Finance a Used Car

Used Car Financing

Car Financing FAQ

February 4, 2012 - 13:19

HOW MUCH CASH MONEY DOWN WILL I NEED?
The biggest factor in determining down payment the used car you select. If you have little or no down payment you will still qualify but your vehicle selection will be limited to used cars eligible for no money down financing.

IF I GET PAID IN CASH MONEY WILL I QULAIFY?
No, all income has to be proven, please visit our Car Finance Document Check List page for examples of valid proof of income

WHAT ARE THE INTEREST RATES?
Car financing rates are based on your credit profile, credit score, and loan to vehicle value ratio. The better your credit score and the more money down you have, the lower your rates will be. In addition, the year or the used car has an important role. Newer vehicles have better interest rates. Interest rates normally increase one point per used model year.

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HOW DO YOU QUALIFY FOR CAR FINANCING?
The minimum qualifications are listed on the car financing application page! Each application is evaluated based on the credit profile and loan to value. A 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.

DOES COSIGNERS HELP?
A Cosigner may be considered for a Buyer who does not comply with all the redit requirements. The income of the Buyer, however, must meet all the income and budget guidelines without reliance upon the income of the cosigner.

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'VE NEVER HAD CREDIT BEFORE?
Yes! HFC has several programs for first time buyers, and people with no credit or no credit score.

Used Car Finance