New Access Loan by VMI Tempe Mobility Financing
Vantage Mobility International (VMI) has partnered with Tempe Mobility to offer a new loan that makes it possible for consumers that have been declined by traditional financing programs a new opportunity to obtain a mobility vehicle loan. Unlike traditional financing programs, the New Access Loan vets consumers further to understand the causes behind the lower credit scores. One-time credit blemishes for medical related instances are common occurrences in the mobility industry that will be considered for approval.
In addition to making a loan available to more consumers, the New Access Loan also provides the lowest monthly payment for credit challenged consumers. The low monthly payments are achieved by offering a competitive interest rate and a NO-RISK balloon payment at the end of the original loan term. Consumers are not obligated to fund the balloon at the last payment. They have the unique options to refinance the balloon or return the vehicle to the dealer without paying the balloon.
Loan details include:
- Up to 84 Month Financing
- Interest Rates as low as 13% (compare to rates between 18-22% for traditional sub-prime loans)
- Monthly payments as low as $579 a month (compare to $799 for traditional sub-prime)
“It has been a fulfilling challenge to bring this financing product to the market” said Tim Barone, Chief Financial Officer of VMI. “We are excited to give more consumers an opportunity to experience the freedom they deserve.”
The loan is initially offered for the purchase of the popular VMI Dodge Northstar E manual, in-floor minivan.
It is designed for consumers with credit scores between 560 and 640.
The New Access Loan is available at all VMI dealers in the United States except dealers located in Indiana and Kansas.