car finance, finance personal loan, finance company loan, car finance loan, personal loan financing

FAQ

Question: "Can a person who has filed for bankruptcy, still get an auto loan? And 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: "We had a discharged bankruptcy last August. How to I find dealerships that help people with past credit problems. I know our credit has improved alot since last year."

Answer: You can apply online and your application will be processed by a dealership in your area that specializes in 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.

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 downpayment if you are purchasing a new car with a rebate or you have a trade in, regardless of it's condition.

Question: "If I'm a first time buyer, with little credit would I be able to buy the vehicle of my choice? A Lincoln LS...and If I did get the loan would I be able to walk into any dealership I wanted and use the loan?"

Answer: Our dealers have numerous First Time Buyer programs. You would be able to choose a vehicle but you would not have a blank check to purchase any vehicle you choose. You approval would stipulate a maximum loan amount, required down payment, maximum monthly car payment, and maximum loan to value amount. Our dealers use special technology to match your approval with their available inventory. It's likely that the authorized dealer in your area will show you more cars in fifteen minutes, that you qualify for, than you are likely to find during one month of steady shopping.

Question: 'I have a 19 year old daugher that need to finance a car. She has no financial committments, she has no credit established. Can you help?'

Answer: First Time Buyers with no established credit usually need at least $1,000 down payment and at least one year on the job, full time, to qualify without a cosigner.

Question: "I just received my bankruptcy discharge papers. What interest rate I would qualify for. My beacon score is 610, Monthly salary of $5,400. I kept my house after bankruptcy. My mortage payment is $1,050/Mo. Can you estimate a rate?"

Answer: Congratulations on having such a decent score after your bankruptcy (over 650 is considered fair credit). I cannot estimate your interest rate but I can give you details of some lending programs. First, a credit score of 610 with a mortgage paid up to date on the credit report may qualify for an incentive rate through one of the manufacturers. It's unlikely; however, that a score of 610 would qualify for the best rate that the manufacturer offers. Second, some lenders have "Bankruptcy Programs" their rates normally range from 15.95% to 22.95% and are designed for people with lower scores. Third, the rate is based on the year of the car, the mileage of the car, the equity position of the loan, time on job, debt ratio, and payment to income ratio. Finally, a 610 credit score is considered marginal, even with a bankruptcy. Most marginal credit programs range in rate from 12.95% to 16.95%, which is what I would estimate for the criteria described.