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Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

LMG Finance

Finanso.Multilogin™

About lender

LMG Finance started its work in the financial market in 2002. The company's activity focuses on being an efficient intermediary of credit and insurance services. Among the successful niches in which it became an attractive choice are leisure and recreation. It was awarded as F&I in the category of outsourcing companies.

The company has gained a valuable advantage through its long-standing relationships with lenders and the insurance industry. In addition, LMG Finance works with dealers and customers, opening the door for them to secure the best terms for their clients.

Features

The company provides professional financial solutions for credit and leasing in various fields, including powersports, marine, recreation, and trailers.LMG Finance can help clients obtain financing and find the best financial solution. They explain that customers can apply with their schedule, and the company does the rest to sew the deal together. Then, if the customer does not get approved, the company steps in and finds another option (possibly with another lender) to make the financing work.

Pros and Cons

Suppose you need financing for your personal or business project. In this case, it is crucial to find the right financial partner. However, it requires some analysis to compare the offers on the market and match them with your expectations and resources. For this reason, we offer you to take a look at the advantages and disadvantages of joining LMG Finance.

Pros

  • The company works with both customers and merchants to provide better business conditions for both parties;
  • History on the market since 2002;
  • It is BBB accredited business with an A+;
  • It is stated that customers can save a considerable amount of money by applying for a loan through LMG Finance, as they get better credit conditions and it allows them to save money;
  • The company offers a range of financing options such as no money down, no interest, and no payment options for six months to one year to minimize interest costs for customers and ease the burden on their family budgets.

Cons

  • The company itself is not a lender but a dealership but provides intermediary services, which may not be apparent to its potential customers;
  • The terms of the loans are not published on the company's website. It is probably related to the fact that each project can be individual, and several organizations may be able to disburse the loan;
  • You need to contact the company to get more clarity on rates and tariffs;
  • By submitting a short or long loan application, you agree to have your information forwarded to some initially unknown lenders for review;
  • Details about fees and penalties are not presented on the company's website;
  • It is not described how many loans are disbursed to customers without violating the lending policy;
  • The company states that obtaining the loan would be easy and fast, but no deadlines are given for reviewing the application and finding the right lender.

FAQ

What is LMG Finance?

LMG Finance is a company specializing in finance and insurance outsourcing solutions. They provide a link between companies and customers to unite supply and demand at one point. In addition, the company offers financial solutions for credit and leasing in various fields, including specific areas such as power sports, marine, recreation, and trailers.

Who owns LMG Finance?

Open public sources do not provide information about current LMG Finance owners, shareholders, and UBO. According to LinkedIn, Rob Williamson is its President.

How do you qualify for LMG Finance?

LMG Finance does not provide direct lending or insurance services but gathers information needed to find the right funding source. Qualifying criteria may vary from lender to lender, but some things are standard:

  • Age of maturity;

  • Ability to repay the loan;

  • Residency in Canada.

You will be asked to provide the loan application form's contact, residency, and employment information.

How much can you borrow from LMG Finance?

LMG Finance does not originate the loans. Instead, it reviews the documents and forwards information to the lenders. It is stated that the company's consultants can find a solution for each case.

How does LMG Finance work?

Customer application forms are to be submitted online. Since there is a short and complete form, the company must contact the applicant to get a complete picture.

The short and full forms have only a few fields in common: personal information and information about the proposed purchase, including the model year and vehicle type.

The long-form also requires employment information, including contacts, residency status, mortgage balance, and second planned co-owner data.

The company also asks for dealer fees and factory warranty information.

With respect to trade-ins, only year of manufacture, make, model, product type, and lien holder information is requested.

Mandatory fields are:

  • Name of dealership

  • Name and date of birth of the buyer;

  • Telephone number ( home and work)

  • Mailing address;

  • Monthly gross income;

  • Employer information;

  • Social insurance;

  • Residential status and product details.

How do I contact LMG Finance?

The company offers few opportunities for contact.

The official address is LMG Finance 347 Victoria Street Suite 201 Kamloops, BC V2C 2A3.

You can also use the online contact form and see what opportunities the company can find for you.

Toll-free Phone: 1-877-806-6247, mail dealerrelations@lmgfinance.ca.

Working hours are Monday - Saturday from 6:00 am to 5:30 pm PST.

How trustworthy is LMG Finance?

The company has been around since 2002. Not only its long history speaks about its reliability. In addition, it has several rewards for its outsourcing activity, awarded with an A+ accreditation from BBB and a good reputation among dealers and customers.

Does LMG Finance verify income?

Considering the application forms' content, income is essential and whether people can service their debts. Therefore, LMG Finance asks for information about your employment and income. This is needed to determine who your lender can ber and the amount you can receive.

Company documents

Privacy Policy

Why put off owning what you've been dreaming about? LMG Finance can set you up with a customized solution tailored to suit your budget today!

© LMG Finance

What to pay attention to when applying for a loan from LMG Finance

  1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
  2. You can check the availability of the relevant license (copy) at the branch of the lending company.
  3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
  4. Availability of lending policies.
  5. The procedure for applying for a loan.
  6. The procedure for concluding the loan agreement and receiving the payment schedule.
  7. Other conditions for granting loans.

We recommend

  1. To check out the interest rates and frequency. 
  2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
  3. Check whether the loan agreement contains information about the total cost of borrowing.
  4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
  5. Speed of loan processing.
  6. Accessibility – alternative lenders often operate where there are no bank branches.
  7. For the borrower - high interest on the loan.
  8. For an investor, the safety of funds is not guaranteed by the state.

What distinguishes LMG Finance from banks:

  1. Simplicity - loan processing is less formalized than in a bank.
  2. Fast loan processing.
  3. Accessibility.
  4. For the borrower - high interest on the loan.
  5. For an investor, the safety of funds is not guaranteed by the state.
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