|
|
Are you a car dealer having difficulties obtaining financing for clients who are in discharged or undischarged bankruptcies, in proposals or have had bad credit or no credit?
We can help!
Prudent now has very flexible terms including a no money-down payment plan.
We can offer you:
Dealers, click here for your dealer brochure or to speak to a dealer representative
call
416-634-2027 or 1-888-852-7647
Welcome to Prudent Financial |
Prudent Financial Services is a Canadian owned family business that has been in
operation since 1983. We specialize in working with clients who have had bankruptcies
(both undischarged and discharged), consumer proposals and past problems with credit.
We have grown to a client base of over 10,000 clients.
Prudent is a member of the Ontario Motor Vehicle Industry Council, the Used Car Dealer
Association of Canada, the Canadian Institute of Mortgage Brokers and Lenders and
the Better Business Bureau.
In the past 5 years, we have expanded our auto loan financing to dealers and offer
dealer direct financing for those consumers who are credit - challenged .
We look at each client’s deal and the vehicle they are financing on a case by case
basis. We never decline a deal. We will always make you an offer.
Faq’s – Frequently asked questions about what we do |
Products – Guidelines for financing approvals |
Completing your deal – Once your deal is approved, here is what we need |
Rates / Terms / Minimum Vehicle Requirements – Our rates, maximum terms based on mileage and vehicle requirements |
Dealer incentive program |
|
Frequently Asked Questions |
How is Prudent different from other finance companies?
-
Prudent is a lender that thinks outside the box and assesses each deal on its
own individual merits. It focuses more on the client and less on their credit rating.
-
Prudent offers double collateral loans. For example, if your client is looking for a
second vehicle for the household and has little or next to no down payment,
Prudent can secure against both vehicles to help you close your deal if their
other vehicle is paid off.
-
Prudent rarely turns a deal down. Unfortunately, we are not able to approve 100%
of the deals received -- but, 9 times out of 10 Prudent will offer an equity approval, still
giving you the opportunity to close your deal.
-
Prudent offers one stop shopping for your client’s financial needs.
Prudent offers more then just car loans. We can also assist your clients with
loans for car repairs and personal needs after your client has established a
payment history with Prudent.
Prudent also has a mortgage division. If your client is a current homeowner,
Prudent can assist with refinancing and second mortgages.
How can Prudent assist your customers with re-establishing credit?
How can Prudent assist your customers with re-establishing credit?
Prudent does report monthly to Equifax and Trans Union, assisting your
customers with rebuilding their credit history.
Because we do not offer leases, the client will own the vehicle at the end of the
term of the loan and is not subject to fees at the end of the financing. The end
result is that the client walks away with an asset, no strings attached.
Where is Prudent located?
Prudent is located at 1150 Sheppard Ave West, just 2 blocks West of Allen Road. We are close to the 401, Allen Road, 407, and 400 highways, as well as the Downsview subway.
"A" Program |
This program is intended to service our niche market which includes clients who are: |
-
Discharged or undischarged bankrupts
-
Clients who are 75% of the way through a consumer proposal and are up to date
-
Have no debt other then student loans
-
Have had past defaulted debt that has since been paid off and...
-
Are gainfully employed
-
Prudent also has a mortgage division. If your client is a current homeowner, Prudent can assist with refinancing and second mortgages.
Minimum Down Payment |
|
Employed |
-
Must be working for at least one year. We must be able to confirm the client worked for a company with less then 10 employees, or does not receive a computerized paystub, they do not qualify under this program. Additionally, they cannot be seasonally employed.
|
Minimum Income |
|
Proof of Income |
|
|
Clients who do not qualify under our programs:
-
Clients with close ties to the U.S.A or other provinces involving employment, out of-town spouse, family or attending out-of-town school
-
Clients who work as mechanics, or buy and sell cars
-
Clients who have defaulted on every debt they have ever agreed to repay and those debts remain unpaid
-
Clients who have a G1 License without a co-signer with a valid G2 or G License
Loan approvals under our programs are subject to a satisfactory interview with
the client.
"B" Program |
This program is intended to service clients who fall outside of our niche market, but have serious difficulty obtaining vehicle financing. These clients include: |
-
Self employed individuals who cannot prove their income
-
Clients who have just started a consumer proposal and are up-to-date
-
Clients who are paid on commission only as well as subcontractors, construction workers, people who work for small businesses, or who are on disability, unemployment insurance
-
Have a lot of debt
-
Unpaid defaulted debts outside of student loans
Minimum Down Payment |
|
GPS Unit |
-
In the event the client has previously had a vehicle repossessed, is a client with a history of past defaulted debts, or is self employed, we will require a GPS unit be installed in the vehicle. We arrange for the installment prior to the vehicle being delivered to the client.
|
|
Lease Buyouts
If your dealership has arranged the customer's lease and cannot finance the buyout amount, we will consider financing it.
