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WHAT AMOUNT WILL I QUALIFY FOR?
The amount that you will qualify for is based on a number of
factors. Cutting edge technology is used to determine the
exact amount. Lenders are more concerned with the monthly
payment, not the total loan amount. As a general rule,
lenders limit your payment to less than 20% of your provable
monthly income.
HOW MUCH CASH WILL I NEED?
The biggest factor in determining down payment is inventory
selection. If you have little or no down payment you will
still qualify but your vehicle selection will be limited to
vehicles eligible for zero down financing.
CAN I USE A TRADE IN INSTEAD OF CASH DOWN?
Yes! Additional cash, however, may be required if there is a
lien on the automobile that you are trading.
WHAT TYPE OF CAR CAN I FINANCE?
The standard loan from HFC is for a new, one year, or two year
old car with less than 50,000 miles. Nearly every vehicle
financed through HFC is eligible for Extended an Warranty so
you won't have to worry about unexpected repairs.
WILL INQUIRIES EFFECT MY CREDIT RATING?
If you're shopping around for an auto loan or more credit, you
should know that when creditors check your credit, it places
an inquiry on your credit report. Inquiries can add up, which
is often interpreted negatively by creditors. For this reason,
too many inquiries can actually make getting an auto loan more
difficult. If you apply with us, we recommend that you
wait for a response before applying anywhere else. If
you have applied elsewhere, we recommend that you apply with
us after you have received a responses.
WHAT ARE THE MONTHLY PAYMENTS?
Monthly payments are based on your credit profile and the
vehicle you are purchasing. Newer, lower mileage cars qualify
for extended terms. The best payments are on less expensive
cars that have under 50,000 miles.
WHAT ARE THE INTEREST RATES?
Rates are based on your credit profile and loan to vehicle
value ratio. The better your credit score, and cash down
payment, the lower your rates will be. In addition, the
vehicle year has an important role. Newer vehicles have better
interest rates. Interest rates normally increase one point per
used model year.
HOW DO YOU QUALIFY?
There are no minimum qualifications! Each application is
evaluated based on the credit profile and loan to value. An
person with a prior paid car loan, for example, may not have
to meet employment requirements and income; on the other hand,
a person with a recent repossession would.
WILL I STILL QUALIFY IF I HAD A REPOSSESSION LESS THAN 12
MONTHS AGO?
If the repossession was not part of a bankruptcy and there is
still a balance on the loan, we can usually help. Greater down
payment requirements will apply and vehicle selection will be
limited to newer cars that are still under factory warranty.
WILL I STILL QUALIFY IF I'VE HAD A BANKRUPTCY?
HFC can help as long as the bankruptcy is discharged .
CAN I USE HFC TO FINANCE A VEHICLE THROUGH A PRIVATE OWNER?
No. Funds for loans through HFC can only be used to purchase
automobiles from dealerships affiliates with HFC. Each dealer
selected by HFC has passed an evaluation for quality and
customer service. Our process ensures that each customer will
purchase a dependable vehicle. When a vehicle is purchased
from a private owner there is no way of determining the
quality or dependability of the vehicle.
WILL I STILL QUALIFY IF I'M CURRENTLY IN A CHAPTER 13
BANKRUPTCY?
To qualify, you have to obtain an "Authorization to Incur
Debt" from your bankruptcy trustee. This normally takes two to
three weeks. Consult your bankruptcy attorney.
WILL I STILL QUALIFY IF I'VE NEVER HAD CREDIT BEFORE?
Yes! HFC has several First Time Buyer Programs.
DOES COSIGNERS HELP?
A Cosigner may be considered for a Buyer who does not comply
with all the credit requirements. The income of the Buyer,
however, must meet all the income and budget guidelines
without reliance upon the income of the cosigner.
SHOULD I FIND A VEHICLE BEFORE APPLYING?
If you consult with one of our dealers first, they will
determine how much you qualify for before you start shopping.
Our process increases chances of approval and decreases the
number of inquires on your credit report.
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