FAQ

What if I'm self employed

Being self employed, in most cases, is not a problem.

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What if I have a trade in?

Trade ins are welcome - running or not. No matter if you owe money or have a clear title, we can help!

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What if I have a repossession?

Many of our customers have had repossesions in the past. Our business is helping you re-establish your credit.

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What if I have a bankruptcy

Whether it's a discharged Chapter 7 or an active Chapter 13, we have many lenders that specialize in auto loans for people who have this specific need.

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What if I don't have money to put down?

We have many programs that either allow you to put zero money down, or when down payment is required, allows you to defer all or part of it.

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What is my interest rate?

Your interest rate is determined by the lender. In short, the greater the risk that they feel exists for loan repayment, the heigher the interest rate they will apply. However, in most states the law protects the consumer with a maximum interest rate on all 2001 and newer vehicles.

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What if I have a new job?

Everyone changes jobs. What lenders look for is your ability to repay the loan.

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What if I'm Disabled or on Social Security

Being on disability does not hinder your ability to obtain financing. Social Security is considered a stable income source.

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How much income must I have?

The usual minimum income required is about $1,200 per month, but varies from lender to lender. Many lenders accept a combined household income, as long as both parties are on the loan.

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Do you report to the major credit reporting agencies?

All of our loans are 100% bank financed and the payment history is reported monthly.

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What if I'm a first time buyer?

We have many programs for first time buyers! Please ask your loan analyst for details.

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What if I'm upside down in my trade?

In most cases, we can get a little extra help from the bank to overcome negative equity situations.

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How much will my monthly payment be?

This is determined by several factors. Amount of purchase, interest rate, terms and down payment. Your loan analyst will be able to tell you more specifics, one you have completed your application.

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Glossary of common terms

  • APR - The annual percentage rate is the yearly interest rate of a loan include fees.
  • Accrued Interest - Interest that builds on the unpaid balance of the loan.
  • Adjusted Capitalized Cost - The price of a vehicle after any discounts, down payment, and dealer participation.
  • Amortization - The gradual elimination of a liability such as a car loan by making payments that cover the principal and interest on a schedule.
  • Assignment - A transfer of a loan from one lender to another.
  • Bankruptcy - When someone's assess are turned over to a trustee to pay off outstanding debts.
  • Base Price - The cost of a car with standard equipment, warranty, and freight charge.
  • Bill of Sale - A document provided by a seller showing the purchaser and purchase price of a vehicle and issued to calculate taxes.
  • Buy Here, Pay Here - A car dealer who issues the loan to the buyer and the buyer typically makes payments to the dealer instead of a bank.
  • Certificate of Title - A legal document issued by a state that sows the owner’s name and vehicle mileage at the time of the sale.
  • Co-signer - A person that assumes responsibility for a loan if the borrower does not make payments.
  • Credit - Refers to the ability of someone to borrow money based on their financial history.
  • Credit Bureau - A company that deems the creditworthiness of consumers and provides information to creditors.
  • Credit Profile - A report showing a person's financial history of money borrowed and other financial situations.
  • Credit Score - A formula based indicator of a person’s creditworthiness. This formula differs between credit bureaus.
  • Default - Failure to meet the terms of a loan.
  • Delinquency - Failure to make payments by a due date.
  • Franchised Dealer - An automobile dealer that is licensed to see a particular brand of new vehicles.
  • Gross Income - Income before taxes and expenses.
  • Independent Dealer - A used vehicle dealer who is not tied to a vehicle manufacturer.
  • Interest - A percentage charge for a loan.
  • Loan - A sum of money that is given from one party to another for a particular amount of time.
  • MSRP - Manufacturer's Suggested Retail Price is the price the vehicle manufacturer suggests and is also known as the Monroney sticker price.
  • Refinance - When a new loan is used to pay off and replace an existing loan, typically to take advantage of a lower interest rate.
  • Repossession - When a vehicle is reclaimed by the creditor for failure to meet the terms of the loan.
  • Term - The length of a loan or lease contract, typically 48, 60, or 72 months.
  • Underwriting - The process of verifying the accuracy of data provided to obtain a loan.
  • Upside-down - When the vehicles value is lower than the outstanding amount due on a loan.
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