Car loan FAQs: We'll help you get the loan you need
Do you need a good pre-owned car but you're not sure how you're going to pay for it? Do you have bad credit? Have you been through bankruptcy? Are you wondering if you might need a co-signer? These are great questions so let's talk about how we can help you get financing at Milosch's Pre-Owned Superstore in Lake Orion MI.
What does it mean to pre-qualify?
Getting pre-qualified for a car loan is a way for you to see just how much you might be qualified for. Fill out some information online and you can find out how much of a loan you're eligible for based on your credit history. By getting pre-qualified, you can avoid shopping for a car, truck or SUV that's more expensive than you can afford. It doesn't mean you are pre-approved but it's a good start.
Why won't it affect my credit score?
The reason getting pre-qualified for a car loan won't affect your credit is because the lender is going to use what's called a soft inquiry. A pre-qualification means that you're seeing if you can meet the initial criteria required for a car loan. When you actually apply for pre-approval, that becomes a hard credit inquiry that will have an impact on your credit score but pre-qualification is a no-impact proposition.
What paperwork will I need to get a car loan?
The basic idea is to prove that you are a good credit risk and can pay back the loan. Plan to bring a proof of your identity, like a driver's license, proof of your income like a pay stub and some info about your banking history. You should also have information on your current vehicle, like the title and vehicle registration for a trade-in plus proof of insurance.
What is a co-applicant and why might I need one?
A co-applicant is a person who joins you in applying for a car loan. Most often, that will be a member of your family like a spouse or a parent. If the application is approved, the applicants become co-borrowers and they share responsibility for paying back the debt. They also share the right to use the vehicle and share in the ownership. You'll need a co-signer if the lender won't give you a loan based only on your own income and credit.
Can I get a car loan even if I have bad credit?
Yes, it's very possible. Even if you have a bad credit score that's below 580, we can put you in touch with our network of lenders who are very willing to work with borrowers who have a bad credit score. If you get an affordable car and make all your payments on time, it can help raise your credit score.
Can I get a car loan even after bankruptcy?
Yes it's possible to get a car loan even after you've been through bankruptcy. We have experience working with borrowers in that situation and we can give you the advice you need. Experts recommend waiting a year after bankruptcy before getting a car loan, but we can help you get a loan right now for the vehicle you need.
How can I get my other questions answered?
Get in touch with the specialists in our finance center and let them know as much as possible about your current credit situation. Even if you have bad credit or no credit at all, we're in the business of helping people like you get a loan at Milosch's Pre-Owned Superstore in Lake Orion MI.
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