With Approved Credit - WAC


DEFINITION of 'With Approved Credit - WAC'

A condition requiring a purchaser using financing to have adequate credit - as approved by his or her financial lending institution - for the transaction to go through.

BREAKING DOWN 'With Approved Credit - WAC'

The use of the condition of 'with approved credit' can be found in the financing of houses, cars and furniture. Companies who lease their products will also require their customers to fulfill the with-approved-credit condition.

  1. Credit Rating

    An assessment of the credit worthiness of a borrower in general ...
  2. Credit

    1. A contractual agreement in which a borrower receives something ...
  3. Financing

    The act of providing funds for business activities, making purchases ...
  4. Credit Bureau

    An agency that researches and collects individual credit information ...
  5. Line Of Credit - LOC

    An arrangement between a financial institution, usually a bank, ...
  6. Securities-Based Lending

    The practice of making loans using securities as collateral. ...
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  1. When do I need a letter of credit?

    A letter of credit, sometimes referred to as a documentary credit, acts as a promissory note from a financial institution, ... Read Full Answer >>
  2. Can I take my 401(k) to buy a house?

    Once you reach 59.5, you can use the funds in your 401(k) retirement savings account to buy a house or any other expense ... Read Full Answer >>
  3. Can I use my 401(k) as a collateral for a loan?

    Although federal Internal Revenue Service, or IRS, regulations prohibit using a 401(k) account as collateral for a loan, ... Read Full Answer >>
  4. Why do commercial banks borrow from the Federal Reserve?

    Commercial banks borrow from the Federal Reserve primarily to meet reserve requirements when their cash on hand is low before ... Read Full Answer >>
  5. How does a bank determine what my discretionary income is when making a loan decision?

    Discretionary income is the money left over from your gross income each month after taking out taxes and paying for necessities. ... Read Full Answer >>
  6. What are the typical repayment terms for a syndicated loan?

    The typical repayment terms for a syndicated loan are periods of three to six years for short-term loans or seven to 10 years ... Read Full Answer >>

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