Frequently Asked Questions

Below are some of the most frequently asked questions, if you have a query not covered below contact us

How long does it take to get a finance quote?

Indicative finance rates are available immediately and vehicle leasing options usually within a couple of hours. The speed of obtaining a final quote depends upon the type of finance required and credit worthiness of the borrower. For Example: A car lease to an existing good client can be completed much more quickly than a large working capital advance to a business that may be struggling.

I already refer to a mortgage broker – why would I use SOFi.

SOFi allows you to remain in control and manage many of your clients needs in-house. Bulk buys and ease of administration with their accountant “handling the paperwork” are two more reasons to offer some finance services in-house. Generally though a mortgage broker may still be used to handle your clients residential finance needs or larger more complex commercial property propositions.

We encourage our clients to borrow from their bank – why wouldn’t they?

Clients should definitely use bank finance for long term debt on appreciating assets – eg Commercial property. However, banks do not lease vehicles, nor should long term bank facilities be tied up with finance on assets with short lifecycles. Additionally many business people (and their accountants) dislike the Personal Guarantees and Cross Collateral required by the major banks and prefer to ring fence their business risks to the business assets.

I already have an existing and excellent relationship with a financer(s) – Why use SOFi?

Many accountants do have an existing relationship or two. SOFi however allows access to nine or more firms, includes some great bulk buys and streamlined administration. It doesn’t mean you can’t deal with your existing finance company contacts – but do it via SOFi to gain an even better deal for your clients – and yourself.

Our firm doesn’t believe in taking brokerage – wouldn’t using SOFi be contrary to this?

Emphatically NO. Your primary duty is to your client and rest assured SOFi will assist your client get a better deal on their business finance arrangements. How, if at all, you charge for your time and advice in association with arranging the finance is up to you. Some firms charge hourly rate based fees which are either paid direct by the client or can be financed by lenders. Others charge a disclosed brokerage – it is entirely up to your firms policy how you receive remuneration. Administratively all brokerage or fees are automatically disclosed to a client.

What happens if a Finance Company fails?

Only very reputable and/or major finance companies are represented on the SOFi lending panel. That in itself is no guarantee they will not get into financial difficulty. However, it is very important to remember your clients are borrowers, not investors – meaning a financial failure has limited consequences.

How quickly can I use SOFi to arrange finance for my clients.

Immediately in conjunction with the SOFi head office staff. However, it will usually be about two weeks to arrange the appropriate training & accreditation to have your staff complete loans and leases in-house.

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