How to Become a Home Base Car Loan Agent
A car loan agent provides the link between a loan applicant and the financial institution. Agents seek out individuals in need of loans and help them prepare applications to prove their ability to repay the loan. Car loan agents also provide guidance for clients who have problems qualifying for the loan. A car loan agent has the ability to also work from home due to the flexibility of the role and travel necessary.
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Things You'll Need
- High speed Internet access
- Fax machine
- Ability to pass background check
Instructions
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Get training in the financial industry or applicable certification, such as American Banker's Association Certificate in Loan Review. Most car loan agents are hired based on education related to business, finance or related coursework as well as banking experience. There is no licensing necessary for loan agents not providing mortgage services. If necessary, consider taking a job at a local bank or financial service company to gain experience.
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Set up a quiet organized work space with at least a computer, high speed internet access and fax machine. Some companies may provide you with these items and others that they require for efficient communication between your home office and the main office.
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Purchase accounting software, such as Bottom Line LoanMaster Loan Servicing; content workflow software such as Equifax Application Engine and Experian Transact SM. Also you will need document management software, including eOriginal eCore Business Suite and financial analysis software, such as CGI-AMS CACS Enterprise, Experian Credinomics and White Clarke North America Credit Adjudication and Lending Management. This software will most likely be provided by your employer but may need to be purchased if working independently.
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Apply to local banks, financial institutions as well as credit unions to locate work at home openings. Be prepared to sell yourself based on your relationship building skills, organization, self motivation and qualifications. Be prepared to take complete background screenings due to the sensitive information that this job gives you access to. If working independently, network with friends, family and neighbors to build a clientele.
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Tips & Warnings
Partner with other loan officers to generate work.
Most loan officer positions are flexible for work at home opportunities.
A PDA or smart phone can be a great tool for this type of job.
Ensure protection of client's sensitive information.
References
- Photo Credit Office image by Yvonne Bogdanski from Fotolia.com
