> ## Documentation Index
> Fetch the complete documentation index at: https://docs.ekho.com/llms.txt
> Use this file to discover all available pages before exploring further.

# Financing

> One application, multiple lenders, real offers to compare.

You complete one application and Ekho sends it to multiple lenders, so you compare real offers rather than accepting the first one.

<Frame caption="Choose your term and down payment before applying.">
  <img src="https://mintcdn.com/ekho-mtje7p526we/xBDmSkmU0JPkqQLm/images/product/checkout/financing-application.png?fit=max&auto=format&n=xBDmSkmU0JPkqQLm&q=85&s=4f3318f612de8730ea81970d8ed9f79c" alt="A financing application showing term options from 24 to 84 months and a down payment field" width="1516" height="1141" data-path="images/product/checkout/financing-application.png" />
</Frame>

## Check your rate first, without affecting your credit

Get **pre-qualified** before you apply properly. It uses a soft credit check, so **your credit score is not affected**, and you see an estimated rate and monthly payment.

<Tip>
  Do this first. Knowing your actual rate means you shop in a real budget instead of guessing, and it costs you nothing.
</Tip>

## Applying

<Steps>
  <Step title="Choose your terms">
    Term length from 24 to 84 months, and your down payment. Both change your monthly figure, shown live.

    A larger down payment generally improves your chances of approval as well as lowering the payment.
  </Step>

  <Step title="Complete the application">
    Personal details, date of birth, address, and the financial information lenders need. This is a full application, so it involves a hard credit check.
  </Step>

  <Step title="Wait for decisions">
    Usually minutes. Sometimes 1 to 5 business days if a lender wants a closer look.
  </Step>

  <Step title="Compare your offers">
    You may get several. Compare the rate, term, and monthly payment.
  </Step>

  <Step title="Accept one and pay your down payment" />
</Steps>

## Stipulations

A lender may approve you subject to providing documents, most often proof of income or proof of address. These are called stipulations.

<Warning>
  Your order will not progress until these are provided. It is the most common reason a financed order stalls, so deal with them promptly.
</Warning>

## Comparing offers properly

* **APR**, not the monthly payment, is the real cost comparison
* **A longer term** lowers the monthly payment and increases total interest paid
* **Total cost of the loan** is the number that matters most

<Tip>
  The lowest monthly payment is rarely the cheapest loan. Compare APR and total cost.
</Tip>

## If you are declined

It is not necessarily the end.

* You can **pay in full** instead and continue.
* A **larger down payment** or a **co-signer** often changes the answer.
* Your dealer may have other options.

The process never uses words like "denied" at the pre-qualification stage, because a soft-pull estimate is not a credit decision.

## Timing

Financed orders take longer than paying outright, typically 7 to 15 business days from order to payment, because the lender has to approve and then fund.