Frequently Asked Questions & Answers

We have compiled a page of questions we are most frequently
asked by our visitors. Please click on a question to view its'
corresponding answer.
Frequently Asked Questions
Question:
Can a person who has filed for bankruptcy still get an auto loan? If so, how long must a person wait after filing Chapter 7 before they can get an auto?
Question:
I have found the vehicle that I wish to purchase, but I am having trouble securing an auto loan if not purchasing from a franchise dealership. The dealer that I wish to buy from is licensed, but it is a private dealership. Can you help?
Question:
A dealer called me to say that I could be financed there. Are my choices limited to one dealer? I have a bankruptcy discharged in May and want to re-establish my credit but do not want more queries on it.
Question:
I would like to apply for a loan for a purchase at a local non-franchised dealer. Will this be a problem?
Question:
I have a car picked out but I'm not sure how your loan process works. If I get approved do I have to use a specific dealer or can I go to the one I'm already interested in?
Question:
I wanted to know if you do in-home financing and if so, what are the requirements. I don't have good credit.
Question:
Do you have any no money down loans that would require not even tags and taxes to be given at the time of purchase? My son is 18 and has no credit and needs a car but we don't really have tax or tag money.
Question:
Do you finance 100% on a new vehicle? I don't have money for a down payment.
Question:
My credit score is 534 with a voluntary repossession. I will have a co-signer with a score of 550. I am willing to put money down but need 30 days to come up with it. I need to get the vehicle today.
Question:
We had a discharged bankruptcy last August. How do I find dealerships who help people with past credit problems. I know our credit has improved a lot since last year.
Question: Can a person who has filed for bankruptcy still get an auto loan? If so, how long must a person wait after filing Chapter 7 before they can get an auto?

Answer: In some cases you are eligible for financing after the initial meeting of your creditors (341 meeting, first court date). In every case, you are eligible immediately after the bankruptcy is discharged.

Question: I have found the vehicle that I wish to purchase, but I am having trouble securing an auto loan if not purchasing from a franchise dealership. The dealer that I wish to buy from is licensed, but it is a private dealership. Can you help?

Answer: The lenders within our network are indirect lenders. That is to say they only provide loans through their dealer partners. In your case we would be limited to the lenders available to the independent dealership that you mentioned.

Question: A dealer called me to say that I could be financed there. Are my choices limited to one dealer? I have a bankruptcy discharged in May and want to re-establish my credit but do not want more queries on it.

Answer: For quality control monitoring, we limit the number of dealers in each area. We do have multiple dealers in most major metro markets. In either case, the closest dealer usually processes your auto loan request. In the past we have listed the dealerships' names, phone numbers, and contact people on the website. Unfortunately we had to remove them after receiving numerous complaints from our special finance managers within the car lots becuase they were receiving far too many telemarketing calls from various online marketing services.

Question: I would like to apply for a loan for a purchase at a local non-franchised dealer. Will this be a problem?

Answer: If you apply with us, we cannot process your loan through every dealer. Our dealer network is limited to maintain the quality of our service. Provide us with the name of the dealership, and we can let you know whehter they are part of our network or not. Nationwide we only have a small handful of independent dealers within our network.

Question: I have a car picked out but I'm not sure how your loan process works. If I get approved do I have to use a specific dealer or can I go to the one I'm already interested in?

Answer: We work within a network of indirect lenders. Your local dealer would actually be the one processing your car loan. If you are looking for a lender who would provide funds for you to purchase from a specific dealer you mentioned, you should search for a direct lender or let the specific dealer process your loan. We have not had success finding a direct lender who does a decent job with bad credit financing, nor have we had luck convincing dealers outside of our network to sign up with the indirect lenders who do a good job lending to people with credit problems.

Question: I wanted to know if you do in-home financing and if so, what are the requirements. I don't have good credit.

Answer: We do not originate loans. Most lenders that provide financing for people with sub-prime credit are indirect lenders are only purchase finance contracts from licensed auto dealers. There is not a lending program which we can recommend which offers Direct Loans to people with high-risk credit.

Question: Do you have any no money down loans that would require not even tags and taxes to be given at the time of purchase? My son is 18 and has no credit and needs a car but we don't really have tax or tag money.

Answer: There are no-money-down programs available. It is unlikely that your son would qualify by himself. If he applies on his own, he would most likely fall into a First Time Buyer program. Most FTB programs require at least 15% of the sale price, not including taxes. If a parent with fair credit was listed as a co-buyer, you should qualify for a zero down program.

Question: Do you finance 100% on a new vehicle? I don't have money for a down payment.

Answer: There are zero down payment lending programs. You may also qualify for lending programs that require a down payment if you are purchasing a new car with a rebate or you have a trade-in, regardless of its condition.

Question: My credit score is 534 with a voluntary repossession. I will have a co-signer with a score of 550. I am willing to put money down but need 30 days to come up with it. I need to get the vehicle today.

Answer: The information provided is not enough to determine if you would qualify for a loan. As far as the down payment, deferred down payments (30 days) have to be disclosed on the finance contract to comply with the Truth in Lending Act. If it is not, it is considered an attempt to deceive the lender. Most lenders do not allow deferred down payments. Based on the information you provided, I would guess that you would not qualify for a zero down payment program.

Question: We had a discharged bankruptcy last August. How do I find dealerships who help people with past credit problems. I know our credit has improved a lot since last year.

Answer: You can apply online and your application will be processed by a dealership in your area that specializes in auto financing after bankruptcy. If you would like to apply directly with the dealership, please email us your ZIP code and we will send you the contact information for the local dealer.

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