Frequently Asked Questions For Car Loans
Once you send in your credit application we can determine what amount you can qualify for. The exact auto loan amount will depend on your credit.
Your credit score is designed to help financial institutions predict the risk associated with your purchase of a car, house, credit card, etc. Essentially, it’s meant to forecast how and if you will pay your bills. The higher your credit score, the greater your chances will be getting financed. Four contributors to your credit score are:
Timeliness of previous and current payments
The length of your credit history
The type and amount of your debts
Your public records
In addition to your history of credit, job stability and residence are two huge factors that influence approvals. The longer you have been at a residence, held the same job or worked in the same field, the more stable you appear to lenders.
For example: If you’re a plumber and left one company you have been at for 5 years for a better-paying job in the same industry. The bank will see that you are in the same line of work and so this would be unlikely to affect your ability to get approved.
If you face difficulty in repaying your car loan, it’s best to contact the lender immediately and explain the circumstances. Keep in mind that non-payment puts your car or any other vehicle at risk of repossession.