Follow the "A" and "B" Program guidelines. When submitting your deal, make sure to include the taxes, certification and emission in the amount to be financed.
|
|
Prior to releasing funds, the following requirements apply:
Proof of Down Payment |
-
Client must provide proof of where their down payment came from if it exceeds $4000.00. Acceptable proof is a copy of a bank draft or money order, a bank statement or copy of a cheque from an insurance company. *Note: a letter from the dealer or note on the bill of sale does not qualify as proof of down payment.
|
Insurance |
-
Prior to releasing funds, your client will have to provide us with a copy of their auto insurance policy confirming collision, comprehensive and liability insurance. This document will be verified directly with the insurance company.
|
Income |
|
I.D and Void Cheque |
|
Ownership |
|
GPS |
|
|
Please ensure that the client fully answers the application and does not leave
sections blank. By requesting their paystub to submit with their application, you can
reduce the time it takes us to approve and complete your deal.
Rates & Terms/Minimum Vehicle Requirements |
Prudent differs from other lenders because we do not charge a straight, high rate on a
declining mode of repayment. The client pays 5.75% interest plus an annual finance fee
based on the risk associated with the deal.
We understand that some clients are very rate sensitive. Leave selling the rate and payments to us! You sell cars, and we sell loans. Our
experienced dealer representatives will work with your client on a rate and payment plan
that fits their budget.
Vehicle Type |
Year |
KMS |
Max.Term |
Domestic |
2005-07
2003-04
2000-02 |
0 - 50,000
51,000 - 100,000
101,000 - 160,000 |
48 Months
36 Months
24-32 Months |
*** We don't typically finance domestic vehicles that are older than the year 2000 with higher than 160,000kms |
Import |
2005-07
2003-04
2000-02
1998-99 |
0 - 50,000
51,000 - 100,000
101,000 - 150,000
150,000 - 180,000 |
52 Months
48 Months
36 Months
24-32 Months |
***We don't typically finance import vehicles that are older than the year 1998 with higher than 180,000 kms.
If the vehicle mileage is higher than the industry standard (25,000 kms per/year), the term will always be based on the mileage not the year of the vehicle. |
Vehicles that have been in accidents. We will finance vehicles that show previous reported accidents on the U.C.D.A. However, salvaged or rebuilt vehicles will require an increased down payment and will be assessed on an individual basis. |
|
Our commitment to you - Turn around time |
-
We will always call you within an hour of receiving your deal
-
We commit to get you an answer on your deal within 4 hours
-
If your customer is available, we can close a car loan same day if the deal has been sent in before noon
Always remember we will rarely turn a deal down and will always offer an equity approval.
We have a dealer incentive program designed to offer you more competitive kick backs based on volume business referrals.
Number of Deals per/month |
Incentive Amount |
Restrictions |
Deals 1 - 5 |
$225.00 |
Minimum Deal $5000.00 |
Deals 6+ |
$500.00 |
Minimum Deal $7000.00
*note - deals in the 6: range that are between $5000 - $7000 will be eligible for a $250 referral fee |
Deals under $5000.00 but no less than $2500.00 are eligible for a referral fee of $100.00 and are not a part of the volume incentive program. |
|
Our dedicated staff are here to service your every need!
David Sultani
416 634-2028 - Direct Line
Outside Sales Representative and Underwriter
-
David has many years of experience working with both new and used car
dealers. Most recently he was with the Ministry of Transportation and
knows first hand what you, the dealer go through on a daily basis.
-
He is the person who will underwrite and administer your client’s car
loans. He is also available to come to your dealership and make a
presentation concerning our program. Just let us know when and where,
and we’ll be there!
Anna Hatton
416 634-2027 - Direct Line
Senior Dealer Representative
Anna Hatton is an experienced dealer representative and has more than
15 years experience in the finance industry. For the past 2 years she has
managed her own portfolio of car dealers and knows what it means to get
your deal done.
She is responsible for underwriting your deal, making a loan decision and
working with your client to make your deal happen.
Feel free to contact one of our team members with any questions about our program today!
www.prudentfinancial.net
|
Fax 416.223-0036
|
|
