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
When you make an application to CarMoney, it goes through their lender panel, which decides whether to lend to that consumer
This can take a few hours. CarMoney want to make sure they are providing the best possible rate for the consumer.
They'll contact as many lenders as possible to find what is available
- CarMoney always tries to respond quickly, but they rely on the lender's speed
Broker Approved
If CarMoney can get an approval with a lender, they'll update the deal with a “Broker Approved” status in Portal
They'll continue to look for the best deal for the consumer
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
Once this process is complete, CarMoney will update the deal to 'Approved'
At this point, the rate and likely monthly price of the application will be in Portal
CarMoney will keep you up to date on the progress within Portal. Any notes added by CarMoney are visible to you on the deal.
CarMoney will reach out to you at the right time to organise paperwork, etc.