Q:

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

A:

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 it's condition.

Q:

"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?"

A:

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.

Q:

"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."

A:

The authorized dealer in your area will generate a credit inquiry to determine which lender programs you qualify for. The reporting agency used varies by location. Also, the lender that your application is submitted to will also generate an inquiry. Most lenders now use a service that merges all three major credit reports. The authorized dealer in your area has access to lenders that ignore the credit score on the credit report. If your score is less than 525 (average), however, your auto loan request would be limited to these lenders.

Q:

"Hello, I have found the vehicle that I wish to purchase, but 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?"

A:

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 availed to the independent dealership that you mentioned.

Q:

"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 reestablish credit but do not want more queries on report."

A:

For quality control and monitoring we limit the number of dealers in each 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 dealerships name, phone number, and contact person on the site. Unfortunately we had to remove them after receiving numerous complaints from our special finance managers within the dealerships that they were receiving far to many telemarketing calls from online marketing companies.

Q:

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

A:

If you apply with us we cannot process you loan though every dealer. Our dealer network is limited to maintain the quality of our service. Provide us with the name of the dealership and we'll let you know if they are part of our network. Nationwide, however, we only have a handful of independent dealers within our network.

Q:

"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 dealer or can I go to the one I already am interested in?"

A:

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 decent 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.

Q:

"I wanted to know if you do home financing and if so what are the requirements. I don't have good credit."

A:

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 that offers Direct Loans to people with high risk credit that we recommend.

Q:

"Do you have any no money down loans that would require not even tags and taxes to be given at 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."

A:

There are no money down programs. 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.

Q:

"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 a lot since last year."

A:

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.

Q:

"My credit score is 534 with a voluntary repo. I will have a co signer with a cosigner 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."

A:

The information provided is not enough to determine if you would qualify for a loan. As far as the down payment, differed 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 differed down payments. Based on the information you provided I would guess that you would not qualify for a zero down payment program.