Frequently Asked Questions

  • What if I don’t have money to put down?

Many lenders off “zero down” programs, but we encourage you to maximize your down payment.  If you can’t get money together to put down, it might not be the right time for a new car.  Maximizing your down payment decreases your monthly payments, and helps to ensure you don’t overreach your monthly budget.

  • What is my interest rate?

Your interest rate is going to be determined by the lender.  It’s directly related to the level of risk they see in your case.  Lower risk = lower interest rate, higher risk = higher rate.  In many places, state law protects the consumer with a maximum interest rate of 17.95% on all 2001 and newer vehicles.

  • The application asks how long I’ve been at my job.  What if I have a new job?

Lenders would rather see a longer employment history because it displays financial stability and steady income, but really they are just looking to see whether you can repay the loan.  If your new job pays better than your old one, for instance, your chances of getting approved could actually be higher.

  • How much income is required?

Minimum income required is usually in the neighborhood of $1250 per month, but the exact amount varies lender to lender.

  • What if I have a bankruptcy?

Whether it’s a discharged chapter 7 or an active chapter 13, there are many lenders who specialize in auto loans for people with bankruptcy.

  • What if I’m disabled?

Disability should not hinder your ability to obtain financing.

  • What if I don’t have credit at all?

Often lenders will opt for a secured loan, keeping the title of the new vehicle in their possession until the loan is repaid.  In this way, the vehicle acts as collateral.

  • Do lenders report to the major credit reporting agencies?

Most of our partner lenders are bank financed, and payment history is reported monthly.  This can help to improve your credit over time.

  • What if I’m a first time buyer?

We have many programs for first time buyers.

  • What if I have a trade in?

Trade-ins are often beneficial, and may enable you to decrease your monthly payments by decreasing the necessary loan amount.

  • What if I’m upside down in my trade?

If you owe more on the trade-in than the vehicle is worth, a state known as negative equity, this will not necessarily keep you from getting your loan, but you need to decide whether it’s worth it to move forward.  Sometimes new car rebates can help absorb some of this negative equity as well.  More information on being “upside down” is available here, from

  • How much will my monthly payment be?

A multitude of factors determine your monthly payment:  purchase amount, interest rate, term, and down payment.  Get a quote from a lender in your area.