Auto Loans
True / False : We offer untitled auto loans?
True! The parameters are different, but for some clients we are able to offer auto loans without having to use the vehicle as collateral
True / False : We can only go up to 36 months on a personal loan?
False, we can technically do 84 months, provided it is one of few types of secured loan. 12 months if the funds are used for current expenses
True / False : Our Home Improvement Loan can be used for any purpose?
False! It's in the name :) - they must sign an attestation that it will be used for home renovations
True / False: A credit card is a loan
TRUE!
True / False : Clients can apply directly for an untitled auto loan
False: it is determined by the underwriter as part of the loan applicaton
What is the minimum amount for our personal loans?
$2500
Which home loan type has the fastest turn around time? And Why?
Home Improvement Loan because it is unsecured
Which of our credit cards have an annual fee?
Travel Rewards - after the first year
Secured Cash Back Rewards - $29
What is the maximum loan term available?
84 Months (if over $50k), or 72 Months
True / False : Our personal loans have a minimum credit score requirement
Trick Question! Secured ones do not, unsecured have a minimum score requirement of 680. That being said, Secured may still be declined due to bankruptcy/charge offs etc
True / False : during the initial draw period, our HELOC will likely have the lowest minimum payment
True! Because it is interest only
Which 2 of our credit cards provide cash back and at what percentage?
Cash Rewards - 1.5% cash back
Secured Cash Back Rewards - 1% cash back
TECHNICALLY A TRICK QUESTION - since all credit cards but smart option can provide cash back
What type of loans do we offer for autos? (Hint: One example is dealer purchase)
- Dealer Purchase
- Private Purchase
- Refinance
- Clear Title
What types of accounts can be used for collateral for a secured loan?
- Savings
- Money Markets
What is the available term for a HELOC?
25 years total, 10 year draw, 15 year repayment
How does a person qualify for the visa signature?
It is not an option for our Smart Option or Secured Cash Back Rewards. But having a line over $5,000 will allow for qualification (Therefore for Travel Rewards it is automatic)
What is the origination fee for an auto loan?
$100 if titled
$50 if untitled and less than $30k
$75 if untitled and more than $30k
True / False : Secured Personal Loans have a fixed rate
False! They can be variable - like in the case of a CD secured loan
HELoan or HIL
What is the foreign transaction fee for our credit cards?
3% - EXCEPT Travel Rewards