New credit guide
Introduction of new products
Selfco Leasing is excited to advise of the introduction of two new products targeted at clients starting a new business. We are seeking to support clients into new ventures that are able to demonstrate industry experience in their chosen venture. An example may be a mechanic that is leaving a dealer service centre to open their own workshop and is seeking to finance a lift or associated equipment. In order to qualify the client would need to demonstrate 5 years’ experience as a mechanic, this may be done through a CV and one of the following:
- Tax returns
- Group Certificates
- Accountant’s letter
- Employment contract
The products (P5 and NP6) cater to both Property Owners and Non-Property Owners with brand new ABNs. Offering terms of up to 48 months, the level of deposit is determined by whether the client is asset backed or not.
Simplified Credit Matrix
We have simplified our Credit Guide to more easily identify the right product and rate. The two main drivers of the credit guide are:
- Property Ownership
- Age of ABN
There are 2 rates sections being Property Owners and Non-Property Owners, within each there is a Full Doc option and a number of No Doc options which are dependent on the age of the client’s ABN. The base rate is then dependent on the Asset Class and Loan Band.
Reduction to Private Sale Loadings
Broker feedback has told us that our used asset loadings are confusing. To address we have identified Commercial Loadings as either ‘Used – Dealer Sale’ or ‘Used – Private Sale’. The used dealer sale loading remains 1.00%, whilst our used private sale loading has been reduced to 2.50%.
Increase to maximum brokerage levels
Selfco has lifted the maximum brokerage allowance prior to base rate loadings. New maximums as follows:
VIEW CREDIT GUIDE
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