How much will I qualify for?
The loan amount that you will qualify for is based on a number of factors. Your credit history will determine the amount we are able to finance.
How much down payment will I need?
None! If you qualify, you will not need a down payment.
Can I use my trade for a down payment?
Yes! You may use a trade as your down payment. If there is a lien on the trade vehicle, however, additional cash may be required in addition to the trade in.
What type of car can I purchase?
You'll be able to purchase a new or preowned vehicle. Nearly every vehicle financed through Instant Car Credit Now is eligible for an extended warranty so you won't have to worry about unexpected repairs.
Will inquiries effect my credit rating?
If you're shopping around for an auto loan you should know that when creditors check your credit it places an inquiry on your credit report. Inquiries can add up, which is often interpreted negatively by creditors. For this reason, too many inquiries can actually make getting an auto loan more difficult.
What are the minimum qualifications?
There are no minimum qualifications! Each auto loan application is evaluated based on the credit profile and equity position. An applicant with previous good auto credit for example, may not have to meet income and job time requirements; whereas an applicant with a recent repossession would.
I've had a repossession less than a year ago. Will I still qualify?
If the repossession was not included in a bankruptcy and there is still a balance on the account, we can still help. Greater down payment requirements may apply.
I've had a bankruptcy. Will I still qualify?
As long as the bankruptcy is discharged Instant Car Credit Now can help. Depending on your state of residence you may even qualify prior to receiving your discharge papers.
I'm currently in a Chapter 13 Bankruptcy. Will I still qualify?
Yes. However, it may take longer to process your loan. You have to obtain an "Authorization to Incur Debt" from the trustee of your bankruptcy. This normally takes two to three weeks. Consult your bankruptcy attorney.
I've never had credit before. Will I still qualify?
Yes! Instant Car Credit Now has several First Time Buyer Programs.
Will Cosigners help?
A Cosigner may be considered for a Buyer who does not comply with all the credit requirements. The income of the Buyer, however, must meet all the income and budget guidelines without reliance upon the income of the cosigner.
Can I use Instant Car Credit Now to finance a vehicle through a private owner?
No. Funds for loans through Instant Car Credit Now can only be used to purchase automobiles from dealerships with an Car Loan Center onsite. Each dealer selected by Instant Car Credit Now has passed a rigorous screening for quality and customer service. This process ensures that each customer will purchase a dependable vehicle. When a vehicle is purchased from a private owner we have no way of determining the quality and dependability of the car.
Should I find a car first before applying for an auto loan?
We recommend that you consult with one of our auto loan specialists first. They can determine how much you qualify for before you start shopping. This method will increase your chances of approval and decrease the number of inquires on your credit report. Inquires may have a negative effect on your credit rating.
- For Example: You decide to buy a new $40,000 Cadillac at a dealership without an Instant Car Credit Now Car Loan Center. The dealer may keep submitting your application until it is approved or the dealer has exhausted all their lender resources. Your Instant Car Credit Now Car Loan Specialist, on the other hand, will first determine if you qualify for the Cadillac. If so, your loan package will be submitted. If you don't qualify you'll find out without numerous inquires showing up on you credit report.
I've been turned down before. How can Instant Car Credit Now Help?
At Instant Car Credit Now we use state of the art technology that evaluates your credit profile, available inventory, income, as well as debt factors. Our process ensures that each application has the best possibility of approval prior to submission.
What are the monthly payments?
Monthly payments are based on your credit profile and the vehicle you are purchasing. Newer, lower mileage cars qualify for extended terms. The best payments are on less expensive cars that have under 50,000 miles.
What are the interest rates?
A very good question for which there is not a direct answer. Rates are based on your credit profile and the equity position of the loan. Instant Car Credit Now is full spectrum. We will get you the best rate based on your credit profile. The higher your credit rating and down payment the lower your rates will be. Also, the model year of the vehicle plays an important role. Rates generally increase 1 point per model year. The older the car, the higher the rate.
