Frequently Asked Questions
Lending Criteria FAQ
"I have a 478 credit score, but I have a perfect car payment history. Can you get me financed? I cannot seem to get financed anywhere, perhaps you're the answer to my problem."
It is not possible for us to say. If you apply with us, we may be able to connect you with a dealership in your area that works with consumers dealing with credit issues. But, in the end, only the lender will be able to tell if you can be approved for financing. We can say, however, that it definitely helps your chances that you have been responsible with your past car payments.
"Can you get me financed if I am disabled and no longer working?"
It is possible for people on disability who do not have a job to be approved for subprime auto financing. However, it still complicates the situation because bad credit lenders want applicants to have a garnishable income, which disability is not.
In order to be approved, first, you must have proof that you have been on disability for at least six months prior to applying. Also, you need to show that you will continue to receive it for the entire length of the loan. And if you have no other source of income, you will almost certainly need a cosigner in order to be approved. Your cosigner will need to have an income source that is garnishable.
"I have a current loan with GMAC which is 2 months past due because I had to repair the car. I owe approximately $1500 on the loan. Can I use your service to finance a dependable car and have my existing loan paid off?"
You have two counts going against you in this situation: you're behind on your car payments and your trade-in isn't paid off. Chances are these factors could hurt your chances of getting approved, but it may still be possible. We would recommend that you get current on your car payments before applying, however.
"I am trying to find a buy here pay here to finance me. I applied other places but have not heard back. I do not want to apply just to get turned down. If they finance people with bad credit why do they need my SS#?"
Subprime dealerships need your social security number for a number a number of reasons, including being able to pull your credit reports and scores. They are willing to work with consumers with bad credit, but they still have general requirements that an applicant must meet. As for buy here pay here dealerships, they may still ask your SS#, but they usually finance people in-house without checking their credit.
