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Frequently Asked Questions
Q: Are Auto Loans through your service available in my State?
A: Yes. We service all 50 States in the USA.
Q: Are there any fees associated with your auto loan quotes?
A: No. There is no cost to you at all.
Q: Is my personal information secure on your website?
Auto Loan Questions
Q: What are the minimum qualifications for an auto loan?
A: Each auto loan quote request is evaluated on a case-by-case basis. Most lenders today, in addition to credit information, will also take into consideration an applicant's situation and circumstances. The only true minimum qualification is that you are a licensed driver 18 years of age or older.
Q: How much loan can I be approved for?
A: The loan amount will be the most that you qualify for based on your credit score, income, employment history and residence history as determined the lenders that approve your loan.
Q: How much will my down payment be?
A: The amount of money that you will need for a down payment, IF ANY, is based on a number of factors and is also determined by the lenders that approve your loan.
Q: What are the monthly payments?
A: Monthly payments are determined by your down payment amount, the loan's interest rate, finance fees, the term of the loan and the price of the vehicle you are purchasing. New cars and late-model, lower mileage pre-owned cars will generally qualify for extended terms which can lower the monthly payment. Obviously less expensive cars will help you achieve lower payments than more expensive vehicles. Likewise, the more down payment you can make, the lower your monthly payments will be.
Q: What are the interest rates?
A: Rates are based on your credit worthiness and equity position of the approved loan. We will get you the best rate available based on your credit profile. Higher credit ratings and down payment amounts equal lower interest rates. The model year of the vehicle also plays a large role in determining interest rate. Rates will normally increase one percentage point per model year, with older cars getting higher rates.
Q: Should I find the car that I want before applying for an auto loan?
A: It is always best to apply for financing before shopping for a vehicle. That way you will know in advance how much you qualify for, and can then shop within the approved auto loan parameters. This saves you lots of time and disappointment. Rather than getting excited about a vehicle that cannot be approved for financing, you can focus on cars and trucks that you can actually buy.
Q: Can I trade-in my current vehicle for credit toward the down payment?
A: Yes. Additional cash down payment may still be required by the lenders that approve your loan. Especially if you still owe money on the vehicle that you are trading.
Q: Will I need a co-signer?
A: You may not need a co-signer, but having one can help you obtain a better interest rate, lower down payment requirements, get extended terms (for lower monthly payments) and get approved for a larger loan amount (and a more expensive vehicle). A co-signer may be required on the loan if you do not meet all the lender's credit requirements.
Q: Can I buy my car from any dealership?
A: Yes, depending on the loan approval. With a pre-approved auto loan you can shop and buy from whatever dealership you choose. Some loan approvals are brand-specific or brand-limited, so in those cases you would have to choose from dealerships that sell and service those particle makes and models.
Q: Can I buy a car from a private owner?
A: No. Auto loans through EBadCreditAuto.com can only be used to purchase vehicles from authorized dealerships. This ensures that you purchase a quality vehicle.
Q: Can I use my auto manufacturer's employee discount plan?
A: Yes. You can use any discount or incentive program that you qualify for.
Q: How soon can I get my car?
A: You will normally receive phone calls from our lenders within an hour or so. Loan approval can take anywhere from a few hours to 72 hours. Once you have been approved for an auto loan and selected a new vehicle, you are ready to go!
Q: What kind of car can I get?
A: Most auto loans through the eBadCreditAuto.com network are for NEW cars and trucks or late-model, low-mileage (less than 70,000 miles) USED cars and trucks. Most used cars can be purchased with an extended warranty, with the cost often included in the financing.
Bad Credit Auto Loan Questions
Q: Can I still get an auto loan if I have bad credit?
A: Yes. That's what we do best at eBadCreditAuto.com. We work with hundreds of auto lenders and auto dealerships that specialize in helping people with bad credit get a car loan.
Q: Can I still get an auto loan if I have repossessions?
A: Yes. Any auto loan approval may require additional money down and the selection of vehicles available for you to choose from could be limited to new cars or late-model used cars.
Q: Can I get an auto loan even if I filed for bankruptcy?
A: Yes, but it might take longer to get approved. If you filed a Chapter 7 bankruptcy, the bankruptcy must be discharged. If you filed a Chapter 13 bankruptcy, you will need to get an "authorization to Incur debt" or "letter of permission to purchase outside the plan" from your bankruptcy trustee. This can take several weeks, and needs to be handled by your bankruptcy attorney in most cases.
Q: I am a first-time buyer and have no credit. Can I be approved?
A: Yes. Through our network of auto lenders and auto dealerships we are able to offer several First Time Buyer Programs.
Q: I've already been turned down for an auto loan. Why should I bother requesting an auto loan quote?
A: Lending requirements vary from lender-to-lender and from dealer-to-dealer. In some cases, the differences are significant. Being denied an auto loan by a few lenders does not mean you cannot get financing. Our extensive network of auto lenders and auto dealerships provides each applicant with the best opportunity to be approved for auto financing, regardless of their credit situation.
Still have questions? Please check out the extensive articles and resources available on our site.
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