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Frequently Asked Questions
We had a discharged bankruptcy last August. How do I find dealerships that help people with past credit problems? I know our credit has improved a lot since last year.
You can apply online and your no credit car loan application will be processed by a dealership in your area that specializes in car financing after bankruptcy.
Can a person who filed for bankruptcy still get a no credit auto loan? If so, how long must a person wait after filing Chapter 7 before getting an auto loan?
In some cases you can be 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.
I would like to know what credit reporting agency you use to pull credit reports. Also, is there a minimum beacon score you must have to qualify for a loan? I do not want to pull my credit report if not necessary.
The authorized dealer in your area will generate a credit inquirity to determine which lender programs you qualify for. The reporting agency varies by location. Also, the lender to which your car loan application is submitted may also generate an inquirity. Most lenders now use a service that merges all three major credit reports. The authorized dealer in your area has access to lenders that can approve funding even with a very low credit score. If your score is less than 525 on average, your auto loan request would be limited to these special finance lenders.
I have found the used car that I wish to purchase, but I am having trouble securing an auto loan loan for a used car if not purchasing from a franchised dealership. The dealership I wish to buy from is licensed, but is a private dealership. Can you help?
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.
A dealer called me to say that I could be financed there. Are my choices limited to one dealer? I have a bankruptcy discharged and I want to re-establish my credit but I do not want more queries on my report.
For quality control and monitoring purposes we limit the number of dealers in each geographical area. We do have multiple dealers in most major metro markets. In either case your loan request is processed by the closest dealer. In the past we listed the dealership's name and contact information, but unfortunately we had to remove them after receiving numerous complaints from our special finance managers within the dealerships because they were receiving a vast number of telemarketing calls from online marketing companies.
I would like to apply for a loan for a purchase at a local non-franchised dealer. Will this be a problem?
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. If you can provide us with a name of the dealership you have in mind, we can let you know if they are part of our network. Nationwide, we only have a handful of independent dealers within our network.
I have a question regarding a local dealer. 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 car dealer or can I go to the one I already am interested in?
We work within a network of indirect lenders. Your local dealer would actually be the one processing your loan. If you are looking for a lender that would provide funds for you to purchase from the 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 that does a good job with bad credit financing, nor have we had luck convincing dealers outside of our network to sign up with the indirect lenders that do a good job lending to people with credit problems.
I wanted to know if you do in-house financing, and if so, what are the requirements? I don't have good credit.
We do not originate loans. Most lenders that provide financing for people with sub-prime credit are indirect lenders and only purchase finance contracts from licensed auto dealers. There is not a lending program which we can recommend that offers direct loans to people with high risk credit.
Do you have any no money down loans that would require not even tags and taxes to be given at the time of purchase?
There are no-money-down loan programs available. If the buyer has no credit or very bad credit, or hasn't previously obtained an auto loan at some point, it is likely that a first-time-buyer program would be suggested. Most FTB programs require at least 15 percent of the sale price, not including taxes, as a down payment. If a parent or other person with fair credit was listed as a co-buyer, you should qualify for a zero down program.
Do you finance 100 percent on a new vehicle? I don't have money for a down payment.
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 if you have a trade-in, regardless of its condition.
My credit score is 534 with a voluntary reposession. I will have a co-signer with a score of 550. I am willing to put money down but I need 30 days to come up with it. I need to get the vehicle today.
The information provided is not enough to determine if you would qualify for a car loan. As far as the down payment, deferred down payments have to be disclosed on the finance contract to comply with the Truth in Lending Act. If it is not, this is considered an attempt to deceive the lender. Most lenders do not allow deferred down payments. Based on the information you provided, it is not likely that you will qualify for a zero down payment program.
You can apply online and your no credit car loan application will be processed by a dealership in your area that specializes in car financing after bankruptcy.
Can a person who filed for bankruptcy still get a no credit auto loan? If so, how long must a person wait after filing Chapter 7 before getting an auto loan?
In some cases you can be 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.
I would like to know what credit reporting agency you use to pull credit reports. Also, is there a minimum beacon score you must have to qualify for a loan? I do not want to pull my credit report if not necessary.
The authorized dealer in your area will generate a credit inquirity to determine which lender programs you qualify for. The reporting agency varies by location. Also, the lender to which your car loan application is submitted may also generate an inquirity. Most lenders now use a service that merges all three major credit reports. The authorized dealer in your area has access to lenders that can approve funding even with a very low credit score. If your score is less than 525 on average, your auto loan request would be limited to these special finance lenders.
I have found the used car that I wish to purchase, but I am having trouble securing an auto loan loan for a used car if not purchasing from a franchised dealership. The dealership I wish to buy from is licensed, but is a private dealership. Can you help?
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.
A dealer called me to say that I could be financed there. Are my choices limited to one dealer? I have a bankruptcy discharged and I want to re-establish my credit but I do not want more queries on my report.
For quality control and monitoring purposes we limit the number of dealers in each geographical area. We do have multiple dealers in most major metro markets. In either case your loan request is processed by the closest dealer. In the past we listed the dealership's name and contact information, but unfortunately we had to remove them after receiving numerous complaints from our special finance managers within the dealerships because they were receiving a vast number of telemarketing calls from online marketing companies.
I would like to apply for a loan for a purchase at a local non-franchised dealer. Will this be a problem?
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. If you can provide us with a name of the dealership you have in mind, we can let you know if they are part of our network. Nationwide, we only have a handful of independent dealers within our network.
I have a question regarding a local dealer. 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 car dealer or can I go to the one I already am interested in?
We work within a network of indirect lenders. Your local dealer would actually be the one processing your loan. If you are looking for a lender that would provide funds for you to purchase from the 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 that does a good job with bad credit financing, nor have we had luck convincing dealers outside of our network to sign up with the indirect lenders that do a good job lending to people with credit problems.
I wanted to know if you do in-house financing, and if so, what are the requirements? I don't have good credit.
We do not originate loans. Most lenders that provide financing for people with sub-prime credit are indirect lenders and only purchase finance contracts from licensed auto dealers. There is not a lending program which we can recommend that offers direct loans to people with high risk credit.
Do you have any no money down loans that would require not even tags and taxes to be given at the time of purchase?
There are no-money-down loan programs available. If the buyer has no credit or very bad credit, or hasn't previously obtained an auto loan at some point, it is likely that a first-time-buyer program would be suggested. Most FTB programs require at least 15 percent of the sale price, not including taxes, as a down payment. If a parent or other person with fair credit was listed as a co-buyer, you should qualify for a zero down program.
Do you finance 100 percent on a new vehicle? I don't have money for a down payment.
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 if you have a trade-in, regardless of its condition.
My credit score is 534 with a voluntary reposession. I will have a co-signer with a score of 550. I am willing to put money down but I need 30 days to come up with it. I need to get the vehicle today.
The information provided is not enough to determine if you would qualify for a car loan. As far as the down payment, deferred down payments have to be disclosed on the finance contract to comply with the Truth in Lending Act. If it is not, this is considered an attempt to deceive the lender. Most lenders do not allow deferred down payments. Based on the information you provided, it is not likely that you will qualify for a zero down payment program.
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