How can I be approved for No Credit Check Financing?
Credit approvals are based on two factors:
- You must be employed for at least 6 months with a gross income of $1,000 a month
- You must have an open, active bank account established for at least 3 months with NO returned checks or NSF fees , Over Draft within the last 30 days.
What is the interest rate/payment?
Since this is a lease/purchase program- there is no interest rate. Lease payments are 15% of the invoice per month and Progressive will be applied Tax on your minimum payment. Tax rate is based on your residence address Tax rate. Example: $1,000 invoice = $150/month payment +Tax.
How long is the lease agreement?
All lease/purchase agreements are 12 months.
Are there any buyout options?
Progressive Finance offers early buyout options to customers who wish to own the merchandise outright before the 12 month term is up. There are two buyout options:
- 90 Days buy out option -You pay only the invoice amount and a $45 processing fee within 90 days of the delivery date.
- 65% buyout option-If you wish to own the merchandise outright after 90 days, you may purchase it at 65% of the balance left on your account. For example: After six months, you wish to purchase your bedding outright and the balance on your agreement is $500. The 65% buyout option will allow you to buy the merchandise for $325.
What is Minimum & Maximum Finance amount?
- Minimum amount is $300
- Maximum amount is $3,300
What documents are needed for the approval process?
The following documents MAY be required for an approval:
- Application (you can either download or apply on line).
- Bank Statement from the last 90 days
- Photo ID
- Voided Personal Check
- If Self Employed –Simply Provide the last Three months of bank statement
- Other Types of Income statement might be required by progressive– Retirement / SS / VA / Long Term Disability
How to process after submitted application?
You will receive one of following responses :
- Approved – If approved, no further documentation is needed.
- Denied- If you receive a “Denied”, please give us call at 626-338-6512 or Audio City will contact you within 24hours.
Once you receive final approval,
You can give Audio City call at 626-338-6512 or Audio City will contact to you help for your purchasing.