It happens to all of us, one day life is grande and the next day we need a grand. Snap Finance is now being offered to Alexander’s Auto Repair customers as an option for those who qualify to get the financing needed to make the repairs when finances are tight. You didn’t wake up in the morning thinking about how your transmission was going to fail, or your brakes were going to quit.
Snap Financing-What It Could Do For You
Here is how it works-Financing decisions are NOT made or decided by Alexander’s Auto Repair, please read and understand all agreements. Alexander’s Auto Repair is not responsible for missed payments, we are not providing financing so we are not taking responsibility for your financial decisions. Sorry about that statement but we needed to be very clear as to our role.
- Apply, Approve, Shop-According to the Snap Finance Page-They approve up to 80% of applicants – whether you have poor credit from bankruptcy, no credit or bad credit scores, like so many others. It’s simple, and applying online is lightning fast! With over 5000 merchants you can be using your newly acquired finances quickly. Don’t forget, if approved your auto repairs will be started in no time.
Is Snap Finance a Good Fit For Me? There are a few things that need to be verified before Snap Finance will decide on extending financing. Here are the 3 things needed to get started on the application, do you meet the initial criteria?
- 18 Years of Age
- I have a checking account
- I have a steady stream of income
You have these 3 things and you are ready to apply.
Of course, there is the nitty-gritty part of all financial transactions. In order to help you make a well-informed decision to apply or not, here is some of the consumer information you should be aware of.
The Frequently Asked Page for Consumers information is a treasure trove of knowledge. Be responsible, review all decisions and make the correct financial decision that could benefit you.
Question:
What are the requirements to apply for a lease?
Answer:
- 18 years or older
- Active checking account
- Steady income of at least $1,000 month
Question:
How much do I have to pay today/Is there a down payment?
Answer:
Only the $39 processing fee is due today, then your payment plan will begin on the schedule that you set.
Question:
What is my spending limit?
Answer:
You can be approved for an amount up to $3,000.
Question:
How is a lease different than a loan?
Answer:
Snap offers lease-purchase agreements, meaning there are no interest rates or APRs attached. Lease fees are based on a combination of Snap Finance’s proprietary underwriting process and customer-provided information. We also offer our 100-day cash payoff which includes no lease fees and only the cash price of the merchandise plus initial processing fee, which is an average of $39. Your payment schedule will be set for 12 months with withdrawals scheduled at the same frequency as your paydays.
Question:
Is there an interest rate associated with the lease?
Answer:
No. Instead, there will be a rental fee for the lease which will be included in each payment. These fees will be waived if the total amount is paid within 100 days.
Question:
If I don’t have a job, can I still apply for a lease?
Answer:
Yes. As long as you have an alternate form of income from Social Security, retirement, pension, etc. equaling at least $1,000 per month.
Question:
Can I pay off my lease before the 12 months?
Answer:
Yes! Snap offers a 100-day cash buyout plan. You are also always welcome to buyout your lease before the 12 months and enjoy discounted rental fees.
Question:
How long is the lease?
Question:
How do the payments work?
Answer:
Each payment will be deducted directly from the account which you provide at the beginning of your lease. Deductions will be scheduled for the day following your regular payday.
Question:
If I am denied, can I reapply?
Answer:
Yes. We encourage you to continue applying for financing from Snap.
Merchant Questions:
Question:
Why should I offer a No Credit Needed finance option?
Answer:
35% of Americans don’t qualify for traditional financing. This means that more than 1/3 of the people who walk in and out your door aren’t buying because they don’t have cash available—Snap Finance provides the cash and increases your revenues.
Question:
When do I receive payment for transactions?
Question:
How quickly are customers approved?
Answer:
Within seconds of submitting their online application.
Question:
How long is the lease?
Question:
How do the payments work?
Answer:
Each payment will be deducted directly from the account which you provide at the beginning of your lease. Deductions will be scheduled for the day following your regular payday.
Question:
If I am denied, can I reapply?
Answer:
Yes. We encourage you to continue applying for financing from Snap.
