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Car Financing FAQOur Car Finance FAQ sectionMay 18, 2012 - 1:26
HOW MUCH MONEY WILL I QUALIFY FOR? The amount of money that you will qualify for is based on a number of factors. Used car finance companies are more concerned with the monthly payment, not the total loan amount. As a general rule, lenders limit your payment to less than 15% of your provable monthly income. CAN I TRADE IN A USED CAR INSTEAD OF USING MONEY DOWN? Yes! Additional money, however, may be required if there is a lien on the used car that you are trading. 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. |
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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. SHOULD I FIND A VEHICLE BEFORE APPLYING? If you consult with one of our car 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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WILL INQUIRIES AFFECT MY CREDIT RATING? If you're shopping around for car financing or more credit, you should know that when used car finance companies check your credit, it places an inquiry on your credit bureau report. Inquiries can add up, which is often interpreted negatively by finance companies. For this reason, too many inquiries can actually make getting car financing more difficult. If you apply with us, we recommend that you wait for a response before applying anywhere else. WHAT DOCUMENTATION DO I NEED TO QUALIFY? Please visit our Car Finance Document Check List page for examples. |
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