UNSECURED TO SECURED LOAN CONVERSION IN AUTOMOBILE FINANCE

摘要

Systems and methods are disclosed for configuring a loan account program to provide buyers of items, particularly automobiles, the full principal of the loan directly into a financial service account. A financial service system receives a request for a loan from a buyer. Following a risk assessment check, the financial service system configures an unsecured loan product for the buyer and transfers the entire financed principal into a financial service account associated with the buyer. Upon confirmation of the purchase and/or satisfaction of other criteria, the buyer's loan account may be converted to a secured loan account product with more favorable terms.