Credit FAQs

Commonly Asked Credit Questions

What will my payments be?

There are a lot of factors that go into your monthly payment other than price. Payment Length, Down Payment, Interest Rate, all go into to determining what your payment will ultimately be. A great tool to play around with is a Car Payment Calculator

Should I finance at my bank or at the dealership?

Both can be great options. The benefit of getting financing at your bank is that you already know the limits and terms before you do your shopping. The benefit of getting financing at a dealership is that they have relationships with many different banks and offer you a range of options.

I currently have a trade in, but I owe more than the car is worth?

Most dealerships will help you get out of the loan you are in. It's called negative equity and they will add that amount to the price of the new car. Many dealerships will offer rebates that will help eat up that negative equity.

I'm self-employed, can I still get financing for a car?

Yes. There are two ways to verify your employment at the dealership. You can bring either bank statements showing your deposits or your tax returns from the last two years.

Will I need to have insurance the day I buy my vehicle?

Yes. Most Finance companies require proof of insurance to make sure that the vehicle is covered in case of an accident. Be ready to add or swap vehicles at the dealership upon purchase.

How much money will I need for a down payment?

This is completely dependent upon your level of credit, but some finance companies will have lower requirements than others.  If your credit score is low, the best option is to save as much money as possible in case a large down payment is required.            

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