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!