| Program Overview / Compare Most Financial Service Industry providers limit their offering to check-cashing and payday
loans, which have a limit of $300. When a customer needs a higher-limit loan (minimum
$2,500 in CA, $1,500 in AZ) and they have equity in their vehicle, they can use that
equity as collateral for the higher-limit loan.
Possible reasons customers need a higher-limit loan:
major auto repair
loan consolidation
emergencies
vacations
home improvement
NOTE: Customer's car must be paid off or nearly paid off (this varies based on the value
of the vehicle, outstanding car loan amount, and customer credit ''strength'') and must
have a clean title (ie. no salvage titles , etc.)
Rest assured, you don't need any auto-financing experience to use this program! WCC's
easy-to-use Buy Program software makes processing and approving the loan simple.
Program Highlights:
Free to join with no annual fees
Free software gives you on-the-spot approvals
Software installs on any PC
$2,500 minimum loan amount in CA
$2,500 minimum loan amount in NM
$2,500 minimum loan amount in OR
$1,500 minimum loan amount in AZ
$1,500 minimum loan amount in SC
No minimum term
Maximum amounts are automatically determined by the software and depend on
the
value of the collateral (car)
Lower than industy-standard APR (Profitability is split between your company and
WCC using a competitive "Lower than industry standard" APR
Minimal "stipulations" and documentation needed from customer
Average processing time is one hour or less
Customer keeps the car
Loan amounts are based on value of the vehicle...almost anyone qualifies!
Title-Loan vs. Payday loan:
These charts compare the average term and outstanding balance between a WCC Title-Loan and a standard Payday loan. The obvious advantage is the higher balance amount spread over a longer term. What does this mean for you?
A longer term = more interest collected = more business stability
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