How long does it take SAFCo to fund a deal?
If the contract package contains all of the necessary documents required for funding, typically the dealer will see a “funded” status in Dealer Track or Route One, within 48 hours. Incomplete contract packages will delay the funding. Clean deals often fund the same day.
What is the maximum loan from SAFCo?
The maximum loan amount is $25,000 plus taxes, fees, and approved amounts for service contracts and GAP insurance. The maximum length of the loan is 72 months.
What is the down payment requirement?
Under normal circumstances, we require a minimum of $1,000 cash and a total of 20% of the vehicle sale price (including the $1,000 cash). Certain situations may require more down payment. However, a positive credit history may allow for a lower down payment.
Does SAFCo finance customers without a SSN?
Yes, we do. We realize that many customers, who are here on a work visa or without proper documentation, still deserve an opportunity to obtain financing. We strive to give them that opportunity.
Does SAFCo have a FICO requirement?
No, we don’t. We realize that bad things happen to good people. Whether the customer is just starting out and has no credit, or if they’ve had a few bumps in the road, SAFCo has a program for them.
What if my customer is past due on their mortgage? Or, if they’re doing a loan modification or just became past due, can SAFCo help?
Yes, we can. We look at the total profile of the customer when we make our underwriting decision. Every SAFCo deal is looked at individually.
What if my customer does not receive a paystub? Can I still help them?
Yes, you can. The majority of our customers do have a traditional proof of income, such as a YTD pay stub. However, we also accept unconventional proof of income, such as bank statements and/or cancelled checks. Each customer is a case-by-case basis.