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Trade/Collateral Tab

This tab is visible only IF 1) It is a Refinance Loan OR it is a Consolidation Loans OR it is a Balance Transfer Credit Card (or) 2) It is a vehicle loan.

Trade Line Selection

  • Tradeline selection is only avialbale on a Refinance Loan OR it is a Consolidation Loans OR it is a Balance Transfer Credit Card
  • CreditSnap system is designed to present the customer's OPEN tradelines relevant for the loan to be presented to the applicant for sleection. When selected system knows to automatically exclude that trade in the DTI analysis, thus making the system capable of doing automatic and INSTANT offers
  • However, a need may arise when the tradeline needs to be changed and this section is where that can done
  • Sometimes, the tradleine may not show up on the credit report. In such a scenario, a balance amount and monthly payment can be added as a "manual selection" 

Vehicle Selection

All vehicle loans need a vehicle selection. It is optional for a vehicle purchase loan as the end user may not be ready with the exact vehicle yet (and it can be added later)

  • Vehicle selection and valuation are powered by full integration with JD Power NADA (Carfax and KBB integrations also available)
  • Vehicle selection can be done using three different approaches:
    • License Plate - CreditSnap has the ability to find the exact vehicle from License Plate and State , and can do automatic valuation on that vehicle
    • VIN - CreditSnap has the ability to find the exact vehicle from VIN, and can do automatic valuation on that vehicle
    • Year, Make, Model and Body Type - If none of the above information available, then you can identify the vehicle with year, make, model and body type and secure valuation
  • There are times when vehicle valuation could not be done automatically, and you can choose "manual" to update valuation manually
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