 What is special finance?
Special Finance Interest Rates
Special finance interest rates will vary from bank to bank, and from car to car. The older the car the higher the interest rate on that particular vehicle. More of a down payment will also lower your interest rate by putting the bank in a more equitable position. Your current credit rating will definitely have a huge effect on your interest rate. The higher your score the lower your interest rate. So there is a lot of factors that go in to calculating what interest rate your next car loan will actually be.
Car Loan Terms
With special finance banks, financing a car loan for 72-month term, is not completely out of the question. But for most people it is and is not really the smart thing to do. When financing with special finance banks your interest rates will be elevated and you are going to need to refinance the car after you have made 18 to 24 payments, to get a better rate.
Special Finance Car Loan
Getting a special finance car loan with a bad credit rating can be a real uphill battle. We believe that just because you’ve suffered from problems with bad credit in the past you shouldn’t be automatically disqualified from obtaining a car loan. So if you do have a bad credit rating, we can still help you to secure an auto loan. We aim to be as flexible as possible with our special finance car loans. We’re willing to go out of our way to help you find a special finance arrangement that suits your circumstances and allows you to drive away with one of our special new or pre-owned vehicles.
General Requirements to Qualify for High Risk / Special Finance Auto Loans.
Our dealership utilizes numerous lending sources. We can usually find a lender to fit nearly any credit situation. The following list is for general informational purposes, meeting the minimum requirements does not necessarily guarantee approval. Approvals are subject to verification of all information.
| Proof of Income
| | Salaried Applicants: Must provide a current paystub with Year to Date earnings. | | Military: Must provide a current Leave and Earnings Statement (LES) | | Self Employed / 1099 Contractor: Most recent 2 years complete Federal tax returns with all schedules. | | Non-Salaried Income: Most recent 2 years complete Federal tax returns with all schedules. | | Child Support: Must prove for the term of the loan with official court documents. | | Government / Retirement Benefits: Current benefit letter proving stated income for the term of the loan. |
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Bankruptcies
| Chapter 7: Must be dismissed or discharged. | | Chapter 13: Dismissed or discharged. If open requires current plan schedule and authorization letter from the Trustee.
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Residency | US Residents at least Eighteen Years Old.
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| Eligible Vehicles
| New or late model vehicles less than 6 years old, and less than 75,000 miles. | | No commercial, exotic, or salvage vehicles.
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Repossessions | No repossession in the last 12 months unless included in a discharged bankruptcy | | No multiple repossessions without a cosigner / co buyer. |
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CLICK HERE TO ACCESS OUR SECURE CREDIT APPLICATION
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