Car loans for individuals with high debt to income ratios are offered by TREND Financial that looks at a person's whole financial picture for successful car loan approvals
Toronto, Ontario -- (SBWIRE) -- 09/24/2013 -- High debt to income ratios often mean an automatic car loan application decline from traditional lenders, but not from TREND Financial. Commonly lenders look at specific ratios in order to determine whether to advance credit on a car loan. When these ratios are higher than their thresholds, lenders will decline a car loan application. TREND Financial takes a different approach, being based upon a review of an individual's total financial picture which avoids an automatic application decline.
TREND Financial looks to customize car loans for everyone including those with high debt service ratios and can do so because it uses wide approval criteria to assess a car loan application. This means that if a loan applicant is weak in one area, such as with high debt ratios, other factors can make up for a successful car loan approval.
For car loans to those with existing high debt ratios, the company looks at the following financial qualifications including but not limited to, provision of a signed employment contract from an employer showing the person’s salary, employment verification contacts, a housing lease/rental agreement or mortgage or proof from an employer showing that the employer is providing housing, and more.
Know More About Car Loans For Individuals with High Debt Ratios
According to Eric Kaplan, COO of TREND Financial,
“Certain individuals don’t fit within traditional lenders requirements in being outside qualification thresholds, regardless of their credit strength and general stability.”
“This very limited view of a person's financial position without anything more, means that the person is ineligible for a car loan. At TREND Financial we take a different approach and look at the whole individual, not being bound only to specific ratios, as an alternative to traditional lenders.”
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