Frequently Asked Auto Loan Questions & Answers - Auto Loans for Special Finance, Subprime Auto Loan Financing
12.
Do I have to purchase from a Franchised Auto Dealer?
Purchasing from other than a franchised auto dealer can be accomplished
when a customer has satisfactory credit by exception
only from the lender, then only if the dealership is within
the state that you reside, and if the dealer has the ability
to handle all the tax, title and licensing.
13.
I already have an auto being financed, can I still get
another auto loan for a second automobile?
The basic laws of subprime or special finance lending are only one automobile
per applicant can be financed at a time. If your goal is to
purchase a second automobile you will need to complete a "joint"
application, otherwise it will be required of you to trade
your current vehicle. Likewise, when completing a joint application,
if you currently have two loans outstanding, one of those
automobiles will have to be traded.
14.
There are so many "Bad Credit Auto Loan Sites" to choose from,
how do I know which one is best for me?
Bad credit - Special Finance - Subprime auto loan sites basically use the same direct
lenders. By applying on multiple sites you could be creating
duplicate applications being sent to the same lenders, thereby
causing multiple credit reports being pulled on you by the very same auto loan lender for the
purpose of obtaining only one loan. Choosing a company that
you have confidence in and knowing they have your best interest
at heart is probably your safest bet, and will accomplish
the same goal.
15.
I have been told that I have 100's of direct online auto lenders to choose
from. Is that a correct statement?
There are only a handful of major, reputable subprime lenders
to approve you using a "cash voucher" for shopping at a dealer
of your choice. Deceptive advertising is the online site that
leads you to believe: 1) you are 100% guaranteed an approval
2) you can choose from 100's of lenders. Be leery of false promises.
16.
What if I am completing a joint auto loan application and my co-applicant's
credit is worse than mine?
When completing the online auto loan application always remember the
first applicant needs to have the strongest credit. However,
the first applicant also needs to meet the minimum qualifications
required by the lender. (See Question #6)
To learn more about Auto Buying Tips and Secrets read our Auto Buyers Guide to give you a heads up regarding all the things you should know before making your auto purchase buying decision.
