FAQ
My credit is bad! - can I still obtain auto financing?
Automobile financing is obtainable for
virtually anyone who has verifiable employment. The
variables on this financing will be the interest rate required
by the lender, the maximum payment amount allowed and the fees,
if any, the lender may levy to the dealership for your loan
approval.
Auto America Finance
Centers dealers work with numerous lenders enabling us to obtain the
best possible financing arrangements regardless of your prior
credit history.
How long do I have to wait for an approval?
Once your application is processed your
loan may be approved within minutes.
How high will my interest rate be?
Maximum interest rates (usury limits)
are regulated by the state in which you reside. Your approved
interest rate may vary substantially from lender to lender.
Auto America Finance
Centers
dealers negotiate daily with lenders from all over the country
to capture the lowest rates possible.
Can I use a co-signer?
Lenders usually have a rule when it
comes to co-signers "co-signers are for people with no credit,
not for people with bad credit". Fortunately
Auto America Finance
Centers
dealers have developed special
relationships with selected lenders that allow us to utilize the
benefits of a co-signer in selected circumstances.
I've heard terrible stories about "bad credit" &
"special finance" departments at auto dealerships, will I be
subjected to this?
There are far too many instances where
people with credit problems are taken advantage of by
unscrupulous individuals. Many instances involve these customers
being treated as second class citizens, being charge illegal
fees or even paying a higher price just because of their credit
problems.
Auto America Finance
Centers
carefully screens and monitors
all our dealers to insure the highest degree of
professionalism and ethics.
What is the fee for obtaining financing?
It's unfortunate that you may have
experienced an instance where you where asked to pay a fee or
charge for obtaining automobile financing.
Auto America Finance
Centers dealers never charge a fee for
arranging automobile financing...ever.
What type of car/truck/van/SUV can I get?
The answer to the question would
actually be "what would you like'? Our dealers strive for
a high degree of customer satisfaction, regardless of the
vehicle you may desire. Depending on the financing that's
obtainable with your credit circumstances (rate, length of loan,
maximum allowable payment) and considering that the average one
year old SUV costs twice as much as the average one year old car
we work every lender to try to obtain your desires.
What about bankruptcies?
Auto America Finance
Centers
dealers specialize in obtaining
loans for individuals with prior, current and
pending bankruptcies. We have special arrangements with
selected lenders that allow us to obtain automobile financing
even prior to discharge in many circumstances.
What does my minimum credit score have to be?
Their is no minimum credit score for a
Auto America Finance
Centers approved dealer to arrange
automobile financing for you.
Do I have to go to a designated dealership?
Auto America Finance
Centers
only has business relationships
with pre-screened dealerships that meet or exceed our standards
of conduct, professionalism and inventory availability.
What will my monthly payments be?
Your payment will be based obviously on
the amount you finance, the number of months financed and
finally the interest rate.
Auto America Finance
Centers
dealers work with numerous lenders enabling us to obtain the
best possible financing arrangements regardless of your prior
credit history.
What down payment amount is required?
Many lenders require no down payment.
However, serious consideration of a down payment should no be
overlooked. Lenders almost always offer more lenient terms and
lower interest rates when a minimum of $1000 is offered as down
payment. Lenders
look at a down payment as your "initial investment" in the
vehicle - that investment creates a lot of negotiating power
when arranging vehicle financing for you.
I have a recent repossession, can I get a loan?
Recent repossessions are not
necessarily a problem. Obliviously a lender considers an
individual with a recent repossession a higher risk and thus, a
down payment will be required and an interest rate will reflect
the perceived risk with giving you another chance.
Auto America Finance
Centers dealers have lenders that
specialize in "high risk" individuals with recent repossessions.
I've been turned down before? What makes
Auto America Finance
Centers
different?
Very simple...relationships! Our
dealers have developed strong working relationships with lending
institutions around the country. These relationships are based
on the integrity of our dealers and the professionalism of the
individuals involved.
I have a trade-in, can I still get financed?
Having a trade-in is never a problem with automobile
financing. The problem arises when the amount of money you owe
substantially exceeds the fair trade-in value of your vehicle.
Lenders don't allow a dealer to just "tack-on" the additional
money to the new loan amount. With poor credit vehicle financing
the lender strictly limits the amount of the loan based on the
value of the vehicle. A dealer will give you a fair
trade-in value for your vehicle less any damage or mechanical
repairs required. An auto dealership is not any different then a
Wal-Mart or McDonalds, they need to make a profit to pay the
light bill, property taxes, insurance costs, wages, advertising
and maintenance. If the amount you owe on your current vehicle
exceeds trade-in value a substantial down payment may be
required.
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