Scottsdale AZ Archives - Pinnacle Finance

Pinnacle Finance Blog

January 17, 2016

TIPS TO INCREASE YOUR CREDIT APPROVALS

Happy New Year! As we begin the New Year what would it mean to your bottom line if you could get an additional 5%-10% of your credit applicants approved in 2016 compared to last year? More approved credit applications leads to higher sales volumes and greater profitability. You can be sure to maximize the percentage of approved credit applications by following some of these tips below. Make sure the customers’ income on the credit application is accurate – One of the key credit worthiness metrics that most lenders review are debt to income ratios. The higher this ratio the greater […]

February 15, 2016

WHERE DO POTENTIAL CLIENTS START THEIR SEARCH FOR A CONTRACTOR?

Is it online or offline? Where does the search for a contractor begin? In this digital world we live in today, you may be surprised to hear that the search does NOT begin online. It begins with old fashion “word-of-mouth”, or referrals. However, referrals help both older generations and younger generations in different ways. The older generation gets their referrals by talking with friends and family. The younger generation, who grew up on the internet, tend to look at online reviews. The perfect plan – find the right mix of traditional (referrals) and new (online reviews) methods of marketing. Although […]

February 17, 2016

LOAN DOCUMENTS UPDATE

One of our primary goals at Pinnacle Finance is to fund loans as quickly as possible for our dealers. Dealers can assist in this process by making sure that Pinnacle has all of the required documents and that they are completed correctly. To help make the funding process as efficient as possible we have made some minor changes to our credit application and contract completion screens within the Pinnacle Online Dealer System (PODS). First, to review, the following are the documents Pinnacle requires to fund a loan. Credit application signed by customer(s) – An original of the credit application […]

March 20, 2016

Improving Credit Trends for U.S. Consumers

Good news for dealers looking to grow business by offering financing options to potential buyers – the average FICO credit score, a key component to financing decisions, is at an all-time high in the US. Based on a recent FICO blog there has been significant improvement in FICO scores since the Great Recession. The national average FICO score in April 2015 is at an all-time high of 695, up from a low of 686 in October 2009. The data for those two time periods also indicates that 19.9% of the population has a credit score of 800 or higher, […]