provide you with a risk-based discount, for example 5%. Once the documents have been executed and submitted to the lender, they will fund your bank account $4,750.
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