Application Review
Our underwriters meticulously review auto loan applications, exploring the borrower’s financial history, income, employment, credit score, and specific details related to the proposed vehicle for financing.
Credit Analysis
To gauge creditworthiness, our underwriters conduct a detailed analysis of credit reports, credit scores, and credit histories, ensuring a nuanced understanding of the applicant’s financial standing.
Income Verification
The financial capacity of borrowers is rigorously verified to ensure they can meet auto loan obligations comfortably.
Debt-to-Income Ratio
Calculating the debt-to-income ratio provides insights into the applicant’s ability to manage monthly payments, comparing total monthly debt payments to gross monthly income. Our underwriters utilize this critical metric as a key determinant in assessing the applicant’s financial stability, allowing for informed decisions regarding loan approvals, denials, or conditional approvals.
Loan-to-Value Ratio
The underwriter evaluates the relationship between the vehicle’s value and the loan amount requested, a crucial factor in determining loan feasibility.
Collateral Assessment
Given the secure nature of auto loans, our underwriters meticulously assess the physical condition of the proposed car by reviewing additional car history reports such as Experian AutoCheck Report and Carfax Additional History report to confirm that there is no any physical/structural damage to the car.
Risk Assessment
A holistic risk assessment guides decisions on loan approval, denial, or conditional approval, aligning with Suma Soft’s commitment to prudent risk management.
Decision Making
The underwriter, drawing on a wealth of information, makes the final decision on the auto loan application, with approved loans accompanied by well-defined terms and conditions.
Communication
Our underwriters prioritize transparent communication, promptly relaying decisions to applicants, providing explanations or conditions when necessary, fostering transparency and member satisfaction.
System/Applications Proficiency
Our expertise extends to efficiently working with tolls such as eLENDSOLUTIONS® and DelaerSocket®