Avoid Common Pitfalls and Close More Deals
Non-prime financing opens the door to more customers—but only if your dealership knows how to navigate it effectively. Too often, good deals fall apart due to avoidable errors in process, paperwork, or communication. Here are the top five mistakes we see dealers make—and how you can avoid them to maximize success with NuFin in 2025.
1. Incomplete Documentation
Missing documents are the number one reason deals are delayed or declined. Make sure your team knows what’s required, including proof of income, bank statements, and vehicle valuation reports.
2. Skipping Pre-Qualification
Don’t waste time submitting full applications without knowing if the customer is eligible. Use NuFin’s pre-qualification tool to confirm eligibility without affecting the customer’s credit.
3. Ignoring LTV Limits
Vehicles with inflated pricing or poor wholesale value can hurt approval odds. Choose vehicles that meet NuFin’s Loan-to-Value (LTV) guidelines for smoother underwriting.
4. Overlooking PTI Ratios
Many customers get declined because their estimated monthly payments exceed acceptable Payment-to-Income (PTI) thresholds. Always check PTI before submitting.
5. Poor Communication with Customers
Failure to explain loan terms, down payment requirements, or approval steps can cause confusion and fallout. Train your team to clearly and confidently guide non-prime customers through the process.
Turn Mistakes Into Opportunities
At NuFin, we’re here to help you close more deals with less friction. Avoid these common errors, follow our guidelines, and you’ll see faster approvals, better customer experiences, and more funded contracts