We have three ways to submit credit applications. You can call our credit department at 1-866-900-6779, option 4, ext. 6098 and speak with a live analyst. You can go online to submit the application electronically. Or you can fax the application to our credit department at 715-848-6220.
You will use the payment factor and the amount financed to calculate the minimum monthly payment. You will multiply the payment factor by the amount financed to calculate the minimum monthly payment.
If a customer is looking to apply for a loan as a single applicant, you do NOT want to include spousal income. The information on the application should reflect the income of only the person applying for the loan.
The credit department will ask for all the information requested on the credit application including the customer credentials, employment history, and residential status. Additional information such as the driver’s license is also required. There could be additional information required after the approval which are known as stipulations.
Bay Finance looks for ways to accept a variety of credit profiles and offer your dealership as many approvals as possible.
Yes, you can simply let them know that they did not qualify for financing at this time. The customer will not, however, receive a denial letter.
Bay Finance does not charge pre-payment penalties on any loans.
If the applicant is married, the co-applicant must be the spouse. Otherwise an immediate family member may be used.