Auto Loan Disclosures
Where can you find rates associated with auto loans?
Consumer Rate Sheet
What product type will you select in Applink for an autoloan?
Term
An Interest rate that remains the same for the entire term of the loan?
Fixed Rate
SBA?
Small Business Administration
"I really want to purchase this vehicle, but I don't think my credit is good?
We review a number of factors including your credit score, credit history, amount of debt, payment history, and income versus monthly payments. Submitting an application allows us the opportunity to review all this information.
What fees are associated with an auto loan?
Application Fee = $250
Any third party fees for licensing and or titling if needed.
What collateral type will you select in Applink for an auto loan?
Vehicle
This valuation guide is used to determine a value for titled property?
NADA
APR?
Annual Percentage Rate
Customer wants to buy a new van for her business? Customer runs a flower shop business and needs the vehicle to be equipped with shelving, AC, the works before purchasing vehicle? What type of loan is best for this customer?
Equipment Loan
any type of credit facility that is issued to two or more people based on their combined incomes, assets, and credit histories. The parties involved share everything about the debt including the credit limit and the responsibility to repay it back to the lender.
Joint Intent Disclosure
We must enter all owners with what percent of ownership or more on the application as guarantors?
20%
Property or other assets that a borrower has pledged, mortgaged, or assigned to a lender to secure a loan?
Collateral
LTV?
Loan to Value
I need to apply for an auto loan that I will use for my business. But I am not sure I will qualify. What are some of the factors Arvest will look at when evaluating my credit?
We review a number of factors including your credit score, credit history, amount of debt, payment history, and income versus monthly payments. Submitting an application allows us the opportunity to review all this information.
paved the way for financial institutions to help prevent fraud, identity theft, and the spread of terrorism. It requires financial institutions to obtain more information from an individual or legal entity to help establish identity.
USA Patriot Act Disclosure
If a customer wants to use vehicle as collateral to finance business expenses can they use an auto loan for this? If so, where would you notate this on an Applink application?
Yes, Under "Add Collateral Type."
A regularly scheduled payment, on a regularly scheduled date, processed via electronic transfer from a financial institution?
ACH (Automated Clearing House)
SBU?
Small Business Underwriting
Do you have to pull my credit? Will this effect my credit?
Yes, For more information on how an Inquiry might effect your credit, you can go to myficoscore.com
Reading this disclosure to each applicant informs them that they may provide additional income, such as child support or alimony, if they choose to have it considered in the credit decision. Providing this information is voluntary and not required?
Other Income Disclosure
How would you enter a primary residence mortgage in which the home has equity on the customers personal financial statement?
Ex:
Value of Primary Residence = $300,000
Current Mortgage Balance: $200,000
Monthly Payment: $1,500
Asset Entry of Primary Residence/Current Value = $300,000
Liability Entry: Mortgage Primary Residence/Current Balance of Mortgage = $200,000
With Monthly Payment = $1,500
What is a term loan?
A loan with a fixed rate set to be paid back over a fixed time frame with a fixed payment.
DCR?
Debt Coverage Ratio
I need an auto loan, but I don't know what kind of shape my credit is in? Can you tell me what my credit score is or where can I go to find out what my score is before I apply?