Frequently Asked Questions
How do I repay my loan ?
We leave that decision to you. You have several repayment options, the most popular being monthly repayment, for you to choose from. You should choose the repayment method you feel most comfortable with and stick with that for the term of the loan.
Should I find a car first, or apply for a car loan first?
We recommend that you apply for a car loan first. When we get your information, we know exactly how much money you have to buy a car and can work to find the right choice for you.
How much are the monthly car loan payments?
Monthly payments are based on interest rates and the number of months of the loan. If you buy a new car, auto finance rates are often lower than if you buy a used car. A loan for a new car normally qualifies for a lower interest rate and longer repayment terms.
Do Cosigners help?
A cosigner will help as long as they have a good credit score and a low debt to income ratio.
I have no credit score. Will I still qualify?
Most new car dealers have no score and first time buyer programs.
Will I still qualify if I'm currently in a Chapter 13 Bankruptcy?
It is difficult to qualify with a Chapter 13 Bankruptcy, but not impossible. You will need an "Authorization to Incur Debt" from the trustee of your bankruptcy, and most car loan lenders require that you have at least two thirds of your Chapter 13 Bankruptcy completed. If you have a trade-in that is part of your Chapter 13 Bankruptcy, the likelihood of your car loan being approved is much greater.
How much money will I need to put down?
The amount required for your downpayment will depend on a number of factors. However, most of our dealers have cars for sale that are eligible for loans with no downpayment required.
Can I use my trade-in instead of money down?
Yes, you can use a trade-in instead of money down! Some money down, however, may also be necessary if there is more money owed on your trade-in than its' wholesale value.
What kind of car can I buy?
Banks really like to see you buy new or late model used cars. They know that if the car has low miles and is almost new, it will have a better chance of fulfilling your needs for the length of the loan.
How do inquiries effect my credit bureau rating?
When lenders check your credit score it places an inquiry on your credit bureau report. Inquiries are often interpreted negatively by auto lenders. For this reason, a lot of credit bureau inquiries
can actually make if difficult to get a car loan.
How do I qualify?
Auto loan approvals are based on your credit score, disposable income, job time, and amount of downpayment. We have loan companies for all types of credit. If you need a bad credit auto loan, you should earn at least $1,800 per month to qualify.
How do I apply for your services?
It is the easiest to apply for our services online. Just go to our website and find the application form. Fill it out and we will start working on your next vehicle purchase.
Can I apply at night?
That is no problem. Our website is available for you and we will process your information as soon as the dealership and banks open..
Do I need to have good credit to get a car loan?
No, good credit history is not a condition for getting auto loans. We have products for people with bad credit, no credit, bankruptcies, etc.
