get pre-qualified

What are the Requirements for Bank Financing?

• Credit score of 650 or higher

• Debt to income ratio 40% or less

• 10% deposit in most cases (can be paid with a debit card but not with credit card)

• If the financed amount is more than $15,000, you will need to show proof of insurance within 30 days

How Does Bank Financing Work?

To start things off, there is a credit application powered by Octane for you to fill out. Approval for this option is based on your credit score and income information. Upon approval, you are clear to purchase your building. Typically, you will pay a 10% deposit at the time of order and the bank will pay the balance directly to us. Shortly after we submit the order to the bank, you will receive the loan documents electronically. You can then sign the documents right on your smartphone or other device.

Interest rates are also based on your credit rating and currently start around 7.79% for those with good credit. You can set it up on a 24, 36, 48, or 60-month term. Bank fees that are bundled with the loan are approximately $145. You can also pay off your loan early at any time with no penalty. Contact us if you have any questions!