How it works
Summary
You'll see CarMoney applications in the 'Finance proposals' section on a deal in Sales Hub.
CarMoney applications go through 3 stages, they're each explained further below.
- Pending
- Broker Approved
- Approved
Pending
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When you make an application to CarMoney, it's taken through their lender panel. They decide whether to lend to that consumer.
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This can take a few hours. CarMoney want to make sure they are providing the best possible rate for the consumer.
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They will contact as many lenders as possible to find what is available
- CarMoney always try to provide a quick response, but they rely on the speed of the lender.
Broker Approved
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If CarMoney can get an approval with a lender, they will update the deal with a “Broker Approved” status in Portal
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They will continue to look for the best deal for the consumer.
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This means the consumer will be able to get finance to complete the deal
- At this point, CarMoney won’t provide the rate or likely monthly price, as they are still looking for the best option for the consumer
Approved
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Once this process is complete, CarMoney will update the deal to 'Approved'
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At this point, the rate and likely monthly price of the application will be in Portal
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CarMoney will keep you up to date on the progress within Portal. Any notes added by CarMoney are visible to you on the deal.
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CarMoney will reach out to you at the right time to organise paperwork etc.