If you’re looking to buy a car or home and don’t have enough credit to finance your purchase, you might be tempted to get financing from one of the payday loan lenders who advertise on the radio and TV. But, most financial experts advise against using these companies, as they tend to charge high-interest rates that end up costing you more in the long run. Instead, consider alternatives such as America First Finance an online lending service that lets you borrow money while avoiding sky-high interest rates and other pitfalls that come with payday loans and other types of predatory lending products.
A Financial Technology Company
For over a decade, America First Finance has provided banks and credit unions with flexible, customizable lending solutions. It began when American Express was unable to provide financing to prospective members of its ShopRunner program in need of urgent small-business loans.
Recognizing a broader opportunity to serve retailers across its network, American Express engaged Mercator Advisory Group to design a new way for them to meet their short-term business loan needs, and America First Finance was born. Working exclusively through financial institutions, America First not only offers small businesses fast access to funding usually within 72 hours but also makes Toledo Finance repayment easy by eliminating much of the rigmarole associated with retail loans. By allowing businesses flexibility on amounts borrowed and payment schedules, it’s providing some much-needed relief from traditional payday lenders all while maintaining high standards for fraud prevention.
Launched in 2015 and now used by banks and credit unions in 44 states, America First is an online platform for fast loan decisions. Small businesses that are part of a larger bank or credit union network can apply for loans using their existing relationship no new applications or paperwork is required. In most cases, they’ll have funding within 72 hours. America First Finance is built on big data, using machine learning to analyze hundreds of variables to assess risk quickly and accurately, helping financial institutions better serve their members without having to take on more risk than they want to.
Introduces New Auto Loan Program
Auto loans are used to purchase vehicles and can come from financial institutions, individuals, or dealerships. America First Finance offers a wide range of auto loan options, including traditional financing and leasing. Consumers may qualify for different loan amounts depending on their creditworthiness, income level, and amount financed. The maximum term for auto loans is seven years. Many financial institutions offer 0% interest rates during special promotions.
There are also a variety of tax benefits associated with vehicle purchases that can reduce overall expenses or lead to big savings down the road. Auto owners who purchase America First Finance energy-efficient vehicles may be eligible for significant savings in both state and federal taxes as well as other incentives that could significantly lower costs over time. Purchasing a new car doesn’t have to be expensive. With auto loans available, drivers can get behind the wheel of a new vehicle with competitive rates and flexible payment options.
Before you shop for a new car, it’s important to understand your financing options and consider where you want to purchase your vehicle. Dealerships may have deals on inventory and provide an extensive selection of vehicles from which to choose, but they may not offer competitive interest rates or flexible terms. On the other hand, purchasing from individual sellers may result in higher interest rates since financing is based on creditworthiness instead of lower book value pricing like dealerships offer. Shopping around is key when you need financing for your next vehicle purchase. Visit America First Finance today.
Innovative Lending Technology
The first thing America innovated is that it used technology to streamline processes. They develop programs and software specifically designed to help make the lending process simple, which ultimately means more efficiency and savings for our partners.
This is extremely important to remain competitive in today’s marketplace where having a loan approval time of fewer than 15 minutes is considered ideal. This way, America First Finance customers can have great service with fast decisions that rival traditional lenders like banks. Another innovation Finance has created is its unique partnership. By partnering with these companies, First gives those renting out vehicles or apartments extra income by providing them loans on their car/home at better interest rates than a traditional bank.