AutoConnectCredit.com Questions & Answers
Customer Inquiries
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Question: "I am a 20 year old college student in dire need of a vehicle. I have little credit, and unfortunately I do not have a good co-signer. My dad passwhen I was five and my mom was left to raise us seven kids alone, therefore, her credit is not the best because of her financial situation. I know you must understand everyone is not afforded good co-signers. I am not complaining, please understand, but I am asking for a chance. I still live with my mom and I work part time, making about $200 a week." Back to Top |
Answer: All of our special finance banks require you to have a full time job making a minimum of $1500.00 per month. I do wish that we could help you but until you meet the minimum requirements it's not likely to happen. |
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Question: "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." Back to Top |
Answer: We work within a network of indirect lenders. Your local dealer would actually be the company 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 financing 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 indirect lenders who do a good job lending to people with credit problems. |
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Question: "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." Back to Top |
Answer: 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 in your area. |
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Question: "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 is privately owned. Can you help?" Back to Top |
Answer: The lenders within our network are indirect lenders. That is to say that they only provide loans through their dealer partners. In your case we would be limited to the lenders availed to the independent dealerships that you mentioned. |
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Question: "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 my report." Back to Top |
Answer: For quality control and monitoring, we limit the number of dealers in each area that we work with. 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, phone number, and contact person on the site. Unfortunately we had to remove that information after receiving numerous complains from our special finance managers within the dealerships because they were receiving constant telemarketing calls from online marketing companies who found the contact information on our site. |
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Question: "I would like to apply for a loan to purchase at a local non-franchised dealer. Will this be a probelm?" Back to Top |
Answer: 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. Provide us with the name of the dealership and we can let you know if they are part of our network. Nationwide, we only have a handful of independent dealers within our network. |
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Question: "I wanted to know if you do in-home financing, and if so, what are the requirements? I don't have good credit." Back to Top |
Answer: 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 who we can recommend. |
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Question: "Do you have any no money down loans that would require not even tags and taxes to be given at the time of purchase? My son is 18 and has no credit and needs car but we don't really have the up-front tax or tag money." Back to Top |
Answer: There are no money down programs available, but it is unlikely that your son qould 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 as a down payment, not including taxes. If a parent with fair credit was listed as a cosigner, it is likely that you would qualify for a zero down program. |
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Question: "Can a person who has filed for bankruptcy still get an auto loan? If so, how long must a person wait after filing chapter 7 before they can get an auto?" Back to Top |
Answer: 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. |
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Question: "I would like to know what credit reporting agency you use to pull credit reports. Also, is there a minimum credit score you must have to qualify for a loan? I do not want to pull my credit report if it is not necessary." Back to Top |
Answer: The authorized dealer in your area will generate a credit inquirity to determine which lender programs you qualify for. The reporting agency used varies by location. Also, the lender to which your application is submitted will also generate an inquiry. Most lenders now use a service that merges all three major credit bureaus. The authorized dealer in your area has access to lenders that ignore the credit score on the credit report. If your score is less thatn 525 (average), however, your auto loan request would be limited to these special finance lenders. |
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Question: "Do you finance 100% on a new vehicle? I don't have any money for a down payment." Back to Top |
Answer: There are zero doen 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 its condition. |
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Question: "My credit score is 534 with a voluntary repo. I will have a cosigner with a credit 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." Back to Top |
Answer: The information provided is not enough to determine if you would qualify for an auto 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 disclosed, it is considered an attempt to deceive the lender. Most lenders do not allow deferred down payments. Based on the information provided, it is probably unlikely that you would qualify for a zero down payment loan program. |