If you are interested in our auto loan, you might have questions about the car-buying process. We have developed a flow chart to help you navigate the auto purchase process with CEO financing.
Loan Pre-Approval Process
1. Please carefully review this article regarding our Auto Loan. If you have decided to proceed with the application, you must work with a financial counselor to submit an application on Happy Mango.
2. Once the financial counselor has verified your information, the internal loan committee will review your application. During the loan underwriting process, the loan committee may request additional documents, such as identification, and may have questions about the source of your bank deposits. Please respond to our email correspondences as soon as possible. If your application is complete, you will receive a notice of loan pre-approval.
3. Log in to Happy Mango and accept the pre-approval offer. You can also link your bank account at this stage for payment purposes. The pre-approval offer is valid for 60 days, and you may request a one-time 30-day extension. If you do not accept the pre-approval within 90 days, the offer will expire, and you will need to restart the application process.
4. You will receive a Dealer's Instruction letter with the loan pre-approval notice. You are now ready to begin shopping for a car. It is important not to start shopping for a vehicle without obtaining a loan pre-approval offer from us. We cannot expedite the loan underwriting process or guarantee approval even if you have already found the car you wish to purchase.
Car Shopping Process
5. Once you have found the car you want to buy, please provide the dealership representative with the attached dealer's instruction letter included in your pre-approval offer email.
- If you purchase a car from a private party, please take a look at the additional requirements in this article - Private Party Auto Sales.
6. Our loan financing team will review the car's details and ensure it meets the Good Deal Standards.
7. If the car is approved, we will provide you with the necessary lienholder information and payment method (ACH transfer or certified check). Please note that we do not accept wire transfers or cashier's checks. All Auto Loan funds are paid directly to the car seller.
8. In the meantime, you will receive a notification regarding the approval of your loan from Happy Mango. The loan contract is now available for your signature on Happy Mango's platform.
Loan Approval and Closing Process
9. Log in to Happy Mango and sign the loan contract. For instructions on how to complete this loan closing step, please take a look at this article - how to complete this loan closing step.
10. Our finance team will initiate the loan funding after the loan contract has been signed and the dealer has provided us with the transfer information for their funds. The funds can be transferred through same-day ACH, wire transfer, or check. Please be aware that the exact timing of the transfer will depend on the chosen method. The seller will receive notifications when the loan funding process is initiated and when it is completed.
Congratulations on Your New Car
11. The seller will contact you to complete the sale and arrange for you to collect the car.
12. The application process for the loan has been successfully finished, and it has now been converted into an active loan.
13. Congratulations! You are now the proud car owner. When you need to manage your auto loan repayment, you can easily do this by logging in to your account on the Happy Mango website. If you have any questions or need assistance with your loan, please don't hesitate to contact your financial coach or the CEO's support team.
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